PIMCO Intermediate Municipal Bond Strategy (MUNI) - NYSEARCA
  • Apr. 17, 2015, 1:54 AM
    • In a change of heart, the Federal Reserve will allow big U.S. banks to use some types of municipal bonds to meet new rules that ensure they have enough cash during a market meltdown, WSJ reports.
    • At issue is the treatment of municipal debt under new liquidity requirements, which call for large banks to hold enough "high-quality liquid assets" to fund their operations for 30 days.
    • Other regulators, including the OCC and FDIC, do not plan to follow the Fed's new criteria.
    • ETFs: MUB, HYD, BAB, PZA, MUNI, HYMB, TFI, XMPT, ITM, MLN, BABS, SHM, CMF, SHYD, PRB, NYF, PZT, SUB, SMB, PWZ, CXA, IBMF, PVI, RVNU, INY, SMMU, IBMG, IBME, IBMD, GMMB, FMB, IBMI, IBMH, MEAR
    | Apr. 17, 2015, 1:54 AM | 15 Comments
  • Feb. 28, 2015, 7:45 AM
    • Chicago's credit rating was downgraded Friday by Moody's to Baa2, two notches above junk, with a negative outlook on the “expectation that the city’s credit quality could weaken as unfunded pension liabilities grow and exert increased pressure on the city’s operating budget."
    • Chicago's four pension funds have ~$20B in unfunded debt, and without further action the city would need to increase its payments to those accounts by $600M next year and even more after that.
    • The rating includes the city’s $8.3B billion of outstanding GO debt, $542M of outstanding sales tax revenue debt, and $268M of outstanding or authorized motor fuel tax revenue debt.
    • The downgrade could immediately terminate four interest rate swap agreements, costing the city ~$58M, and potentially lead to terminations of 11 more swaps deals that could cost another $133M.
    • Also yesterday, S&P warned it could slap its own multi-notch downgrade on Chicago in the absence of a plan this year to deal with the pension crisis.
    • It's all another big headache for Mayor Rahm Emanuel, who is facing a surprise run-off in his bid for re-election.
    • Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABS, XMPT
    | Feb. 28, 2015, 7:45 AM | 45 Comments
  • Oct. 17, 2014, 4:10 AM
    • Detroit has taken a major step towards exiting bankruptcy protection after agreeing to a deal with with its largest holdout creditor, Financial Guaranty Insurance Company, which is owed $1B.
    • Under the settlement, Financial Guaranty will have the rights to develop a hotel, retail and condominium complex on the site of the Joe Louis Arena, the soon-to-be-vacant home the Detroit Red Wings hockey team.
    • The dispute between Detroit and Financial Guaranty had threatened other important deals that the city had forged with thousands of creditors.
    • ETFS: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABS, XMPT, PRB, SUB, PZT, SMB, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, VRD, GMMB, RVNU
    | Oct. 17, 2014, 4:10 AM | 1 Comment
  • Jul. 11, 2014, 1:59 AM
    • U.S. municipal bond funds had some of the biggest outflows since January, after investors pulled out $790M in the week ended July 9. $691M of the outflows was in the high-yield sector, being withdrawn due to default concerns of Puerto Rican debt.
    • Adding to the worries is Puerto Rico's newest law which allows for public corporations to restructure their debt. The new law pushed ratings agencies last week to downgrade the commonwealth's bonds even lower within junk territory.
    • Barclays High Yield Municipal Bond Index, up more than 9.5% in mid-June, was up less than 5.5% this past Wednesday.
    • ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, HYMB, ITM, MLN, SHM, CMF, XMPT, BABZ, BABS, PRB, SHYD, SMB, NYF, PZT, SUB, PWZ, CXA, PVI, SMMU, INY, MUAF, VRD, MUAD, MUAE, GMMB, MUAC, MUAG, RVNU, MUAH, FMB
    | Jul. 11, 2014, 1:59 AM
  • Jun. 24, 2014, 3:14 PM
    • Acknowledging recent heavier municipal issuance of late has been met by solid demand, Citi nevertheless sees "significant reasons for concern," notably anemic muni bond fund flows. With issuance continuing on the heavy side, the team wonders about the capacity of the market to hold unless fund flows rebound. Toss in possibly rising Treasury yields and the effect could be magnified.
    • "We are not, however, suggesting that a very sharp selloff is likely," says Citi noting a huge amount of cash on the sidelines waiting to buy on any significant rebound in yields.
    • ETFs: MUB, PZA, MUNI, TFI, ITM, MLN, SHM, XMPT, PRB, SMB, SUB, PVI, SMMU, MUAF, VRD, MUAE, GMMB, MUAD, MUAC, MUAG, MUAH, RVNU, FMB
    | Jun. 24, 2014, 3:14 PM | 2 Comments
  • Jun. 3, 2014, 3:33 PM
    | Jun. 3, 2014, 3:33 PM | 1 Comment
  • May 30, 2014, 2:47 AM
    • Municipal-bond prices have soared so far in 2014, compared to the same time one year ago. 2013 was the markets worst year in almost two decades, after registering losses nationwide - ranging from Detroit's municipal bankruptcy-protection filing to pension costs in Illinois.
    • The revival of the $3.7T municipal-bond market comes as bond buyers attempt to find higher investment returns amid dropping U.S. interest rates.
    • Investors have also poured $3.1B into municipal-bond mutual funds this year, compared with $2.9Bn over the same period in 2013.
    • Municipal bonds have returned 5.8% in 2014, reflecting interest payments and price appreciation.
    • Yields on municipal debt fell to 2.3% this past Wednesday, which was their lowest in almost a year. Yields fall when prices rise.
    • ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SHYD, SUB, SMB, NYF, PZT, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAD, VRD, MUAE, MUAG, MUAC, GMMB, FMB, RVNU, MUAH
    | May 30, 2014, 2:47 AM | 10 Comments
  • May 23, 2014, 10:52 AM
    | May 23, 2014, 10:52 AM
  • May 15, 2014, 4:04 PM
    • “A lot of the opportunities have been washed away in the last month and a half,” says BNY Mellon fixed income director John Flahive. “There really isn’t much out there.”
    • The muni market is ahead 6.2% YTD, its strongest start since 2009, and benchmark 10-year muni yields have dipped to 2.29%. At work is the general rally in fixed income coupled with a decline in issuance.
    • The fund has about $961M in assets vs. an original target size of $1B, and has beaten 83% of peers over the past five years.
    • Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, NYF, SHYD, SMB, PZT, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, GMMB, MUAC, MUAG, MUAH, RVNU
    | May 15, 2014, 4:04 PM | 1 Comment
  • May 12, 2014, 4:30 AM
    | May 12, 2014, 4:30 AM
  • May 8, 2014, 12:48 PM
    • The First Trust Managed Municipal ETF (FMB) will offer investors current income through municipal bond investments which is exempt from regular federal income taxes.
    • According to a statement issued by First Trust: "Recent tax increases have boosted the demand for tax-exempt investments. At the same time, some municipalities have been facing increasing economic challenges, raising the importance of active credit analysis and municipal bond expertise."
    • There are currently three other actively managed municipal bond ETFs on the market, all of which feature a focus on maturity: the PIMCO Intermediate Municipal Bond Strategy (MUNI), the Columbia Intermediate Municipal Bond ETF (GMMB) and the PIMCO Short Term Municipal Bond Strategy ETF (SMMU).
    • Other municipal bond ETFs: MUB, PZA, TFI, ITM, MLN, SHM, XMPT, PRB, SUB, SMB, PVI, VRD, RVNU
    | May 8, 2014, 12:48 PM
  • May 1, 2014, 12:14 PM
    | May 1, 2014, 12:14 PM
  • Apr. 27, 2014, 3:47 AM
    • Detroit has filed the latest version of its debt-reduction proposal after it forged a deal with representatives of tens of thousands of retired city workers.
    • Detroit has agreed to ease healthcare and pension cuts, although retirees will still only receive 10-13% of what they would have originally been given for healthcare.
    • The deal "puts the city that much closer to emerging from bankruptcy solvent, more credit worthy and better able to provide basic services to its nearly 700,000 residents," said Emergency Manager Kevin Orr.
    • The agreement adds to those that Detroit has formulated with several banks, bond insurers and other retiree groups, boosting the chances of the city receiving approval from its creditors for its restructuring plan. However, some bond insurers and unions still haven't come to an agreement with Detroit.
    • A vote on the debt restructure could start next month.
    • More on Detroit
    • ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, PZT, SMB, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, MUAC, MUAG, MUAH, GMMB, RVNU
    | Apr. 27, 2014, 3:47 AM | 6 Comments
  • Apr. 11, 2014, 12:33 PM
    • A two-week streak of outflows is broken as investors put a net $273M into municipal bond funds and ETFs last week, according to Lipper data. The funds have seen inflows for 7 of the past 9 weeks, but they've been small and choppy, averaging just $21.9M over the last month.
    • RBC's Chris Mauro notes the typical late March/early April seasonal tax-time weakness is passing, and this week's inflows - like previous - have been nearly entirely concentrated in high-yield muni funds, with recorded their 14th consecutive week of net gains in assets.
    • ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, SMB, PZT, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, MUAC, MUAG, MUAH, GMMB, RVNU
    | Apr. 11, 2014, 12:33 PM | 1 Comment
  • Apr. 9, 2014, 4:36 PM
    • Citing a "sizable structural imbalance" within the budget, S&P cuts the rating on New Jersey's general obligation debt to A+ from AA-. Acknowledging an improving economy in the state, S&P says it won't be enough to offset potential unfunded liabilities.
    • "By using bullish assumptions about revenue growth and one-time measures to close budget gaps, the state defers making long-term structural changes to better align revenues and expenditures, defers budgetary pressures to future years' budgets and increases its exposure to an eventual economic downturn."
    • ETFs: MUB, PZA, MUNI, TFI, ITM, MLN, SHM, XMPT, PRB, SUB, SMB, PVI, SMMU, MUAF, VRD, MUAD, MUAE, MUAG, MUAC, MUAH, RVNU, GMMB
    | Apr. 9, 2014, 4:36 PM | 5 Comments
  • Apr. 9, 2014, 11:44 AM
    • The agreement with Assured Guaranty (AGO +2.2%), Ambac (AMBC +1.2%), and National Public Finance (MBI +1.8%) is an important one as - in what would have been a precedent-setting move - Detroit had asked a court to treat its general-obligation debt as unsecured and allow a recovery of just a few cents on the dollar, while treating debt owed to pensions
    • Instead, $287.5M of $388M of debt in question will be reinstated at par, and the remaining paper will be assigned to establishing an income stabilization fund for the city's "most vulnerable retirees."
    • ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, PZT, SMB, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, MUAC, MUAG, MUAH, GMMB, RVNU
    | Apr. 9, 2014, 11:44 AM | 4 Comments
MUNI Description
The PIMCO Intermediate Municipal Bond Strategy Fund is an actively managed exchange-traded fund (ETF). Designed to be appropriate for investors seeking tax-exempt income, the Fund consists of a diversified portfolio of primarily intermediate duration, high credit quality bonds, which carry interest income that is exempt from federal tax and in some cases state tax. With this Fund, investors will see the names of the bonds owned daily. In addition, the Fund will not use options, futures or swaps.
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Country: United States
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