Wed, Jun. 15, 3:32 AM
- California has overtaken France as the world’s sixth-largest economy, growing by 4.1% in 2015.
- The most-populous U.S. state, with a gross domestic product of $2.5T, has also eclipsed recession-plagued Brazil.
- "This is the result of both good growth in California and exchange-rate movements of the dollar vs. other currencies," said Irena Asmundson, chief economist of the California Department of Finance.
- ETFs: PCK, VCV, NAC, BFZ, PZC, PCQ, MCA, NKX, MUC, CMF, MYC, CCA, NZH, EVM, NCA, NVX, CEV, EIA, AKP, PWZ, BJZ, NXC, CXA, NBW, NCB
Jul. 3, 2015, 3:17 AM
- Marking another sign of the state's financial recovery, the one-notch upgrade to "AA-" from "A+" gives California GO debt the highest rating from S&P since 2000 - when the dot-com bust hammered the state's economy.
- California's new budget, "marks another step forward in the state's journey toward improved fiscal sustainability," said the agency's report.
- California now outranks Illinois and New Jersey and is tied with Michigan and Pennsylvania.
- ETFs: PCK, VCV, BFZ, PCQ, PZC, MCA, NAC, NKX, MUC, CMF, MYC, CCA, NZH, EVM, PWZ, AKP, NCA, NVX, CEV, EIA, BJZ, CXA, NXC, NCB, NBW
Oct. 22, 2013, 3:48 PM
- National closed-end funds are trading at an average 6% discount to NAV vs. a typical 1%, and with a yield of about 7%. Top picks are Neuberger Berman Intermediate Duration Fund (NBH +2.1%) and BlackRock Muni Income Trust (BFK +0.2%).
- As for state funds, they're more likely to have higher exposure to Puerto Rico as - other than paper within their home state - they're also allowed to buy the bonds of U.S. territories. Those with notably higher exposure to PR are: Neuberger Berman CA Intermediate Municipal Fund (NBW -0.1%), BlackRock Muniholdings NJ Quality Fund (MUJ -0.2%) and BlackRock NY Muni Income Trust (BNY -0.2%).
- As for the broader picture, UBS says the muni bond market has “entered into a transitional phase," in which they're no longer a "rates" product, but one valued on "credit." Not expecting a wave of bankruptcies, UBS does see an increase in the number of governments seeking protection. "We expect conventional notions regarding the homogeneity of municipal bonds to dissipate."
- Muni ETFs: MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU, NY, NYF, PZT, INY, CMF, PWZ, CXA.
Neuberger Berman CA Interm Muni Fund is a closed-end management investment company that invests in municipal securities.
Industry: Closed-End Fund - Debt
Country: United States