PowerShares California AMT-Free Municipal Bond Portfolio ETF (PWZ) - NYSEARCA
  • 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
    | Jul. 3, 2015, 3:17 AM | 8 Comments
  • 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
  • Oct. 31, 2014, 2:53 PM
    • "October 1 was an academic exercise," says a pension-law expert. "[Thursday] was a reality check." The lawyer is referring to a bankruptcy judge yesterday approving Stockton, CA's reorganization plan which leaves untouched its pension obligations. On Oct. 1 that same judge had ruled Stockton could cut its payments to Calpers as it emerged from bankruptcy.
    • Ultimately, city managers - already faced with a hard time retaining municipal workers - decided slashing pension benefits would force an even quicker rush to the exits.
    • Losers when the ruling was issued, government pension plans and organized government labor groups are pleased, but advocates for pension reform say the reorganization plan is a mistake as it allows the city to exit bankruptcy without dealing with the pension obligations which helped put it there in the first place.
    • Monolines today: Ambac (AMBC +4.7%), Assured Guaranty (AGO +1.8%), MBIA (MBI +1.1%).
    • Muni ETFs: MUB, PZA, TFI, CMF, XMPT, PRB, PWZ, CXA, PVI, RVNU, VRD, FMB
    | Oct. 31, 2014, 2:53 PM | 2 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
  • Jul. 7, 2014, 1:45 PM
    • As detailed in a recent regulatory filing, Invesco Powershares will update the names and underlying indexes for 3 of its 4 municipal bond ETFs on July 8th.
    • The PowerShares Insured California Municipal Bond Portfolio (PWZ) will be renamed to the PowerShares California AMT-Free Municipal Bond Portfolio and will start tracking the BofA Merrill Lynch California Long-Term Core Plus Municipal Securities Index.
    • The PowerShares Insured National Municipal Bond Portfolio (PZA) will be renamed to the PowerShares National AMT-Free Municipal Bond Portfolio and will start tracking the BofA Merrill Lynch National Long-Term Core Plus Municipal Securities Index.
    • The PowerShares Insured New York Municipal Bond Portfolio (PZT) will be renamed to the PowerShares New York AMT-Free Municipal Bond Portfolio and will start tracking the BofA Merrill Lynch New York Long-Term Core Plus Municipal Securities Index.
    • Other CA, NY and national municipal bond ETFs: PZT, NYF, INY, MUB, PZA, TFI, CMF, XMPT, PRB, PWZ, CXA, PVI, VRD, RVNU, FMB
    | Jul. 7, 2014, 1:45 PM
  • 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
  • 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, 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
  • Apr. 8, 2014, 9:46 PM
    • An agreement between Detroit and bond insurers Assured Guaranty (AGO), Ambac (AMBC), and National Public Finance Guaranty (MBI) would be a critical step as the city winds its way through Chapter 9 bankruptcy. Detroit emergency manager Kevin Orr has deemed about $410M of previously sacrosanct general-obligation debt as unsecured, a decision bond insurers - who would be on the hook for millions if the paper sees just the 15% recovery Orr has proposed - are howling about.
    • "Time is growing shorter," said Michigan Governor Rick Snyder in an interview today. "A lot of work is going on in the mediation process, with great urgency ... [the] best case" is for parties to reach a settlement. A deal, says the Journal, could be struck as early as tomorrow.
    • Muni 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
    • Also watching with interest: Syncora Holdings (SYCRF).
    | Apr. 8, 2014, 9:46 PM | 4 Comments
  • Apr. 8, 2014, 4:36 AM
    | Apr. 8, 2014, 4:36 AM | 2 Comments
PWZ Description
The PowerShares California AMT-Free Municipal Bond Portfolio (Fund) is based on the BofA Merrill Lynch California Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by California or any US territory, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.
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Country: United States
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