Seeks to provide shareholders with as high a level of current income exempt from federal income tax and Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term
Friday, Jul 192013, 3:36 PMAfter hanging in there early, municipal bond prices (MUB -0.7%), (HYD -1.5%) tumble in wake of the Detroit Chapter 9 filing (this as Treasury yields fell). "If you are a market-maker today, you have to be cautious because you don't know what the market impact is going to be," says Matt Fabian of Municipal Market Advsiors. Michigan bond funds: Eaton Vance Michigan Muni closed-end fund (MIW -0.8%), BlackRock MuniYield Michigan (MIY -1.3%), Nuveen Michigan Quality (NUM -0.7%). |Friday, Jul 192013, 3:36 PM| 11 Comments
Monday, Jun 252012, 4:40 PMIn conjunction with the Moody's bank downgrades last week was a ratings cut on about $5.4B of preferred securities issued by some closed-end municipal bond funds. The move could ripple through the industry, possibly raising borrowing costs for the funds should money-market holders of the preferred be forced to sell. |Monday, Jun 252012, 4:40 PM| Comment!