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SMMU vs. ETF Alternatives
The PIMCO Short Term 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
- In Your Portfolio: Broad U.S. Bond ETFs, A Guide to Municipal Bond ETFs and Closed-End Funds
- Asset Class Performance: Bonds
Wednesday, Jun 272012, 9:58 AMAre investors realizing "Stockton is just the tip of the spear," asks Dividend Master, noting the preponderance of green in the fixed income sector this morning with the exception of MUB, -0.3%. Earlier: The Stockton move towards seeking bankruptcy protection. |Wednesday, Jun 272012, 9:58 AM| Comment!
Wednesday, Jun 272012, 7:55 AM"The city is fiscally insolvent and must seek chapter 9 bankruptcy protection," Stockton said yesterday after its council voted to adopt a spending plan for operating under such protection. The move follows the breakdown of talks with bondholders and labor unions. Stockton may file today. |Wednesday, Jun 272012, 7:55 AM| 4 Comments
Wednesday, Jun 272012, 2:53 AM
Tuesday, Jun 262012, 11:09 AMTaking advantage of low interest rates, state and local governments may issue $365B in municipal bonds this year, according to RBC, which raised its forecast after a strong H1. The bank also notes about $250B in paper remains eligible for refunding and expects continued heavy activity in this area as well. |Tuesday, Jun 262012, 11:09 AM| Comment!
Monday, Jun 252012, 6:01 AMStockton, California could this week become one of the biggest U.S. cities to file for bankruptcy with debts of $700M. Stockton, which has already defaulted on three sets of bonds, got into trouble due to high retiree costs for municipal workers, spending on a revitalization effort, and falling property-tax revenue. |Monday, Jun 252012, 6:01 AM| 4 Comments
Friday, Jun 222012, 1:01 PMIllinois' deficit grew 16.8% to $43.8B in the year ending June 2011, says the state auditor general. As comparison, New Jersey was $10B less and California $33B less. Illinois ended the year with $4.7B in unpaid bills. Just a suggestion, but perhaps more up-to-date accounting would help. |Friday, Jun 222012, 1:01 PM| 2 Comments
Thursday, Jun 142012, 4:20 AMIt's increasingly likely that Stockton, California will default on some of its debt obligations, Moody's warned yesterday, as the city faces a July 1 deadline for confidential talks with its creditors aimed at averting bankruptcy. The muni bond market is watching carefully. |Thursday, Jun 142012, 4:20 AM| Comment!
Friday, Jun 12012, 7:18 AMThe bankruptcy of Stockton, CA is "inevitable" according to a lawyer for the City Employees Association, who says the numbers demand it. If so, it would be the largest city (pop. 292K) to seek protection in U.S. history. City Manager Bob Deis still holds out hope this can be avoided - "The city needs to tighten the belt." |Friday, Jun 12012, 7:18 AM| 1 Comment
Monday, Apr 302012, 3:09 PMIllinois is slated to offer $1.8B of general-obligation debt tomorrow at 185 bps over benchmark AAA yields, 34 bps more than a similar sale 6 weeks ago. "(It) should be trading even cheaper," says Cumberland's John Mousseau. Nuveen's Tom Spalding disagrees, saying GO paper has first claim on taxes with which to pay bondholders. |Monday, Apr 302012, 3:09 PM| 5 Comments
Monday, Apr 232012, 2:48 PMDespite higher tax receipts, Illinois' stack of unpaid bills rises, now totaling more than $9B, reports the state comptroller. A loss of federal funding and a decision to use cash instead of bond issuance to finance pension contributions are the culprits, she says. Through 2010, the state had the lowest-funded state pension in the country, at just 45.4% of obligations. |Monday, Apr 232012, 2:48 PM| 8 Comments
Wednesday, Apr 42012, 12:33 PMFinra fines a bond dealer and its head trader for charging customers excessive markups on more than 1.5K municipal bond and 1.7K CMO transactions over a 2-year period. "Precisely why retail clients should never buy actual bonds (use ETFs and closed-end funds)," suggests a trader. |Wednesday, Apr 42012, 12:33 PM| Comment!
Thursday, Mar 292012, 1:23 PMDetroit's council was due to today review a proposed deal with Michigan to stabilize the city's dire finances, and it will then probably vote on the agreement on Monday. If no deal is reached by Thursday next week, Michigan Governor Rick Snyder can cut off revenue-sharing funds to Detroit or hire an external emergency manager to run the city. |Thursday, Mar 292012, 1:23 PM| 4 Comments
Wednesday, Mar 282012, 3:34 PMThe Jefferson County (Alabama) Commission unanimously votes to default on its General Obligation debt, and will skip a scheduled $15M April 2 payment. GO bonds are backed by a "full faith and credit" pledge, supposedly making it a particularly safe muni investment. (previous) |Wednesday, Mar 282012, 3:34 PM| 5 Comments
Sunday, Mar 252012, 4:22 AMA team appointed by Michigan Governor Rick Snyder has until tomorrow to make recommendations for solving Detroit's dire financial problems. If Detroit and the team can agree on proposals, Snyder has 10 days to act, but if no deal is reached, the state could cut off revenue-sharing funds or hire an external emergency manager to run the city. |Sunday, Mar 252012, 4:22 AM| 9 Comments
Thursday, Mar 222012, 10:59 AMWhere do municipal bonds go after giving back much of their big early YTD gains alongside the rise in Treasury yields? While yields are no longer at the "absurdly high" ratio of 150% of Treasurys seen last fall, at 115-120%, they remain well above pre-crisis norms of 85-95%, writes John Mousseau, continuing to see value in the sector. |Thursday, Mar 222012, 10:59 AM| Comment!
Friday, Mar 92012, 12:57 PMHarrisburg, PA will skip a March 15 $5.27M interest payment, reports Bloomberg. The city has been barred from a bankruptcy filing and a state-appointed receiver has been trying to come up with a plan for Pennsylvania's capital to get out from under its massive debt load. |Friday, Mar 92012, 12:57 PM| 1 Comment