Christine Albano is a reporter in the Investor’s & Investing beat, which she has covered for the past two decades. She has a wide range of buy side sources in the municipal market and has covered trends affecting retail investors, institutions, municipal mutual funds, tax-exempt money market funds, and the high-yield beat. She has also written about some of the industry’s biggest issues, such as historic defaults in Orange County, Calif., Puerto Rico, and Jefferson County, Ala., as well as the collapse of the variable-rate demand market. In addition, she reported on the subsequent 2008 financial crisis, and the death of municipal bond pioneer Jim Lebenthal. She provided next day coverage of the impact on the municipal bond market of the Sept. 11 terrorist attacks on the World Trade Center, and recently interviewed The Vanguard Group Inc. founder, former chief executive officer, and investment guru John C. Bogle about the best investing advice for the municipal market.
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Even with the news that New York City is looking to potentially borrow $7B through its Transitional Finance Authority as it faces $9B in lower revenues, the market didn’t blink and TFAs traded firmer.
By Chip BarnettMay 27 -
Taxable equivalent yields on exempts are close to converging into taxables.
By Lynne FunkMay 21 -
Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower.
By Lynne FunkMay 20 -
The front of the municipal yield curve is 'astounding' and traders said dealers are uncharacteristically accepting the levels, likely due to the historically attractive ratios.
By Lynne FunkMay 19 -
Uncertainty and volatility have caused a bifurcated market when it comes to credit, and widespread disparity between high-quality and high-yield is complicating matters for issuers.
By Lynne FunkMay 15 -
Yields on all triple-A benchmark curves out to nine years are now below 1%. The largest bumps were again on the very short end of the curve. Lipper reported $580 million of inflows.
By Chip BarnettMay 14 -
Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.
By Lynne FunkMay 13 -
The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.
By Lynne FunkMay 11 -
High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.
By Lynne FunkMay 8 -
Two credits struggling with coronavirus-driven revenue shortfalls experienced very different outcomes in Tuesday's market. Taxable Penn State bonds showed the appetite for taxable munis is real.
May 5