Lynne Funk is Executive Editor at The Bond Buyer. She leads markets coverage, is The Bond Buyer's Arizent Research Team liaison and contributes to Bond Buyer Conferences, Leaders and podcasts. Lynne previously worked on policy and markets at Municipal Market Analytics and in the Policy and Public Advocacy at the Securities Industry and Financial Markets Association.
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In a week that culminated in headline-grabbing events — a presidential debate, several Supreme Court decisions, more macroeconomic data to add to Fed policy expectations — municipals closed on a quiet note and in the black for June.
By Lynne FunkJune 28 -
Finance officials for the city decided to be the first municipal issuer to use the distributed ledger technology for a $10 million deal, banking on cost savings, better liquidity and more access for retail investors to their bonds. Mayor Tom Koch, CFO Eric Mason and Strategic Asset Manager Rick Coscia say it should be the first of many deals for the industry.
By Lynne FunkJune 25 -
"It is hard to be overly excited about current valuations of tax-exempts relative to Treasuries; however, at tax-adjusted yields (using individual tax brackets), munis look quite attractive compared with other asset classes," noted Barclays PLC.
By Lynne FunkJune 21 -
"It is important to remember that as long as the Fed's next move is to lower policy rates, bonds will do well," said Jack McIntyre, portfolio manager at Brandywine Global. "The employment market is in better balance, which is very important for the Fed — even more than inflation."
By Lynne FunkJune 12 -
USTs spiked 17 basis points on the short end and 15 to 12 10-years and out following the release, while triple-A curves saw yields rise two to five basis points, depending on the yield curve, in a more muted and typical reaction for the asset class.
By Lynne FunkJune 7 -
While particpants expect some pressure in the near-term with more than $16 billion on tap, they also say the current yield and ratio levels offer investors opportunity.
By Lynne FunkMay 31 -
Marty Mannion and Matt Schrager, managing directors and co-heads at TD Securities Automated trading division, discuss how automation and electronic trading are creating more opportunities and better outcomes for municipal market participants, including making muni bonds more accessible to a broader range of investors.
By Lynne FunkMay 28 -
"For each May dating to 2021, the average 30-year MMD was 2.74% — or 122 basis points below the current yield," FHN Financial's Kim Olsan said. "The recent adjustment offers better investor value."
By Lynne FunkMay 24 -
"In terms of credit quality, high-yield funds proved resilient" while investment-grade funds saw outflows of $673 million, noted J.P. Morgan's Peter DeGroot in a market note.
By Lynne FunkMay 16 -
James Morris of Investortools joins the podcast to discuss the significant impact of electronic trading and automation on the municipal finance sector, revealing insights into improved efficiencies, trading workflows, and the evolving role of bond traders.
By Lynne FunkMay 14