The Bond Buyer Archives - ��Ƶ

Focus turns to primary, munis outperform UST

Siobhan Hodson — Mon, 31 Jul 2023 18:06:03 +0000

Municipals were little changed to weaker in spots Wednesday, while U.S. Treasuries sold off after the Bank of Canada raised interest rates and equities ended mixed.

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Munis rally, outflows lessen; Fed minutes suggest no rate cuts in ’23

Maria Acevedo — Wed, 04 Jan 2023 15:28:47 +0000

When new issue supply picks up or secondary market selling surges, ��Ƶ strategists said, “long-duration bond prices and spreads would be subject to greater volatility, which should present an opportunity for investors with the flexibility to extend beyond the 10-year horizon favored by many retail investors.”

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Muni ownership continues to decline in 3Q ’22

Maria Acevedo — Fri, 30 Dec 2022 15:24:23 +0000

The value of the municipal bond market decreased by 4.3% in the third quarter of 2022, said Pat Luby, a strategist at ��Ƶ.

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Munis weaker once more, outflows continue

Maria Acevedo — Wed, 28 Dec 2022 15:22:16 +0000

Coming into 2022, there was “probably a little bit more constructive optimism about the market,” after market participants went through “a lot of professional and personal trauma from the pandemic,” said Pat Luby, a ��Ƶ strategist.

He said, “the transition of the market from a benign interest-rate environment to a rising rate environment … generated a tremendous emotional response on the part of many investors.”

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Winding down a rough 2022 with higher hopes for 2023

Maria Acevedo — Tue, 20 Dec 2022 15:15:02 +0000

Patrick Luby, Senior Market Strategist, Municipal Market Strategist at ��Ƶ, and John Ceffalio, Senior Research Analyst at ��Ƶ join Lynne Funk, Executive Editor at the Bond Buyer for a podcast.

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Munis sit back while USTs falter, equities end in the red

Maria Acevedo — Mon, 19 Dec 2022 15:12:07 +0000

In the latest week, despite volatility in UST and equities, improved market technicals “have stoked demand for bonds with convexity and spread,” said ��Ƶ strategists Pat Luby and John Ceffalio.

Zero’s and 3-handle coupons have better month-to-date “returns than 4-, 5- or 6-handles and even though the State GO Bond Index is lagging the overall market, the New Jersey GO bonds in the index have continued to tighten and have outperformed the overall market and the other state GOs in the index,” they said.

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With uncertainty over rates, recession fears, 2023 issuance expectations coming in mixed

Maria Acevedo — Mon, 12 Dec 2022 15:02:36 +0000

��Ƶ strategist Pat Luby said his estimate is closer to the $350 billion end of the spectrum than $500 billion. He said what’s important for the market is the pace of issuance, which could be backloaded to the second half of 2023, causing the market to underperform.

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Eastern Michigan University makes P3 play to transform student housing

Maria Acevedo — Tue, 01 Nov 2022 18:34:11 +0000

��Ƶ views the enrollment declines as worrisome and a risk factor for future downgrades even though it considers default risk low. The use of a conduit outside Michigan also reduces demand from in-state borrowers.

“We don’t doubt that improving housing will add to EMU’s appeal for future recruits, but we worry the decline is severe enough to permanently dent EMU’s appeal and operations,” ��Ƶ said in its new issue report.

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Munis steady to firmer in spots as FOMC week kicks off

Maria Acevedo — Mon, 31 Oct 2022 18:37:46 +0000

“Supply for this week is expected to be very light and demand will get a modest boost from $24 billion of principal and interest that will be paid out on Tuesday,” said ��Ƶ strategists Pat Luby and John Ceffalio.

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California’s ratings should be higher, analyst firm says

Maria Acevedo — Tue, 25 Oct 2022 18:41:47 +0000

The state’s GOs “should be rated higher than they are currently given the large and wealthy economy, sizable reserves, shrinking liabilities, and improved governance,” said John Ceffalio, a senior municipal research analyst with ��Ƶ, co-author of the report.

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The Bond Buyer Archives - ������Ƶ

Focus turns to primary, munis outperform UST

Munis rally, outflows lessen; Fed minutes suggest no rate cuts in ’23

Muni ownership continues to decline in 3Q ’22

Munis weaker once more, outflows continue

Winding down a rough 2022 with higher hopes for 2023

Munis sit back while USTs falter, equities end in the red

With uncertainty over rates, recession fears, 2023 issuance expectations coming in mixed

Eastern Michigan University makes P3 play to transform student housing

Munis steady to firmer in spots as FOMC week kicks off

California’s ratings should be higher, analyst firm says

The Bond Buyer Archives - ��Ƶ