Alpha/Beta The Outlook For Muni Bonds And How To Play Them With ETFs. Live Webinar April 28, p.m. EDT
|
|
- Aubrey Harrell
- 6 years ago
- Views:
Transcription
1 Alpha/Beta The Outlook For Muni Bonds And How To Play Them With ETFs Live Webinar April 28, p.m. EDT
2 Today s Webinar: Muni Bonds Matt Fabian Managing Director Municipal Market Advisors Matt Hougan President, ETF Analytics Global Head of Editorial IndexUniverse How To Evaluate Muni Bonds How To Evaluate Muni Bond ETFs
3 Municipal Credit Issues Evolution: November 2009, Jim Chanos in Barron s Associated Pension Liability and State Bond Default. Hedge Funds Had Two Strategies: 1) Force retail out of the market that would stress liquidity and cause prices to fall 2) Force budget decisions which would adversely impact lower stakeholders. Meredith Whitney Irresponsible or Part of Strategies. Newt Gingrich s Bankruptcy Policy Inflammatory. Media Sought a Pulitzer Prize Winning Story. Barron s New Bond King cited municipal markets weak psychological underpinning.
4 Benchmark Yields (%) Municipal Market Recent Activity Investors Feared the Worst and a Knowledgeable and Forceful Response Was Slow to Form MMA Benchmark 30-Yr Yields & OH Tobacco's 5 7/8 ' S&P tobacco downgrade 11/12 Whitney on CBS OH Tobacco Yield (%) 4.00 MMA on CNBC /15 11/9 12/4 12/29 1/23 2/17 3/14 MMA 5% MMA Par OH Tobacco (118217au2)
5 Municipal Bond Fund Outflows Have Persisted Roiling the Market 3 ICI Weekly Muni Mutual Fund Net Inflows ($Bn) (1) (2) (3) (4) (5) Aug-08 Jan-09 Jul-09 Dec-09 Jun-10 Dec-10
6 Basis Points Precedent for Mutual Fund Redemptions Generating Adversity Municipal Yield Change and High Yield Level During Periods of Adversity & Illiquidity: Bond Buyer 20 GO Index Yield (%) Change (bps) Yield High (%) Source: Bond Buyer, MMA
7 Performance 1pt=1% The April 2011 Recovery Was Consistent in its Evolution with 2010 Nearly to the Day and Assisted by Low Primary Issuance Spring Municipal Price Performance and Issuance: 2011 vs % % 0% -10% -20% -30% -40% Change in 30-Day Supply Mar 16-Mar 30-Mar 13-Apr 27-Apr 11-May 25-May -50% 30-Day Supply Annual Difference Cumulative Change 2010 Cumulative Change 2011
8 Despite Headlines, Defaults a Small Portion of the Total Market Credit Default Profile of Municipal Industry % Municipal Bonds in Default Since July % 100% % $2.9 Trillion 80% 60% 40% 20% 0% Total Outstanding 0.27% $8.1 Billion Par in Default Since July % $47 Million "Safe Sector" in Default Since July 2009
9 Institutional Bondholder Confidence Because of: A General Lack of Refinancing Pressure (which Mitigates Issuers Vulnerability to a Loss of Market Access); Very Manageable Annual Debt Service Expenses; The Limited Benefit from, and Lopsided Costs of, Default; Close Supervision of Transaction Structuring by Analysts Worried Exclusively over Default Risk; Flexibility by States to Set Revenue and Spending Policies and Account for same; Steadily Improving Management Sophistication; The Exceptional Structural Protections of Bondholders versus Other Government Stakeholders as Granted by State Bond Laws and State Constitutions.
10 Since July 2009: 272 Defaults None Are General Obligations Only 15 Rated
11 Yield (%) Access to the Capital Markets Dependent on Underwriter s Profit Potential and Investor Demand Average MMA AAA Municipal 10-Year Yield vs. Annual Total Issuance $ (Average) $ (Funds) $ (Futures Arb) $394 $389 $ (TOB) 2008 (Crisis) (BAB) $450 $375 $300 $225 $150 $75 $0 Avg. Annual Issuance ($B's) Annual Average Average 10-Year Yield
12 Redemption Monthly Change Narrow Demand Limiting Issuers Access to Capital Markets 2011 Could Be More Similar to 1990 s. Municipal Monthly Redemptions (IDC) v. Projected 2011 Issuance (Avg ): $200B 60.0% $ % 20.0% 0.0% -20.0% -40.0% $20.00 $16.00 $12.00 $8.00 $4.00 Issuance ($B's) -60.0% Jan Feb Mar Apr May Jun $ Change v (redemptions w/out coupons) Projected 2011 Issuance
13 Municipal Bond Secondary Trading Has Declined Since the Leveraged TOB-Era Increased Illiquidity, Inhibited Price Discovery, & Reduced Revenue Monthly Municipal Bonds Par Traded ($Bn) 0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Inter-Dealer Trades Customer Sells Customer Buys
14 Key to Municipal Evaluations Lies in the Price Discovery Associated with High-Grade Proxies and Transactions Particularly, Competitive AAA State GO Credits. Correlation MMA (Par) MMA (5%) MMD (5%) Wake Co., NC Aaa/AAA LMIS (Barclays) MMA (5%) MMD (5%) Wake Co., NC Aaa/AAA LMIS (Barclays)
15 Washington DC - Topics: Municipal Bankruptcy - The Gingrich Mantra Illiquidity - Are Investors Appropriately Informed About Their Municipal Holdings? Credit, Liquidity, Evaluation and Disclosure. Disclosure - Possible Repeal of Tower Amendment. Pensions - Greater Political Will and Support to Address Disadvantageous Terms. Build America Bonds - Democrats Still Explore, Republicans Resistant.
16 Five Critical Themes for 2011: Evaluation Process Under More Pressure. Illiquidity and Poor Price Discovery Leads to Greater Price Volatility. Credit Risks More Important Amid Ratings Ambiguity. Dealer Commitment to Market a Risk in Post BAB Environment.
17 THE MUNICIPAL MARKET ADVISORS TEAM Tom Doe CEO & Founder Matt Fabian Managing Director Matt Posner Director Tim Holler, CFA COO Lisa Washburn Managing Director Steve McLaughlin Managing Director Eliza Bucens Director Tel: (978)
18 An obligation of states, counties, cities, and special tax districts to repay principal and interest of borrowed. What is a MUNI?
19 What Can Munis Do For You? Income generation Tax-advantaged Diversification
20 Tax-Advantaged Yield An Example Marginal Tax Rate: 25% Muni Bond Yield: 5% Corporate Bond Yield: 6% After-tax Muni Bond Yield: 5% After-tax Corporate Bond Yield: 6%*(1-0.25) = 4.5%
21 Muni Bond: Key Vectors of Analysis Different Repayment sources: General Obligation Revenue Backed Different Tax Treatment Different Credit Modifications
22 Muni Bonds: A Different Market Dealer driven market Predominantly dominated by Buy and Hold investors but like all bonds, credit quality and interest rate sensitivity matters.
23 Muni Bonds Choices Individual Bonds Mutual Funds Closed End Funds ETFs
24 Individual Bonds, Suboptimal Liquidity
25 Mutual Funds, Uncertain Payout and High Costs 000% 000% 000% 001% 001% 001% 001% Weighted Average Expense Ratio Average Expense Ratio Muni ETF Muni CEF (Unlevered, National) Muni Mutual Fund
26 Mutual Fund Pricing
27 Closed-End Funds Playing The Premium/Discount
28 Price Discovery Muni Bond ETFs: Goldilocks Or Mr. Inbetween ETFs Closed-End Funds Less Mutual Funds Premium/Discount Vulnerability More
29 ETFs, CEFs and Mutual Funds ETFs Mutual Funds Closed End Funds Premiums / Discounts Medium Low High Liquidity High Low Medium Costs Low High Medium
30 Passive vs. Active Pro Passive Lower Cost Greater diversification Reflective of the debt outstanding in the marketplace. Active Invests in bonds expected to perform the best Benefit of manager expertise Is not constrained by index rules Con Invests majority of $ in most indebted municipalities Constrained by underlying index, which is often uninvestable. Reactive to market events May not be reflective of the muni bond market Greater concentration risk Higher cost, no guarantee of outperformance.
31 Market Cap Weighting strategies Top 10 States MUB Top 10 States TFI California 23.26% New York 18.09% Texas 7.20% Puerto Rico 5.37% New Jersey 4.98% Massachusetts 4.67% Florida 3.89% Illinois 3.53% Georgia 2.83% Washington 2.49% New York 17.60% California 12.42% Texas 8.20% Florida 5.83% Washington 4.99% Illinois 4.16% Georgia 3.90% New Jersey 3.87% Ohio 3.24% Washington 3.19%
32 Challenges of Bond Funds: Super Optimization ETF Holdings Index Holdings SMB 183 5,847 ITM ,075 PRB 79 2,560 MLN 150 6,018
33 Super Optimization
34 ETF Issues: Underlying (il)liquidity
35 ETF Issues: Create/Redeem for Cash
36 Benefits of ETFs: Intraday Liquidity Enter and exit Muni Bond ETFs during market hours Use to make market timing calls
37 Benefits Of ETFs: Price Discovery Provides guide for Underlying Index prices when liquidity is constrained Acts as guide for Dealers
38 Muni ETFs Before and Now
39 Flows ($, MM) AUM ($, MM) Muni ETF Flows and AUM ,0 8000,0 7000,0 6000,0 5000,0 4000,0 3000,0 2000,0 1000,0 - Net Flows AUM at Period End
40 Evaluating Muni ETFs Efficiency: Large tracking error is common. Tradability: Fit: Premium/Discounts & high spreads are common. Active & niche funds may deviate from broad beta exposure.
41 Any Questions? Matt Fabian Managing Director Municipal Market Advisors Matt Hougan President, ETF Analytics Global Head of Editorial IndexUniverse
42 Thank You For more information:
MMA MMA. MUNICIPAL MARKET DYNAMICS: POST SUB PRIME, BAB s & WHITNEY. Thomas G. Doe, Founder and CEO. October 20, www. mma research.
MUNICIPAL MARKET DYNAMICS: POST SUB PRIME, BAB s & WHITNEY Thomas G. Doe, Founder and CEO October 20, 2011 MMA Page 1 www. mma research.com 12% MMA Total Rate of Return (TRR): 2011 v. Average 10% TRR %
More informationState and Local Government Debt Since the Financial Crisis
State and Local Government Debt Since the Financial Crisis Chicago Federal Reserve 29 th Annual Economic Outlook Symposium John Mousseau, CFA Executive Vice President & Director of Fixed Income john.mousseau@cumber.com.
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationValue in the Municipal Bond Market Robert Huebscher February 17, 2009
Value in the Municipal Bond Market Robert Huebscher February 17, 2009 You can ignore the media hype that state issuers may default on municipal bond obligations and that these bonds are at risk of downgrades.
More informationBONDS 101 AND MARKET UPDATE
BONDS 101 AND MARKET UPDATE October 19, 2018 Martin Ghafoori Director (314) 342-8467 ghafoorim@stifel.com Dan Smith Vice President (314) 609-4126 dan.smith@stifel.com Bonds 101 Bond Basics Bonds = loans
More informationA Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationMUNI OUTLOOK 4% 3% 2% 1% 0% -1% -2% Figure 1: May Municipal Performance
MUNI OUTLOOK April 2005 www.mma-research.com 978.287.0014 75 Main Street Concord MA 01742 Flight to Quality efines April Amid continued focus on the accounting issues surrounding AIG and MIA and the report
More informationThe enduring case for high-yield bonds
November 2016 The enduring case for high-yield bonds TIAA Investments Kevin Lorenz, CFA Managing Director High Yield Portfolio Manager Jean Lin, CFA Managing Director High Yield Portfolio Manager Mark
More information2013 Hot Topics in Higher Education Finance
2013 Hot Topics in Higher Education Finance March 27, 2013 Doug Brown Terri Wesolik Director Senior Vice President Wells Fargo Securities Wells Fargo Bank, N.A. 41-97-6643 213-614-3327 douglas.brown@wellsfargo.com
More informationBond Market Update. 112 th Annual Conference. John Hallacy. Michael Decker. Cindy Harris. Patrick Early. 10:30 12:10 May 7, 2018 Ferrara Theater
10:30 12:10 May 7, 2018 Ferrara Theater 112 th Annual Conference May 6-9, 2018 St. Louis, Missouri Moderator/Speakers: John Hallacy Program Manager & Contributing Editor, The Bond Buyer Michael Decker
More informationSchool District of. Preliminary 2011 Financing Program
School District of Palm Beach County, Florida Preliminary 2011 Financing Program presented by Public Financial Management 300 S. Orange Avenue Suite 1170 Orlando, FL 32801 407-648-2208 407-648-1323 fax
More informationThe Muni Market: New Safe Haven or Potential Land Mine?
The Muni Market: New Safe Haven or Potential Land Mine? Dennis Hudachek, Moderator Senior ETF Specialist IndexUniverse Patrick Smith, Panelist Chief Investment Officer Granite Springs Asset Management
More informationLOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
More informationState of the Muni Markets
2015 CMTA Annual Conference State of the Muni Markets April 15, 2015 Introductions Tracey Angelo City of Richmond tracey_angelo@ci.richmond.ca.us John Gallagher Multi-Bank Securities, Inc. jgallagher@mbssecurities.com
More informationSCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE
SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationThe Case for Short-Maturity, Higher Quality, High Yield Bonds
PRUDENTIAL INVESTMENTS» MUTUAL FUNDS A WHITE PAPer FROM PrudenTial Fixed Income The Case for Short-Maturity, Higher Quality, High Yield Bonds The institutional asset managers behind Prudential Investments
More informationUtilizing Municipal Bond Exchange Traded Funds. Cardan Capital Partners Founding Partner Chief Investment Officer
Utilizing Municipal Bond Exchange Traded Funds Presented by: Matthew A. Papazian, CFA Cardan Capital Partners Founding Partner Chief Investment Officer Who We Are: $560MM AUM Denver Based RIA Formed November
More informationDivision of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
More informationLORD ABBETT ANNUAL REPORT
LORD ABBETT ANNUAL REPORT Lord Abbett Municipal Income Fund Short Duration Tax Free Fund Intermediate Tax Free Fund AMT Free Municipal Bond Fund National Tax Free Fund High Yield Municipal Bond Fund Short
More informationThe Importance of Geographic Diversification in Today s Municipal Bond Market
The Importance of Geographic Diversification in Today s Municipal Bond Market August 2014 OVERVIEW In the municipal bond market, a state-specific investment focus will reduce tax liability in most circumstances.
More informationThe New Era of Tax-Exempt Financing
The New Era of Tax-Exempt Financing Information Prepared For ICCCFO 2012 Spring Conference April 25, 2012 William Hofherr Senior Vice President hofherr@gkbaum.com George K. Baum & Company Illinois Public
More informationWho Says Financing Has To Be Conventional
Who Says Financing Has To Be Conventional Ohio Hospital Association Annual Conference - Session #2 June 9, 2014 Kass Matt Managing Director Lancaster Pollard & Co. kmatt@lancasterpollard.com Offering Financial
More informationDallas Independent School District
Dallas Independent School District Municipal Market Update, Outstanding Debt Profile and Preliminary Growth Rate/Tax Rate Sensitivity Analysis for November 2015 Bond Election October 6, 2015 Disclaimer
More informationETF Short Interest and Failures-to-Deliver: Naked Short-selling or Operational Shorting?
ETF Short Interest and Failures-to-Deliver: Naked Short-selling or Operational Shorting? PRESENTER Richard Evans Darden School of Business, University of Virginia CO-AUTHORS Rabih Moussawi, Michael Pagano,
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationMunicipal Market Review
Redstone Advisors Municipal Market Review Municipal bonds had an up and down first quarter as the market was going through a discovery period and still digesting the impact of tax reform legislation that
More informationEUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS
AVOCA CAPITAL LEVERAGED LOANS EUROPEAN LEVERAGED LOAN MARKET IMPACT OF THE CREDIT CRISIS OUTLOOK 1 AVOCA CAPITAL INTRODUCTION Avoca is a large and long established European leveraged loan manager Top 5
More informationFixed Income Portfolio Management
Fixed Income Portfolio Management Presented By: Marty Hammond, Managing Director Samantha Myers, Senior Analyst February 2019 PFM Asset Management LLC 821 Alexander Road Suite 110 Princeton, NJ 08540 609.452.0263
More informationMunicipal Market Update
Wells Fargo Advisors (WFA) Fixed Income Analysis Municipal Market Update Demand remains strong as municipal bond sales continue to lag February 9, 2018 Dorian Jamison, Municipal Analyst Summary» Municipal
More informationInvestment Strategy Webinar. October 17, 2012
Investment Strategy Webinar October 17, 2012 Presenters Steve Cummings, President & CEO Phone: 847.442.0064 Email: stephen.cummings@aonhewitt.com Tapan Datta, Principal Global Asset Allocation Phone: 011
More informationMarket Update Overview of Market Conditions & California Land- Secured Sector Update. February 17, 2017
Market Update Overview of Market Conditions & California Land- Secured Sector Update February 17, 2017 Overview of Market Conditions 2 Treasury Rate History February 2012 - Present 5.00% 4.00% 3.25% 3.00%
More informationInvestment case: municipal bonds
March 2018 Investment case: municipal bonds ETF disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation
More informationSecond Annual Investment Symposium
Second Annual Investment Symposium Presenting our outlook for the economy and markets. The Chattanoogan Hotel Tuesday, February 8, 2011 All market data provided by Bloomberg unless otherwise indicated.
More informationLEVERAGED LOAN MONTHLY
LEVERAGED LOAN MONTHLY THOMSON REUTERS LPC AUGUST 2013 Colm Doherty Director of Analytics colm.doherty@thomsonreuters.com 646-223-6821 Hugo Pereira Senior Market Analyst hugo.pereira@thomsonreuters.com
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationJanuary 25, 2017 Financial Markets & Debt Portfolio Update Contra Costa Transportation Authority Introduction Public Financial Management Inc. (PFM),
January 25, 2017 Introduction Public Financial Management Inc. (PFM), financial advisor to the (CCTA) has prepared the following report as an update of market conditions through December 30, 2016. The
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationInvesco Fixed Income Investment Insights Municipal bond market recap and outlook
Invesco Fixed Income Investment Insights Municipal bond market recap and outlook Fourth quarter 2017 Mark Paris Chief Investment Officer, Invesco Municipal Bond Team Stephanie Larosiliere Senior Client
More informationTrading Volatility: Theory and Practice. FPA of Illinois. Conference for Advanced Planning October 7, Presented by: Eric Metz, CFA
Trading Volatility: Theory and Practice Presented by: Eric Metz, CFA FPA of Illinois Conference for Advanced Planning October 7, 2014 Trading Volatility: Theory and Practice Institutional Use Only 1 Table
More informationICCCFO SPRING CONFERENCE The New Federal Tax Law Its Impact and Debt Strategies Going Forward
ICCCFO SPRING CONFERENCE The New Federal Tax Law Its Impact and Debt Strategies Going Forward TAMMIE BECKWITH SCHALLMO SENIOR VICE PRESIDENT/MANAGING DIRECTOR STEPHEN ADAMS MANAGING DIRECTOR PMA SECURITIES,
More informationInvest for tax-free income
Invest for tax-free income Q3 17 Putnam tax-exempt income funds Tax-advantaged income. Focus on performance. Diversified portfolios. Municipal bonds offer tax-free income and a low historical level of
More informationFinancing ESOP Transactions- Lenders Perspective
Financing ESOP Transactions- Lenders Perspective 2015 California/Western States Chapter Conference Denver, Colorado September 24, 2015 Kurt Mair SVP and Western Regional ESOP Director Wells Fargo & Co.
More informationUnderstanding Investments in Collateralized Loan Obligations ( CLOs )
Understanding Investments in Collateralized Loan Obligations ( CLOs ) Disclaimer This document contains the current, good faith opinions of Ares Management Corporation ( Ares ). The document is meant for
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationRethink your income strategy
Rethink your income strategy BlackRock Multi-Asset Income Fund (BIICX) 1 THE CHALLENGE Yields remain low Yields are low across the income landscape, with less than 25% of fixed income assets yielding over
More informationRaising Capital in the Bond Markets
Raising Capital in the Bond Markets John Ong, Head of Capital Markets Sunrise Securities Corp. Capital Link Greek Shipping Forum February 23, 2010 1 Market has enjoyed low rates High Yield Index Yield
More informationFactors Impacting Investment Opportunities. Market Environment. Agenda. Economic Update and Investment Tips
Agenda Economic Update and Investment Tips Presented to: Ohio Association of Public Treasurers June 16, 2016 Current economic factors Portfolio right-sizing Municipal securities Brokered CDs Step-up agency
More informationAn Introduction to the KraneShares E Fund China Commercial Paper ETF (NYSE:KCNY) Diversify your cash with KCNY
An Introduction to the KraneShares E Fund China Commercial Paper ETF (NYSE:KCNY) Diversify your cash with KCNY Portfolio Management US Client Services Team David Zhang david.zhang@efunds.com.hk Aaron Dillon
More informationMunicipal Bond ETF Applications. Solomon Stewart, CFA ishares Fixed Income Strategy
Municipal Bond ETF Applications Solomon Stewart, CFA ishares Fixed Income Strategy Municipal Bond Market Update FOR FINANCIAL PROFESSIONAL USE ONLY - NOT FOR PUBLIC DISTRIBUTION. Jan-07 Jun-07 Nov-07 Apr-08
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationUPDATE ON THE MUNICIPAL BOND MARKET: LANDSCAPE, TRENDS & OPPORTUNITIES
UPDATE ON THE MUNICIPAL BOND MARKET: LANDSCAPE, TRENDS & OPPORTUNITIES FGFOA Annual Conference June 27, 2017 FLORIDA PUBLIC FINANCE INTRODUCTIONS Head of Florida Public Finance 17 years in Public Finance
More informationResearch. Market Summary. December Contributors
Research Municipal Bond Credit Report The Municipal Bond Credit Report synthesizes, analyzes and presents aggregate credit information and trends in the municipal bond market. The report includes municipal
More information4. Credit markets. (Chart 28) Corporate bond spreads (Japan) % points 0.6. Aa A Baa
. Credit markets Credit spreads remained at extremely tight levels (Chart 8). The favorable environment for financing through products such as CPs, corporate bonds, syndicated loans and securitized products
More informationDecision on Refinancing of 2009 Series A Bonds
Decision on Refinancing of 2009 Series A Bonds Ryan Seghesio Chief Financial Officer & Treasurer Board of Governors Meeting General Session July 11-12, 2013 Management is proposing the issuance of advance
More informationCommercial Real Estate Outlook June Must Own Property Names to Buy During Interest Rate Fears
Jonathan Litt Founder & CEO Must Own Property Names to Buy During Interest Rate Fears REITs have sold off 9.5% since their peak in mid-may on fears of rising interest rates. Historically, sell-offs related
More informationFinance Committee Presentation Financing of the Courthouse and Jail Expansion. October 7 th, 2009
Finance Committee Presentation Financing of the Courthouse and Jail Expansion October 7 th, 2009 Table of Contents!! Introducing Scott Balice Strategies!! Financial Strategy Considerations "! Timeline
More informationMUNI OUTLOOK. Municipal Performance Favorable in July 6% 4% 2% 0% -2% -4% -6% -8%
MUNI OUTLOOK June 2005 Municipal Market Advisors www.mma-research.com 978.287.0014 75 Main Street Concord MA 01742 Focus on Leverage in the Municipal Market and Change in the Industry June was defined
More informationHigher-Quality High Yield Asset Allocations:
Higher-Quality High Yield Asset Allocations: Achieving Income Objectives Through a Risk-Managed Approach By John P. Calamos, Sr. CEO and Global Co-CIO of Calamos Investments The search for income used
More informationAlpha Bonds Strategy
Alpha Bonds Strategy Strategy Overview The Alpha Bonds Strategy combines conservative bond funds with Alpha s fourth quarter power periods to create what we believe is a unique solution to the conservative
More informationAmerican College of Investment Counsel New York, NY. Michael J. Reilly Bingham McCutchen LLP (Moderator) Dewey Imhoff FTI Consulting, Inc.
211 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY Weeping Woman - Pablo Picasso 1937 Restructuring Trends in a Recessionary Environment: Lessons Learned and
More informationStrategic Mortgage Income Fund 3Q 2015 Presentation
Strategic Mortgage Income Fund 3Q 2015 Presentation October 22 nd, 2015 Nothing presented herein is intended to constitute investment advice and no investment decision should be made based on any information
More informationMunicipal Market Update
Municipal Market Update November 30, 2015 Julie Santamaria Director St. Petersburg, Florida 727-895-8871 Julie.santamaria@rbccm.com Tax-Exempt Bonds and Federal Government Legislative proposals relating
More informationFuture of Infrastructure Finance
SASHTO 2009 Future of Infrastructure Finance August 31, 2009 Funding Options for a State DOT/Toll Road Stimulus package provides attractive financing alternatives to traditional tax-exempt bonds Structural
More informationAttachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the
Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the Contra Costa Transportation Authority (CCTA) has prepared
More informationLiquidity Risk Management for Portfolios
Liquidity Risk Management for Portfolios IPARM China Summit 2011 Shanghai, China November 30, 2011 Joseph Cherian Professor of Finance (Practice) Director, Centre for Asset Management Research & Investments
More informationThe Evolution of Alternative Beta: Using Index-Based Investment Strategies
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 Investor Solutions The Evolution of Alternative Beta: Using Index-Based Investment Strategies This presentation may not be altered except
More informationSUPPLEMENT DATED MAY 4, 2018 TO THE SUMMARY PROSPECTUSES FOR: FIRST INVESTORS GOVERNMENT FUND DATED JANUARY 31, 2018
SUPPLEMENT DATED MAY 4, 2018 TO THE SUMMARY PROSPECTUSES FOR: FIRST INVESTORS GOVERNMENT FUND DATED JANUARY 31, 2018 FIRST INVESTORS BALANCED INCOME FUND DATED JANUARY 31, 2018, AS SUPPLEMENTED AND FIRST
More informationFinancing Infrastructure in a New Era for Muni Bonds. W. Bartley Hildreth Professor
Financing Infrastructure in a New Era for Muni Bonds W. Bartley Hildreth Professor 1 MUNICIPAL SECURITIES State and local bonds are termed municipal securities (or munis ) Enables issuer to leverage annual
More informationMARKET PERSPECTIVES CURRENT PRICES INDICATE (SOME) CONFIDENCE KEY TAKEAWAYS LPL RESEARCH. July ILLINOIS ISSUES
LPL RESEARCH B O N D MARKET PERSPECTIVES July 18 2017 ILLINOIS ISSUES Matthew E. Peterson Chief Wealth Strategist, LPL Financial Colin Allen, CFA Assistant Vice President, LPL Financial KEY TAKEAWAYS Following
More informationFixed income. income investors. Michael Korber Head of Credit. August 2009
Fixed income Old lessons re-learned for income investors Michael Korber Head of Credit August 2009 Role of fixed income in a portfolio The role of fixed income in a portfolio a fixed or floating rate of
More informationCDO Market Overview & Outlook. CDOs in the Heartland. Lang Gibson Director of Structured Credit Research March 25, 2004
CDO Market Overview & Outlook CDOs in the Heartland Lang Gibson Director of Structured Credit Research March 25, 24 23 featured record volumes despite diminishing arbitrage Global CDO Growth: 1995-23 $
More informationMINT An actively managed alternative to low money market yields and short-duration index ETFs
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) PIMCO ETFs MINT An actively managed alternative to low money market yields and short-duration index ETFs Putting Cash to Work for Greater
More informationFirst Trust Exchange-Traded Fund III
First Trust Exchange-Traded Fund III SUMMARY PROSPECTUS First Trust California Municipal High Income ETF Ticker Symbol: FCAL Exchange: The Nasdaq Stock Market LLC Before you invest, you may want to review
More informationIntroducing BlackRock's Target Allocation ETF Models
Introducing BlackRock's Target Allocation ETF Models Eve Cout Director, Managed Accounts Business Thomas Wood, CFA Lead Strategist, US Model Portfolios Tuesday January 23 rd, 2018 BENEFIT # 1 Scale and
More informationUnderstanding Fixed Income ETFs ( Exchange Traded Funds )
Please note that the following piece is for information purposes only and is not intended to constitute any investment advice, recommendation or solicitation. This is not an offer to sell any product.
More informationOutperformance in the Next Bear Market?
INSIGHT FROM POLEN CAPITAL Outperformance in the Next Bear Market? Executive Summary In a recent commentary for the Polen Focus Growth strategy, we highlighted our thoughts around changes in market structure
More informationSeptember 9, Geneva Community Unit School District 304, Kane County, Illinois. Update on Debt Restructuring Options
September 9, 2013 Geneva Community Unit School District 304, Kane County, Illinois Update on Debt Restructuring Options Outstanding Debt Outstanding Debt Dated Issue Series Original Par Earliest Call Maturity
More informationResearch. Market Summary. March Contributors
Research Municipal Bond Credit Report The Municipal Bond Credit Report synthesizes, analyzes and presents aggregate credit information and trends in the municipal bond market. The report includes municipal
More informationREFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT
REFUNDING OPPORTUNITIES IN A RISING RATE ENVIRONMENT CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS 2016 Conference Anaheim, California Thursday, March 3, 2016 (4:00 5:30 p.m.) 2016 Panelists Nadia Sesay,
More informationAlternative Investments: Risks & Returns
Alternative Investments: Risks & Returns THE FAMILY ALTERNATIVE INVESTMENT CONFERENCE February 2007, Monaco Hossein Kazemi, PhD, CFA Managing Partner, AIA Professor of Finance, Univ of Massachusetts kazemi@alternativeanalytics.com
More informationCombining Commodities Alpha and Beta. Jon Stein AlphaMetrix Investment Advisors QWAFAFEW Presentation May 31, 2006
Combining Commodities Alpha and Beta Jon Stein AlphaMetrix Investment Advisors QWAFAFEW Presentation May 31, 2006 2 Important Information The information contained in this document is not meant to be exhaustive.
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationIIAC Market Insights Canadian ETF Dynamics, Risks and Outlook
IIAC Market Insights Canadian ETF Dynamics, Risks and Outlook JANUARY 2019 INTRODUCTION Growth of exchange traded funds (ETFs) has accelerated in recent years while ETF industry product offerings have
More informationOrange Unified School District
Orange Unified School District Financing Information Ron Lebs Assistant Superintendent, Facilities and Planning Orange Unified School District Tel: 714.628.4500 rlebs@orangeusd.org Adam Bauer Chief Executive
More informationKensington Analytics LLC. Convertible Income Strategy
Kensington Analytics LLC Convertible Income Strategy Investment Process About Convertible Bonds Coupon income tends to instill some level of downside price resilience on convertible bond prices. This explains
More informationMaycrest Balanced Fund Richard Davis, Maria Davis 1275 Gator Trl, West Palm Beach, FL USA ph fax
Richard Davis, Maria Davis 1275 Gator Trl, West Palm Beach, FL 33409 USA ph. +1-203-722-8824 fax http://www.maycrestcapital.com Primary Category: Equity Long-Bias ANNUAL RETURNS 2014 2015 2016 2017 2018
More informationThe Rise of Fixed Income ETFs
Capital Appreciation Risk Management Income Generation Liquidity Management TDTF BNDC RAVI TDTT LKOR MBSD SKOR Investment Focus The Rise of Fixed Income ETFs It s true: a rising tide lifts all boats. We
More informationBond Analysis, Portfolio Strategies, and Trade Executions AAII Washington, DC Chapter December 6, 2008
Bond Analysis, Portfolio Strategies, and Trade Executions AAII Washington, DC Chapter December 6, 2008 Presented by Bob Pugh, CFA President, Insight Wealth Management www.insightwealth.com This slide show,
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 1Q 2019 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Last year was a strong year for the corporate loan markets, including middle market and ABL, leveraged loans, and investment grade. Strong
More informationPRICING MUNI STRUCTURES WITH NON-STANDARD CALL FEATURES
January 17, 2019 Pricing Non-Standard Structures 1 PRICING MUNI STRUCTURES WITH NON-STANDARD CALL FEATURES Webinar: January 15 & 17, 2019 View Webinar January 17, 2019 Pricing Non-Standard Structures 2
More information2015 ANNUAL RETURNS YTD
Stephen Somers, William Somers 1410 Russell Road, Suite 100, Paoli, PA 19301 USA ph. +1-484-576-3371 fax +1-610-688-9261 http://www.somersbrothers.com ANNUAL RETURNS 2011 2012 2013 2014 2015 YTD Advisor
More informationCLOs Today. Moderator: Meredith Coffey, LSTA
CLOs Today Moderator: Meredith Coffey, LSTA Panelists: Wynne Comer, Bank of America Merrill Lynch Mary Katherine DuBose, Wells Fargo Tricia Hazelwood, Mitsubishi UFJ Jane Lee, Blackstone GSO Josh Terry,
More informationDown, Set, Hut! Quarterbacking your LDI Program. Martin Jaugietis, CFA Managing Director, LDI Solutions, Russell Investments
Down, Set, Hut! Quarterbacking your LDI Program Martin Jaugietis, CFA Managing Director, LDI Solutions, Russell Investments Funded Ratios (%) The end zone is getting closer funding levels have improved
More informationQ4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND
Q4 December 31, 2017 MFS GLOBAL HIGH YIELD FUND Asset class Bond Objective Seeks total return with an emphasis on high current income, but also considering capital appreciation. Portfolio management David
More informationDeutsche Managed Municipal Bond Fund
Summary Prospectus October 1, 2017 Deutsche Managed Municipal Bond Fund Class/Ticker A SMLAX C SMLCX INST SMLIX S SCMBX Before you invest, you may want to review the fund s prospectus, which contains more
More informationThe Brookings Institution Liquidity in Financial Markets
The Brookings Institution Liquidity in Financial Markets Barbara Novick, Vice Chairman November 15, 2016 PROPRIETARY FOR POLICY MAKER USE ONLY GOV-0117 Ownership of Bonds by Mutual Funds 24% 22% 20% 18%
More informationThe what, why and how of the municipal market
4Q CHART TALK 4Q 2017 Opportunities in municipal bonds The what, why and how of the municipal market NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Leading the way in municipal bonds Since 1898, Nuveen
More informationInsured Municipal Bonds May Offer Added Security for Investors
Insured Municipal Bonds May Offer Added Security for Investors March 6, 2017 by Greg Rawls of Invesco If an issuer defaults, insurance firms can make sure your payments don t stop Puerto Rico s recent
More informationThe Mortgage-backed Securities Market: Risks, Returns and Replication. Evangelos Karagiannis Ph.D., CFA June 3, 2005
The Mortgage-backed Securities Market: Risks, Returns and Replication By Evangelos Karagiannis Ph.D., CFA June 3, 2005 Introduction The securitized mortgage-backed securities (MBS) market has experienced
More information