Tag Archives: munis

Rieger Report: Munis – “The Kids are Alright”

As we approach the mid-year point of 2017 the muni bond market has not been shaken by a heavy news cycle of downgrades, negative watches and ever present Illinois and Puerto Rico downbeat press.  Technical factors play a big role in overcoming this pressure but there are other compelling rationale in support of munis in the Read more […]

Rieger Report: Municipal bonds in 2017?

A look back may be a telling way to view municipal bonds in 2017. The modest total return of the S&P Municipal Bond Index (0.77%) in 2016 masked an atypical year of volatility for the normally staid market place.  During the year, municipal bonds enjoyed being one of the ‘risk off’ asset classes and as low Read more […]

Advisors Managing Interest Rate Risk With Municipal Bond Indices and ETFS

Given that our crystal balls are opaque for predicting interest rates, I thought it would be interesting to continue my interview with two financial advisors about managing interest rate risk in the municipal bond asset class. Matt Papazian is founding partner and CIO at Cardan Capital Partners of Denver, Colorado, and Tom Cartee is a Read more […]

Rieger Report: Muni G.O.’s or Revenue Bonds in 2016?

The debate over which sector of municipal bonds, general obligation bonds (G.O.’s) or revenue bonds can provide a better return is a constant one.  So far in 2016, the S&P Municipal Bond Revenue Index has outperformed verses the S&P Municipal Bond General Obligation Index. Peeling the onion back a bit may help provide more insights. In general, revenue Read more […]

The Rieger Report: S&P 500 & Investment Grade Munis – Neck & Neck

2015 has been the year of low or no returns but some positive returns are being realized. With the backdrop of volatility seen in the equity markets and the headline risk headwinds the municipal bond faced all year the total returns of the two asset classes have converged at approximately 3% year-to-date. The S&P 500 Read more […]

The Rieger Report: Defaulted municipal bonds return -1.5% year-to-date

As the Puerto Rico municipal bond saga continues it may be helpful to look at how other distressed municipal bonds have performed through Friday December 4th 2015. The S&P Municipal Bond Default Index tracks municipal bonds that have entered default by not paying all or part of the promised principal or interest when due.  It currently tracks over Read more […]

Active Versus Passive Through Municipal Bonds

Municipal bond mutual funds gathered USD 2.8 billion in the four-week period ending Oct. 28, 2015, according to the Investment Company Institute, while muni bond ETFs added USD 593 million of inflows in October, according to SSGA.  Despite this low number, at the recent S&P Dow Jones Indices Municipal and Global Bond Forum, various panelists Read more […]

Show Me The Muni: Q2 2015

The S&P Municipal Bond North Dakota Index (0.47% QTD) was the only U.S. state or territory index to finish the second quarter in the black.  The bonds tracked by the S&P Municipal Bond Puerto Rico Index (-8.22% QTD) have been in the focus of the mainstream media this week following public statements from their governor Read more […]

The Rieger Report: Municipal Bonds Hold On but Puerto Rico Sinks to New Depths

Data as of June 26, 2015: The investment grade municipal bond market has managed to hold steady with a modest negative return of -0.37% through June 26th 2015.  Investment grade corporate bonds have returned -1.13% during the same period. High yield municipal bonds have been pulled downward by Puerto Rico but have still managed to Read more […]

The Rieger Report: Munis Face an Unholy Trio

Three storms are converging on the municipal bond market: supply, interest rates and bad news headlines – a powerful trio of bad news for the municipal bond market. The S&P Municipal Bond Illinois Index is down 1.55% for month-to-date and is the worst performing state index for the month so far.  The index is down 1.16% Read more […]