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Tag Archives: tobacco

Mar 29, 2015

The Rieger Report: 2015 Headwinds & Tailwinds for Municipal Bonds

As we near the end of the first quarter, investment grade tax-exempt bonds tracked in the S&P National AMT-Free Municipal Bond Index have returned 0.93% year-to-date underperforming relative to the over 2% return of the investment grade corporate bond market tracked in the S&P U.S. Investment Grade Corporate Bond Index. High yield bonds are showing similar…


Aug 8, 2014

Tobacco Settlement Bonds: the next cloud on the horizon for municipal bonds?

As the young gas station attendant says at the end of the movie Terminator “there is a storm coming”.  While Detroit and Puerto Rico’s financial struggles continue to rattle the municipal bond market, the over $87billion state issued tobacco settlement bond market is another potential dark cloud worthy of watching. A recent article in the…


Jun 13, 2014

Municipal Bonds: Hooked on Tobacco

The S&P Municipal Bond Tobacco Index has returned 12.79% year to date as the tobacco settlement bond market has recovered from a dismal 2013 return of -8.77%. Yields of these bonds have fallen 99bps during the year to an average of 5.92%. These long duration higher yielding bonds represent just under 15% of the total…


Oct 31, 2013

No Tricks, Just Treats From The Fed This Halloween

It recently struck me that the announcement day for the Federal Reserve’s policy meeting would coincide with what is known locally as “Mischief Night”. Mischief Night is the night before Halloween when kids play trick on neighbors by hanging toilet paper in the trees or soaping car windows. If anyone was positioned to play a…


Sep 20, 2013

Municipal Bonds Bounce Off Bottom

The US Municipal bond market has bounced off its recent bottom even as two anchors continue to weigh it down: Puerto Rico and tobacco settlement bonds. Investment grade tax-exempt bonds tracked in the S&P National AMT-Free Municipal Bond Index have seen a 2.32% positive total return since it’s year to date low on September 5th…


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