Tax Efficient Fixed Income

Coal War Over?

October 25, 2017

In this commentary Kelly Puls, a member of the Fixed Income Credit Research team, outlines what effect shifting Federal policies will have on the public power sector.

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Tax Efficient Fixed Income 3rd Quarter Commentary

October 12, 2017

This commentary reviews the previous quarter and discusses our outlook for the months ahead.

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Tax Efficient Fixed Income 2nd Quarter Commentary

July 12, 2017

This commentary reviews the previous quarter in tax efficient fixed income and discusses our outlook for the months ahead.

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Tax Efficient Fixed Income 1st Quarter Market Commentary

April 12, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Municipals started off 2017 with strong performance, capitalizing on positive supply-demand technicals.     A significant drop in refunding activity led an overall 12% decline in new issuance. The stall in health care reform in Washington was […]

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Higher Education Credit Commentary

March 30, 2017

In this commentary, Kelly Puls, a member of the Fixed Income Credit Research team, discusses the role of higher education in the municipal market and four key factors for evaluating higher education credit health:   A low tuition growth environment Decreased state support Federal policy changes Level of student debt Please click here to read the commentary.

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Executive Order Threatening Sanctuary Cities: Potential Impact on Municipal Credit Ratings

February 16, 2017

Judy Wesalo Temel, Senior Vice President and Director of Credit Research, shares her comments on The Wall Street Journal‘s article entitled “Sanctuary Cities May Not See Borrowing Hit From Trump Order.” “The article in The Wall Street Journal was timely and brought up a number of interesting points. We believe it is reasonable to conclude that municipal […]

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Tax Efficient Fixed Income 4th Quarter Market Commentary

January 13, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Record municipal issuance, higher US interest rates and concerns over how the new administration’s policies would impact municipal bonds led to a challenging quarter for the municipal bond market.     2016’s record level of new issue […]

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Tax Efficient Fixed Income Market Commentary: 3rd Quarter 2016

October 11, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights The continued strong performance of fixed income markets during early July contributed to our decision early in the quarter to reduce our average duration targets to a neutral position from being moderately long. Although the Fed […]

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Tax Efficient Fixed Income Market Commentary: 2nd Quarter 2016

July 13, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights Despite fluctuations throughout the quarter, weaker economic indicators and the surprising British vote to leave the European Union drove yields toward the lows of this cycle by the end of June. As spreads compressed, we systematically […]

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Tax Efficient Fixed Income Market Commentary: 1st Quarter 2016

April 28, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Despite slow and steady growth throughout 2015, the first quarter of 2016 opened with volatility spurred by concerns about weakening global growth eventually pervading domestic markets.    Given municipals’ continued richness despite market volatility and widening spreads […]

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