Tax Efficient Fixed Income Market Commentary

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 positive for state and not-for-profit hospital credit and appears to indicate less potential for disruption of the status quo in the municipal market in the near term.

Please click on the link below to download the commentary.