James Ramage

Recent Stories From this Author

Muni Calendar Shows Slow Growth
January 26, 2014 Municipal bond issuance will stay light in the coming week, rising to $4.89 billion, as the calendar offers little to sate...

Muni Bond Funds Mark a Second Straight Week of Inflows
January 23, 2014 Inflows to municipal bond mutual funds continued for a second straight week, at just $86 million, for the week ended Jan. 22.

Market Post: Munis Adopt Neutral Tone Early
January 22, 2014 Municipal bond yields have stalled so far Wednesday morning in the face of light activity.

Market Post: Muni Yields Firm as Hunger for Paper Grows
January 22, 2014 Municipal market investors, laden with cash, are driving yields lower Wednesday as activity has accelerated in both the...

Market Close: Muni Market Welcomes New Issues; Puerto Rico Stable
January 22, 2014 A robust municipal bond market continued on its upward trajectory, comfortably absorbing new issues and driving prices higher.

Market Post: Muni Market Has Yet to Start its Engine
January 21, 2014 Light activity and few buy orders have held municipal bond levels in place to start Tuesday's session.

Market Post: Pressure from Longer Bonds Start to Drag Yields
January 21, 2014 Some trading in maturities at the long end of the municipal bond yield curve has given the market a somewhat stronger tone as...

Market Close: East Coast Snowstorm Trumps Midday Muni Demand
January 21, 2014 The blizzard that slammed into the east coast Tuesday managed to squelch a budding rally in the municipal bond market.

Munis Demand Higher and Ratios Richer in 2014, Loop Capital Markets Says
January 17, 2014 Municipal bond demand should increase in 2014 in an environment of expected higher interest rates, improved economic growth,...

Money Flows into Muni Bond Funds for First Time Since May
January 16, 2014 In another sign of the improving tenor of the municipal bond market, muni mutual funds recorded their first inflows in 34...

Career Zone


New York State Assemblyman Phillip Goldfeder, D-Queens, examines outer-borough growth and transit needs in New York City, as well as efforts to harden its water-exposed neighborhoods.

The notion of option-adjusted spread (OAS) is the standard analytical tool for taxable fixed income securities. It is also making inroads into the muni market. Unfortunately the usual implementation for munis is flawed, rendering the results virtually meaningless. So it is understandable that many muni professionals shy away from OAS in favor of the archaic ‘yield-to-worst’ approach. Correct implementation would undoubtedly attract converts.

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