Special Report

Midyear 2012 in Statistics

Debt Refinancing Fuels the Market.

Bond insurers struggled, germinated and went to court in the first half of 2012. more »
Investors interested in taxable munis were confronted with less supply in the first half of 2012 as issuance of the bonds fell more than 20% compared to the same time last year. more »
A rising bond market has resulted in increased debt sales across the board in 2012, with some sectors rising higher than others. more »
Issuers that can sell bank-qualified bonds took advantage of low interest rates to refinance debt during the first half of this year. more »

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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