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Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.
May 27Kalotay Advisors LLC -
"We're seeing some of the additional instability and other things come into play," said Dan Genter, CEO of Genter Capital Management.
May 22 -
Bond yields are shooting up for the second time in as many months. Federal Reserve Gov. Christopher Waller attributes the volatility to concerns about rising national debt levels.
May 22 -
"Light demand" for Wednesday's 20-year Treasury bond auction "propelled yields to the nosebleeds and equities to the basement," said José Torres, senior economist at Interactive Brokers.
May 21 -
Samantha Funk will step up as new head of public finance at PNC after Rob Dailey retires at the end of July.
May 21 -
The "risk to the tax exemption appears to have dropped sharply as of last week ... taking with it the hypothetical risk of a supply surge ahead of any end-date for borrowers' exemption access," said Matt Fabian, a partner at Municipal Market Analytics.
May 20 -
"Munis are no longer moving on headlines; they're reacting to rates and supply," which is playing out again Monday after a choppy March and April, said James Pruskowski, chief investment officer at 16Rock Asset Management.
May 19 -
Municipals were cut up four basis points, depending on the curve, through noon.
May 19 -
Rising debt and interest payment ratios over more than a decade, to levels higher than other nations', prompted the downgrade, Moody's said.
May 16 -
Issuance for the week of May 19 is estimated at $11.667 billion.
May 16