Buy side

Post-recession yield ratios should continue to favor munis for the foreseeable future, investment strategists say.

The many sectors and subsectors of municipal bonds experienced widely varied rates of growth or decline in 2015.

After 16 consecutive quarters of positive tax receipts received by state and local governments, municipal experts said it's no surprise that the need for short-term municipal note issuance has been steadily declining in recent years.

A Financial Industry Regulatory Authority arbitration panel in San Juan ordered UBS AG to pay an investor about $1.45 million in compensation for losses suffered by investments in its Puerto Rico closed-end bond funds.

In the week ended Feb. 18, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose three basis points to 4.04% from 4.01% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Investors eager to buy triple tax-exempt debt have been turning to the Pacific Ocean territories of Guam and American Samoa, where limited tax bases and large debt loads create some risks reminiscent of Puerto Rico.

Verity Health System of California agreed to repay its $278.6 million in junk-rated revenue bonds at a higher interest rate in exchange for relaxed debt service coverage requirements.

Standard & Poor's made nearly twice the number of upgrades as downgrades in United States Public Finance in 2015.

Demand for municipal mutual funds has increased as investors rebalanced holdings to shelter themselves from domestic and overseas volatility, says Jeffery Elswick of Frost Investment Advisors.

In the week ended Feb. 11, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell four basis points to 4.01% from 4.05% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

The head of the agency that accredits Illinois' state universities issued a warning to state leaders as the schools struggle in the absence of state funding because of a continued budget stalemate.

Thomas Schuette has been promoted to Partner and Co-Head of Portfolio Management at Gurtin Fixed Income Management LLC, the firm announced on Monday. Schuette's promotion is aimed at bringing the credit research and portfolio management teams closer together.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was 11 basis points lower to 4.05% from 4.16% for the previous week.

Investors should be wary of riskier market sectors, while increasing liquidity and credit quality as they position their portfolios for the year ahead, Warren Pierson, senior portfolio manager at Baird Advisors said.

In the week ended Jan. 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose two basis points to 4.16% from 4.14% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

New York’s fourth largest township had its credit rating dropped by Moody’s Investors Service due to a lack of audited financial statements.

Illinois’ rising bill backlog if left unchecked could pressure the state’s already battered credit rating, Moody’s Investors Service warns in a new commentary.

Stock market swings could affect California's credit quality, which is linked to its ability to maintain balanced fiscal operations that are heavily linked to the stock market's performance.

Pennsylvania's intercept programs for school districts remain a strong credit feature despite downgrades related to the state's budget impasse, said Janney.

Market technicals – a lack of supply and significant Jan. 1 rollover proceeds – are bolstering municipal demand and price stability in the New Year so far, according to Jeffrey Lipton, head of municipal research and strategy at Oppenheimer & Co.