Buy side

In the week ended Jan. 7, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.18% from 4.22% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

A hedging strategy that minimizes interest rate and duration risk by using short positions, primarily in U.S. Treasury futures contracts, is a discipline that James C. Robinson, CEO of Robinson Capital Management LLC, believes sets his firm apart from other investment advisors.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was unchanged at 4.22% for the week ended Dec. 30 from the previous week.

With a fresh default on debt service looming, Lombard, Ill., wants bondholders to buy into a proposed restructuring of its $190 million of hotel/conference center debt.

Illinois returns to the market in January with a $480 million bond deal after a 20-month absence during which its ratings fell and its unpaid bill backlog skyrocketed, and with a state budget six months overdue.

Washington State Treasurer James McIntire surprised insiders with his decision to not seek re-election after two terms in a position that includes oversight of state bond sales.

Municipal portfolio managers, strategists, analysts, and directors, weighed in on the impact of December's interest rate increase and other predictions for 2016.

In the week ended Dec. 24, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.22% from 4.24% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Respondents to an annual SIFMA survey predict total municipal issuance will hit $431.5 billion next year, while they predict that the federal funds rate will rise to 1% by the end of 2016.

Issuers say green bonds are here to stay, and that efforts to increase transparency about the environmental benefits will pay off with a broader investor base and cheaper financing costs.

The "gradual and contingent nature" of the California Public Employees' Retirement System plan to revise its investment return assumptions could mean substantial fiscal risk to California governments, Moody's Investors service said Friday.

With natural gas prices falling to record lows, public power utilities should benefit with stronger operating margins and more flexibility to adjust rates to offset other costs, according to Fitch Ratings.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell two basis points to 4.24% in the week ended Dec. 17 from 4.26% in the prior week.

Municipal experts awaiting the Federal Reserve’s decision on interest rates said a host of other stressors – from a lack of supply and credit concerns to unfunded pension liabilities and yield curve positioning – were high on their list of concerns heading into the new year.

In the week ended Dec. 10, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.26% from 4.27% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipal bond funds reported inflows for the 10th straight week, according to Lipper data released on Thursday.

Moody’s Investors Service gave stable outlooks to the state and local government sectors for 2016.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell three basis points to 4.27% in the week ended Dec. 3 from 4.30% in the prior week.

Municipal investors said Puerto Rico’s $355 million Government Development Bank note payment and claw-back debt management plan did little to resolve the island’s debt crisis.

A legal opinion defining San Diego Unified School District bonds as special revenues was credited with the district's $470 million pre-Thanksgiving general obligation bond sale being oversubscribed.