Yield on municipal bonds
Municipal Quarterly Update
Regarding high yield municipal bonds, given we project credit spreads to tighten, we believe intermediate high yield munis will experience positive total returns of between 2.5% and 3.0% for 2018. This is based on applying our total return analysis to bonds in the intermediate portion of the municipal yield curve.
[PDF File]PDF Vanguard Municipal Bond Funds
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Vanguard High-Yield Tax-Exempt Fund Semiannual Report | April 30, 2019 Vanguard Municipal Bond Funds See the inside front cover for important information about access to your fund's annual and semiannual shareholder reports.
[PDF File]PDF Page 1 of 2 Tax-exempt wealth building with zero coupon ...
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Page 2 of 2 Tax-exempt wealth building with zero coupon municipal bonds, continued RBC Wealth Management is not a tax advisor. All decisions regarding the tax implications of your investments should be made in connection with your . independent tax advisor.
[PDF File]PDF Bank-qualified municipal bonds - RBC Wealth Management
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from the quoted yield of a bank-qualified municipal. Let's assume the yield on the bank-qualified bond is 4%. Actual BQ yield = stated BQ yield - TEFRA haircut Example: 4% - 14 basis points = 3.86% In effect, the bank purchasing the 4% bank-qualified security is getting a tax-free bond with a 3.86% yield and paying tax on 14 basis points.
[PDF File]PDF Stocks vs. bonds high yield munis - Richard Bernstein
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Municipal Custom High Yield Composite Index is calculated using a market value weighting methodology and it tracks the high-yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a 25% weight in Baa/BBB-rated investment grade municipal bonds for liquidity and balance.
[PDF File]PDF Municipal Market Focus - Fidelity Investments
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For the sake of simplicity, this is shown as an annual payment, although interest on most municipal bonds is paid 1 semiannually, so the payment would be paid in two installments. Please note:2 The realized yield could be different from the stated yield because it incorporates an assumption that 100% of
[PDF File]PDF Invesco High Yield Municipal Fund fact sheet (PDF)
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Custom Invesco High Yield Municipal Index was created by Invesco to serve as a benchmark for Invesco High Yield Municipal Fund, comprises 80% weight in bonds in the S&P Municipal Bond Index that are not rated or are rated below investment grade and a 20% weight in bonds that are rated investment grade by Standard & Poor's, Moody's and/or Fitch.
Primer on Municipal Bonds - Invesco
yield Yields on municipal bonds are typically quoted in terms of their tax-equivalent yield, which represents the equivalent yield on a fully-taxable bond. Because of their tax-exempt status, municipal bonds typically offer a lower yield than their taxable counterparts. For US
HIGH YIELD MUNICIPAL BOND FUND
High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. In addition, because the Fund is
[PDF File]PDF MUNICIPAL BONDS
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Types of Tax-Exempt Municipal Bonds 7 Bonds with Special Investment Features 8 Taxable Municipal Bonds 8 r Basic Facts 9 e Tax-Exempt Municipal Bond t —HowBig and Who Buys? 11 ax-Exempt/Taxable Yield Equivalents 11 State Taxation of Municipal Bonds for Individuals 14 State Taxation of Municipal Bonds for Corporations 15 Glossar y 16
[PDF File]PDF Munis "hang 10" at summer end
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• Muni bonds have been riding market tailwinds for 10 months in a row. • Valuations relative to Treasuries have become more attractive. • Negative seasonal trends are not a near-term concern. Peter Hayes, Head of the Municipal Bonds Group James Schwartz, Head of Municipal Credit Research Sean Carney, Head of Municipal Strategy Yield curve
[PDF File]PDF Liquidity, Default, Taxes and Yields on Municipal Bonds
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bonds. The relatively high yields of municipal bonds imply a tax rate lower than expected for the marginal tax rates of high-income individuals and corporations. Moreover, the implied marginal tax rate is much lower for long-maturity municipal bonds than for short-maturity bonds of similar quality and characteristics.
How Are Municipal Bonds Quoted and Priced? - MSRB
How Are Municipal Bonds Quoted and Priced? 3 these competing interests to arrive at a market price — the price where the seller and the buyer agree. The underwriter uses recent sales of comparable bonds and yield curves, among other information, to set that price. Secondary Market Pricing Prices for bonds trading in the secondary market are
[PDF File]PDF Municipal Securities: An Investor's Guide
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Municipal Securities: An Investor's Guide Higher Yielding Bonds. Another segment of the municipal bond market deals with lower-rated, higher-yielding municipal bonds. These can be taxable as well as tax-exempt and can also be subject to the Alternative Minimum Tax calculation. While in some cases these issuers have
[PDF File]PDF High Yield Municipal Fund
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High yield municipal bonds have offered investors high levels of income on a tax-equivalent basis when compared to other income producing asset classes. Backed by a team of 17 credit research specialists, credit research has been at the center of municipal investing for the last 30 years and has uniquely prepared BlackRock for today's market.
[PDF File]PDF Introduction to Bond Math
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Municipal bonds are sold with embedded call features to provide restructuring flexibility and/or refinancing savings in the future. Investors charge the issuers for this flexibility - through a higher yield and lower price - thereby
[PDF File]PDF Municipal bonds - UBS
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Municipal bonds Yield pickup with kicker bonds - update • We take this opportunity to reaffirm our recommendation for kicker bonds as a defensive, yield pick-up strategy. Last summer, we featured "kicker bonds" as a yield enhancement idea that warranted consideration in the municipal bond market.
[PDF File]PDF Understanding Arbitrage
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• As it relates to the municipal bond market, arbitrage is the profit from ... the yield on the bonds. • Exceptions to Yield Restriction: ... - Yield calculation is segmented into periods of time. - The yield period may be the last day of any bond year,
[PDF File]PDF AAA Municipal Yields
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and revenue bonds) are subsectors of the Bloomberg Barclays Municipal Bond Index and do not represent separate indices. The Bloomberg Barclays High Yield Municipal Index includes bonds with a par value of at least $3 million and must be issued as part of a transaction of at least $20 million.
High-Yield Municipal Bonds - VanEck
Yield spread is the difference between the yield to worst of Barclays Municipal High Yield Index and the yield to worst of Barclays Capital Municipal Index. See slide 14 for index descriptions. Yield to worst is generally defined as being the lowest yield that a buyer can expect to receive.
[PDF File]PDF Comparing Bond Yields - Raymond James
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yield--the rate of return earned after taking into account taxes (if any) on income received from the bond. Some bonds--for example, municipal bonds ("munis") and U.S. Treasury bonds--may be tax exempt at the federal and/or the state level. However, most bonds are taxable. Consider what you keep A tax-exempt bond often pays a lower interest
About High-Yield Municipal Bonds
About High-Yield Municipal Bonds 3 Subscribe to investor education and EMMA email updates from the MSRB. Higher yield means higher risk. As a result, price fluctuations can be much larger in high-yield municipal bonds. Additionally, the performance of high-yield municipal bonds is driven more by the financial strength of the underlying issuers
[PDF File]PDF Phase II Lesson 2 - Advanced Topics in Arbitrage
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Describe the special yield rules that apply to callable bonds • Calculate bond yield on issues with callable premium and deep discount bonds • List the elements involved in calculating yield for a variable yield issue • Compute yield of an issue containing both fixed and variable rate bonds • Compute the yield of a variable rate bond ...
[PDF File]PDF Municipal Bonds in The Yield Book
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municipal bonds. We also provide complimentary access to Thomson Reuters' Municipal Market Data (MMD) AAA scale for joint subscribers of TM3/MMD and The Yield Book. With this access, clients can perform a wide array of analyses on their municipal portfolio holdings using The Yield Book, the Yield Book Add-In, and the Yield Book API products.
Short Duration High Yield Municipal Bond Fund
A Note about Risk: The Fund invests substantially in lower rated municipal bonds (commonly referred to as "below investment grade", "high yield" or "junk bonds"). High-yield securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal.
[PDF File]PDF Muni Fortnightly
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indexes represent theoretical yields rather than actual price or yield quotations. Municipal bond traders are asked to estimate what a current-coupon bond for each issuer in the indexes would yield if the bond was sold at par value. The indexes are simple averages of the average estimated yields of the bonds, are unmanaged and a direct investment
[PDF File]PDF Complying with Arbitrage Requirements
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yield that is not materially higher than the yield on the bonds (yield restrict the investments) or, if permitted, make a yield reduction payment to the U.S. Treasury to prevent its bonds from violating the yield restriction rules. Part II of this publication will describe and list: 1) Which monies are bond proceeds that must be yield restricted,
[PDF File]PDF Vanguard Municipal Bond Funds
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• While fundamentals remained solid, municipal bonds went through a bumpy patch early on amid tax reforms that affected both supply and demand. With yields rising, prices of municipal bonds finished the period down across the maturity spectrum, but particularly toward the intermediate and long end.
[PDF File]PDF High Yield Municipal Bond Fund Commentary - Lord Abbett
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High Yield Municipal Bond Index/15% Bloomberg Barclays Municipal Bond Index* MARKET REVIEW The municipal market, as represented by the Bloomberg Barclays Municipal Bond Index1, returned 2.14% during the second quarter of 2019. Lower credit quality tiers and longer dated bonds outperformed their higher quality and shorter term counterparts.
[PDF File]PDF Municipal Bonds and The Yield Curve
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Yield Curve Risk The risk associated with the changing slope of the yield curve. A flattening yield curve causes short term bonds to under-perform long term bonds Credit Risk The risk that a bond will default and not make timely payments Bonds may lose value it their credit ratings are downgraded. Liquidity Risk The risk that a bond cannot be ...
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