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. The maximum rating for inclusion is Ba1/BB+/BB+ ...
Advantage: municipal bonds. Yield: Investment-grade tax-exempt municipal bonds on average have yielded 2.03% vs. higher-yielding taxable investment-grade corporate bonds. However, looking at it from the perspective of taxable equivalent yield (TEY), municipal bonds have recently been at higher yields than their corporate bond equivalents.2
yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be ...
High-Yield Municipal Bonds - VanEck
High-Yield Municipal Bonds . 2 ETF Disclosure This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only through a Fund’s prospectus or summary prospectus and will be subject to the terms and conditions contained. This material and the information provided herein are not directed at or intended for …
How Are Municipal Bonds Quoted and Priced?
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
Municipal bonds Yield A˚er-tax income 2.29% $1,356 1.92% 2.02% $1,871 $2,020 $1,137 3.16% Municipal bonds offer attractive income and a low historical level of risk Municipal bonds help finance a variety of projects Compare after-tax income of municipal bonds Yield and annual after-tax income generated by a hypothetical $100,000
municipal bond market is a very thin market; many municipal bonds are traded only a few times after issuance (see Downing and Zhang, 2004). Average weekly muni trading volume is generally less than 12 percent of Treasury trading volume. On the other hand, the number of muni bonds far exceeds Treasuries; well above one million different
can, in addition, potentially explain why the yield ratio seems “too small” on average to be explained by the traditional model. In 1993, for instance, the yield on high-quality long-term tax-exempt bonds was 87 percent of the yield on similar Treasury bonds. This ratio, together
Based on this data, we have determined the average implied transaction cost of municipal bonds since May 2011 and that of corporate bonds since July 2011. This information can help market participants compare the cost of buying individual bonds to the cost of investing in bond alternatives, ...
The average yield advantage of BBB-rated municipal bonds to AAA-rated, a proxy for the spread on municipal high-yield bonds, ended the fourth quarter at 1.1%, below the level it ended the third quarter. The average yield spread remains below the five-year average and is heavily influenced by volatile Puerto Rican issues.
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