Tax free municipal bond yields

    • [PDF File]Municipal Securities: An Investor’s Guide

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      5% Municipal Bond Yield/100%-28% Tax Bracket = 6.94% Taxable Equivalent Yield Another way to compare tax-exempt yields to taxable yields is to look at the income streams of each. Using the example above, the 5% tax-free municipal yield and the 6.94% taxable yield, and ... Municipal Securities: An Investor’s Guide.

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    • [PDF File]Liquidity, Default, Taxes and Yields on Municipal Bonds

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      taxable bonds. The relative yields of taxable and municipal bonds should reflect the tax rate of the marginal investor who is indifferent between these two bonds. Therefore, one ought to be able to infer from the relative bond yields the implicit tax rate of the marginal investor reasonably expected to …

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    • [PDF File]June 2018 A HIGH-QUALITY MARKET

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      Tax-free municipal bonds have been resilient since the global financial crisis, overcoming occasional bouts of volatility thanks to strengthening fundamentals and compelling taxable-equivalent yields. Although municipal finances have improved overall, thorough credit research and careful security selection are more important than ever.

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    • Tax Reform and the Municipal Bond Market

      Tax Reform and the Municipal Bond Market ... bond demand, as tax-equivalent yields should remain attractive relative to corporate bonds and US Treasuries. ... Income from municipal securities is generally free from federal taxes and state taxes for residents of the issuing state. While the interest income is tax-free, capital gains, if any, will be

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    • [PDF File]AAA Municipal Yields

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      issuance up just 3% relative to last year’s pace. The strong tone pushed long-term tax-free yields down 7 bps while short-term yields rose 6 bps. Short-term securities were a source of liquidity for tax payments and this was most evident in the tax-exempt floating rate market, predominantly owned by …

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    • [PDF File]Taxes on Tax-Exempt Bonds

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      A unique feature of the municipal bond market is at any given time, an individual investor can purchase municipal bonds which are fully tax exempt, where all the bond cashflows are not subject to tax, or municipal bonds subject to income tax or capital gains tax. Municipal bonds bearing income tax liabilities are termed market discount bonds.

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    • [PDF File]Default Risk Cannot Explain the Muni Puzzle: Evidence from ...

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      ernment secured municipal bond yields which are effectively default-free and noncallable. These municipal yields display the same tend-ency to be too high. I conclude that differential default risk and call options do not explain the municipal bond puzzle. This article is based on Chapter 1 of my dissertation at the University of Rochester.

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    • [PDF File]Muni Bond Market ust.com

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      Despite the municipal sector rally — some of which occurred alongside a sell-off in the Treasury market — tax-free yields have remained compelling, especially at the mid-point of the yield curve. As of July 6, 2009, 15-year AAA-rated general obligation paper still yielded 4.11%, providing a

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    • [PDF File]Total Return Tax-Free Municipal Bond

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      and research for both tax-free and taxable bond accounts. Mr. Mousseau has over 30 years of investment management experience. Prior to Cumberland, he was the Director of Municipal Bond Investments for Lord Abbett & Company. He also worked previously for Shearson Lehman Brothers and its predecessor firm, E.F. Hutton.

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    • [PDF File]January 2013 Liquidity Tiering for Higher Yields in the ...

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      other sectors of the bond market beyond Treasurys. Corporate bond yields and tax-free municipal bond yields have also fallen over the last several years. While the equity market has rebounded to pre-recession levels, many of these investors continue to be far more concerned with principal protection and liquidity than about yield.

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    • [PDF File]High Yield Municipal Bond Fund Commentary - Lord Abbett

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      The Fund’s secondary benchmark, an 85%/15% blend of the Bloomberg Barclays High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index, returned 2.64% during the same period. As yields across the tax-free curve moved lower, the Fund’s yield curve positioning led to a positive impact on relative performance.

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    • Liquidity, Default, Taxes and Yields on Municipal Bonds

      yields. Empirical evidence indicates that municipal bond yields are strongly affected by liquidity risk, default and taxes. The effects of default and liquidity risk on municipal yields increase with maturity and credit risk. Liquidity premium explains about 7 to 13 percent of municipal yields for AAA bonds, 7 to 16 percent for AA/A bonds and 8 ...

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    • [PDF File]Tax-smart investing with tax-free municipal bonds

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      Tax-equivalent yields help level the playing ˜ eld so you can compare bonds with similar credit quality and maturity. Tax-equivalent yield measures how much pretax income you need to earn on a taxable bond to equal what you would get with a comparable tax-free municipal bond. With municipal bonds, the higher your tax rate, the bigger your ...

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    • High-Yield Municipal Bonds

      is used by investors to compare yields on taxable and tax-exempt securities after accounting for federal taxes (excluding AMT). Taxable-equivalent yield represents the yield a taxable bond would have to earn in order to match --after taxes--the yield available on a tax-exempt municipal bond.

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