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Muniland Minute: September 2, 2016

Matt Posner of The Court Street Group

California Priced Aggressively in the Midst of Various Challenging Municipal Technical Factors

The state of California successfully placed nearly $3 billion general obligation bonds with a very aggressive pricing this past week. This was especially notable as the broader municipal market was struggling somewhat given a weaker Treasury market and on the tails of the largest month of August issuance in over two decades.
Matt PosnerMuniland Minute: September 2, 2016

Muniland Minute: August 26, 2016

with Matt Posner of Court Street Group Research

Longer-Dated Bonds are Seeing a New Trend to Lower Coupons

The low interest rate environment that has persisted almost the entirety of 2016 has led issuers to offer a different array of coupon structures. In recent cases, we are seeing more and more 3% and 4% coupons on longer-dated bonds, which is usually the realm of 5% coupons. We look at why this is the case and what it means going forward inside.
Matt PosnerMuniland Minute: August 26, 2016

Muniland Minute: August 19, 2016

with Matt Posner of The Court Street Group

Summer Doldrums

With most taxable bond markets generally staying range-bound, municipals were little changed for most of last week. A low volume of trading in the secondary market and limited new-issue offerings allowed municipal markets to keep an even keel.
Matt PosnerMuniland Minute: August 19, 2016

Muniland Minute: August 12, 2016

with Matt Posner of The Court Street Group

IRS to Lower Build America Bond Payments to Issuers – Again

The Internal Revenue Service will once again ­due to sequestration­ lower the payment to issuers of Build America Bonds in the coming fiscal year 2017. This time it is by 6.9%, after a 6.8% cut last fiscal year. This is now the fourth year in a row that BAB subsidy payments have been cut.
Matt PosnerMuniland Minute: August 12, 2016