Summary: Mid-May munis coming back into demand as munis yields drop driving prices higher. However, Investment grade munis have still been outpaced from a YTD total return perspective by investment grade corporate bonds as concerns mount about the COVID-19 impact on state & local governments.
Summary: April reflected market volatility as the IHS Markit Municipal Analytics Curve steepened. High grade munis were outpaced from a total return perspective by high quality corporate bonds as concerns mount about the COVID-19 impact.
Summary: JR compares the taxable yields of bonds issued by Apple Inc. and Microsoft Corporation to the IHS Markit and identifies a paradox on the short-end of the curve.
Summary: Muni demand v supply remains out of kilter pushing munis into richer territory.
Summary: Technical factors have kept muni yields low this summer resulting in relatively expensive bonds v. other options.