Summary: Tax driven demand for munis hold yields down while taxable bond yields rise.
Summary: The yield curve steepened and as a result AA rated municipal bonds have now moved into relatively cheap territory.
Summary: Investment grade muni prices rise as relentless demand for tax-exempt bonds continues. The curve did steepen on the long end but not as much as corporate bond yields.
Summary: Despite the COVID cloud hanging over the municipal bond market, municipal bonds continue to rally and move into “rich” territory relative to corporate bonds.
Summary: Demand for munis push yields lower in the belly of the curve. Muni ETFs approach $63billion in assets.
Summary: Post election demand for tax-exempt municipal bonds sparks a rally in November.
Summary: Munis rally post-election as prospect of future higher taxes pushes demand higher.
Summary: In a period of high volatility leading up to the elections, the appetite for municipal bonds has been waning. The result is muni yields continue to move in the wrong way, making investment grade munis relatively cheap v. corporate bonds.
Summary: Municipal bond yields rise as supply wave hits the market with demand waning. Muni yields shift further into relative value cheapness v. corporate bonds.
Summary: AA municipal bonds have moved back into “attractive” territory for the higher tax-bracket investors.