Income Investor Perspectives

Update on Muni Bond Flows

• 8 weeks in a row of muni bond mutual fund net outflows
• 4 weeks in a row of muni bond ETF net inflows, and the 5th week out of the last 8

The regular edition of the Muni Catchup is delayed this week, but we wanted to share this interesting nugget of information.

This is not investment advice. The opinions expressed and the information contained herein are based on sources believed to be reliable, but accuracy or appropriateness is not guaranteed and are subject to change without notice. Past performance is interesting but is not a guarantee of future results. Investments in bonds are subject to gains/losses based on the level of interest rates, market conditions and credit quality of the issuer. Indices are not available for direct investment, although in some cases, there may be ETFs available designed to track some of the indices shown. The author does not provide investment, tax, legal or accounting advice. Investors should consult with their own advisor and fully understand their own situation when considering changes to their strategy, tactics or individual investments. Additional information available upon request.
©2017 Patrick F. Luby
All Rights Reserved

Amidst the turmoil of the post-election bond market—with rates rising, trade volumes surging and reduced dealer support of the over-the-counter bond market, how did the market for fixed-income ETFs do?

See my article on ETF.com to find the answer!

No matter what you expected last year, you’ll have to admit that plenty happened that you didn’t expect. And no matter what you think is going to happen this year, you should be prepared for the unexpected.

To be prepared for the year ahead, start by reading The Muni Catchup.

Ingredients:

• Performance Snapshot
• Thoughts on Investing
• Overview
• Were Investors Over-Allocated to Munis?
• What’s on Your Muni Market Risk Radar?
• The Calendar
• New Issue Supply: expect a quiet start
• Fund Flows: ETFs up, mutual funds not.
• Secondary Market Trading
• The Market Now and Then
• The Bottom Line
• And Now a Word…

The Muni Catchup is not investment advice. The opinions expressed and the information contained therein are based on sources believed to be reliable, but accuracy or appropriateness is not guaranteed and are subject to change without notice. Past performance is interesting but is not a guarantee of future results. Investments in bonds are subject to gains/losses based on the level of interest rates, market conditions and credit quality of the issuer. The author does not provide investment, tax, legal or accounting advice. Investors should consult with their own advisor and fully understand their own situation when considering changes to their strategy, tactics or individual investments. Additional information available upon request.
©2017 Patrick F. Luby
All Rights Reserved

This week in The Muni Catchup:

• Are Bonds Dangerous?
• Looking Ahead
• The Calendar
• Muni Bond Data and Tables
• The Bottom Line

Do you think bonds are dangerous? See this week’s Muni Catchup for my thoughts.

Thank you for reading The Muni Catchup–this is the last edition for the year.

Best wishes for a holiday season that is bright with joy and rich with memories.

Peace be with you,

Pat

The muni market out-performed the U.S. Treasury market last week and trading volume continues to be unseasonably heavy–not surprising given the heavy outflows from mutual funds, the large new issue calendar and yields that started the week at much cheaper levels than have been seen in a while.

The week ahead, however, brings a much smaller new issue calendar and of course the much-anticipated December FOMC meeting.

THIS WEEK’S INGREDIENTS:

• It’s Fed Week Again!
• The Muni Market is Less Illiquid!
• Market Performance: Price Rally Follows the Yield Rally
• Three Seasons: Fall is the New Summer
• Muni Bond Fund Flows
• Banks, Insurance Companies and Foreigners Big Buyers of Munis in Q3
• The Calendar
• Muni Market Data and Tables
• The Bottom Line

Click here to read this week’s Muni Catchup.

This is not investment advice. The opinions expressed and the information contained herein are based on sources believed to be reliable, but accuracy or appropriateness is not guaranteed and are subject to change without notice. Past performance is interesting but is not a guarantee of future results. Investments in bonds are subject to gains/losses based on the level of interest rates, market conditions and credit quality of the issuer. Indices are not available for direct investment, although in some cases, there may be ETFs available designed to track some of the indices shown. The author does not provide investment, tax, legal or accounting advice. Investors should consult with their own advisor and fully understand their own situation when considering changes to their strategy, tactics or individual investments. Additional information available upon request.
©2016 Patrick F. Luby
All Rights Reserved