Tag Archives: Municipal Bonds

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Cumberland Advisors Market Commentary – Fire and Water

Author: Patricia Healy, CFA, Post Date: November 1, 2019
Market Commentary - Cumberland Advisors - California - A Note on the Fires

The fires engulfing parts of California are feared to become the nation’s worst fire disaster, possibly surpassing 2017 and 2018 fire events. Spurred on by wind gusts of up to 80 mph, this disaster harkens back to Superstorm Sandy, which occurred seven years ago, in October 2012. Superstorm Sandy soaked the Northeast, and its 80-mph […]

Q3 2019 Municipal Credit: Bond Market Dynamics, Natural Disasters, Green Bonds, State Rating Changes, & an Update on Single Ratings

Author: Patricia Healy, CFA, Post Date: October 24, 2019
Muniland - Municipal Credit & Bonds

Municipal bond credit quality remains relatively strong, as indications are still that upgrades are outpacing downgrades. S&P and Moody’s have both recently issued comments that corporate credit quality is weakening. Per S&P, credits rated AAA to B- with negative outlooks or CreditWatch-negative assignments have been increasing, indicating a negative bias. Similarly, Moody’s estimates that the […]

Miami-Dade County jumps into legal fight over terminated toll-road agency

Author: , Post Date: July 26, 2019
Cumberland-Advisors-Patricia-Healy-In-The-News

Excerpt from… Miami-Dade County jumps into legal fight over terminated toll-road agency By Shelly Sigo July 25, 2019 A court hearing Thursday and Friday could determine the fate of the Miami-Dade County Expressway Authority, and a new party in the case may sway the outcome. Miami-Dade County Commissioners decided Tuesday to become an amicus curiae, […]

Shocking surge: Municipal bonds strength based on several fluid factors

Author: , Post Date: July 1, 2019
Cumberland Advisors John Mousseau

Excerpt from “The Bond Buyer”… Shocking surge: Municipal bonds strength based on several fluid factors By Chip Barnett July 01 2019 With under a $1 billion of bonds and notes selling this week, municipal bond investors were looking beyond the week’s offerings — to fundamentals and performance. So far this year, muni yields have declined […]

Cumberland Advisors Market Commentary – 2Q2019 Review: Total Return Taxfree Municipal Bond: The Big Squeeze

Author: John R. Mousseau, CFA, Post Date: June 27, 2019
Market Commentary - Cumberland Advisors - The Big Squeeze (Municipal Bonds)

The muni bond market has been on a tear so far this year. Not only have yields dropped, but they have dropped relative to US Treasuries across the board. The chart below shows where we are now and where we were at the start of the year. The big squeeze has been caused by the […]

Municipal calendar grows to $7B as the summer reinvestment season arrives

Author: , Post Date: June 1, 2019
Cumberland Advisors John Mousseau

Excerpt from “The Bond Buyer”… Municipal calendar grows to $7B as the summer reinvestment season arrives By Christine Albano & Chip Barnett May 31 2019 The food fight among municipal investors is expected to reach new heights with the arrival of the summer reinvestment season, municipal managers and observers said. Some say it will be […]

Cumberland Advisors Market Commentary – Q1 2019 Credit Commentary

Author: Patricia Healy, CFA, Post Date: May 3, 2019
Cumberland Advisors Market Commentary - Municipal Credit

A positive tone continues for the credit quality of municipal bonds, and municipal performance has been strong as a result of low supply, high demand, and lower rates. (See John Mousseau’s “http://www.cumber.com/1q2019-review-tax-free-municipal-bond-a-shining-first-quarter-for-munis/.”) After some states reported revenues tracking well below projections in January, fears of a substantial drop-off in state tax collections are being allayed, […]

The SALT (State and Local Taxes) Conundrum

Author: John R. Mousseau, CFA, Patricia Healy, CFA, & Gabriel Hament, Post Date: February 12, 2019
Market Commentary - Cumberland Advisors - The SALT (State and Local Taxes) Conundrum (Municipal Bonds)

There have been headlines recently describing the drop in state tax revenues versus forecasts for some of the higher-tax states such as California, New York, and New Jersey. Part of the falloff is due to an exodus of higher-income residents from high-tax states, such as the ones above, for states with low or no income […]