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Commentary

Municipal Market Update: Recent Hurricanes' Impacts on the Muni Market

Over the last month, we have seen three Category 4 hurricanes make landfall in the United States: Hurricane Harvey on the Texas Gulf coast, Hurricane Irma on the Florida Keys and Florida peninsula and Hurricane Maria on Puerto Rico and the US Virgin Islands. This is an unprecedented occurrence and is expected to have far-reaching ramifications to the affected areas, national economy and insurance sector. Thus far however, effects in the municipal market have been relatively minor, though we could see future impacts on a local and national scale.

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Municipal Market Update: HQLA and MUNIS

So far this year we have written several reports on federal policies that could impact the tax exempt asset class and public finance issuers. The reports have discussed tax reform, domestic infrastructure, ACA reform, Medicaid spending, federal fiscal stimulus, and sanctuary cities. This month, we will focus on another federal policy that could impact the municipal asset class, HQLA designation.

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Seix Quarterly Review

Financial Conditions, Inflation and Central Bank Shifts

The last year has been interesting to say the least with the first half of 2017 a continuation of the “expect the unexpected” theme. From Brexit and the Trump election to the snap election in the UK earlier this year...�

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WealthManagement: Why Invest in Leveraged Loans?

George Goudelias and Sarita Jairath of Seix Investment Advisors are featured in WealthManagement’s 2017 Midyear Outlook.

Their article, "Why Invest in Leveraged Loans," features the investment team's perspective on the loan market and why they believe loans are attractive in the current environment.

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What Global Synchronized Expansion

Consensus is building around the notion that economic growth is now synchronized across the globe’s largest regions for the first time in many years.

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Municipal Market Update: Green Bonds

Municipal green bond issuance has increased significantly over the past four years since Massachusetts became the first state to offer tax exempt bonds designated as ‘green’ in 2013. While only a small part of the municipal market at approximately $19bn...

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Municipal Market Update: Mid-Year Update

As we approach the halfway point for 2017, tax exempt bonds have returned a solid 4.20% YTD, outperforming Treasury returns of 2.64%.

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Municipal Market Update: No Reform Coming out of D.C.?

Tax exempt bonds have had a nice rebound this year after a volatile 2016 and have returned a solid total return of 3.48% YTD. The performance has been primarily technically driven...

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Municipal Market Update: Tax Freedom Day 2017

Doing your taxes is never fun, but in “honor” of the stressful tax season, enclosed is our annual update of Tax Freedom Day from the Tax Foundation...

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Municipal Market Update: Sanctuary Cities

Soon after taking office, President Trump signed an Executive Order to cut federal funding from so-called sanctuary jurisdictions.

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Seix Quarterly Review

The Legacy of Debt and the Changing of the Guard

A review of the fourth quarter is relatively easy, stocks and spread assets rallied while risk-free rates rose. The stock market was effervescent…

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Municipal Market Update: Trump’s Infrastructure Plan

After focusing on tax reform in January’s report, this month we will explore Trump’s infrastructure plan and the possible implications for tax exempt bonds.

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Market Insights: Tax-Exempt Fixed Income

The fourth quarter was tumultuous for the municipal bond market in 2016. With the surprise win by Donald Trump in the presidential election, capital markets experienced...

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Market Insights: Investment Grade Fixed Income

The fourth quarter saw the surprising win by Donald Trump in the presidential election, which wrested the market’s attention away from central bank policy...

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Municipal Market Update: Tax Reform And Munis

The Trump election is clearly a potential paradigm shift for the U.S. economy and asset markets, and until there is greater clarity surrounding budget and policy priorities in the coming weeks and months, market volatility will likely...

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Market Insights: Leveraged Loan and High Yield

The year-long rally in the leveraged loan and high yield markets was briefly interrupted in November by Donald Trump’s surprise victory in the U.S. presidential election. But after posting negative returns in November...

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Municipal Market Update: Volatility Returns & Happy Holidays

We began 2016 with the 10yr AAA MMD rate at 1.87%, on June 26th it bottomed out at 1.29%, and then peaked at 2.58% on December 1st. The election sparked the price plunge and retail investor selling of tax exempt mutual funds...

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