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Commentary

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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Seix Quarterly Review

Can Trump Make Bonds Great Again?

Mind-numbing may be a bit dramatic, but the third quarter proved to be less chaotic in the capital markets...

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Municipal Market Update: The Election And Munis

The Republican Party was a clear winner on November 8th by taking the White House, maintaining control of Congress, and now leading the governorship of 33 states (the most in 94 years). Exhibit 1 below shows the significant decline in Democrats...

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Municipal Market Update: End Of The Bull Run For Munis?

After a strong run of 14 straight consecutive months of positive returns, tax exempt bonds generated their first negative returns (-0.50%) in September. The central bank also recently indicated that the case for tightening monetary policy has...

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Market Insights: Leveraged Loan and High Yield Market Review

The leveraged loan and high yield markets posted strong returns in the third quarter, as central banks’ assurances of liquidity in the wake of the Brexit vote gave rise to a “risk-on” environment.

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Market Insights: Tax-Exempt Fixed Income

Returns in the municipal bond market were driven largely by technical factors, with two consecutive months of record supply...

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Market Insights: Investment Grade Fixed Income

In the third quarter, financial markets once again took their cue from central banks, but signs emerged that markets and policymakers are beginning to question...

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Municipal Market Update: Munis and the 2016 Presidential Election

We are now less than two months away from the 2016 U.S. election. Because of the dependence of municipal bonds on their tax-exempt status, potential changes in tax policy are a political risk that could have a significant impact on muni yields...

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