Fixed Income Market Insights
Our latest insights on bond market activity
Payroll Gains and Inflation Outlook Shift Fed Policy Expectations
Hammack (FED of Cleveland) indicated rates could be on “hold” while officials evaluate incoming economic data.
Investors Pour into MUNIs as Rates Peak and Credit Risks Rise
We reported that certain reports will be delayed due to the government shutdown. The January employment report has been rescheduled for 2/11 according to the data put out by Labor Stats.
MUNI Market Update: Fed Holds Steady as Markets Await New Chair Nomination
We pushed out a piece discussing MUNIs and how money managers believe longer-dated MUNIs offer value here, despite the slight increase in pricing (which we are not seeing).
Read our latest musings about actions and events affecting the investment landscape.
Markets in Holding Pattern as Fed Eyes Cuts & Government Remains Closed
As we have discussed, MUNIs for September finished strong. Many are calling for the balance of the year to remain firm because most of the record surge in supply is beginning to dry up.
MUNI Market Strength Holds Despite Shutdown; Credit Selectivity Remains Key
We have been discussing Charter Schools for quite some time regarding the credit quality of the underlying. Bondholders who own MUNI debt sold for a TX charter school did not receive their October coupon payment after the school closed its doors. Reve Preparatory...
Record Muni Sales Positive & Negative
The municipal bond market is on track for a record year of issuance which could surpass $500 billion by year-end.
Fed Caution, Labor Focus, and MUNI Momentum Ahead of October Meeting
Fed Reserve Bank of SF President Mary Daly indicated further rate cuts are likely needed, but the US central bank should approach those cuts with caution.
Video: Should You Buy Securities with Longer or Shorter Dated Maturities?
Duration: 4:17
Transcript: If you’re looking to buy higher grade securities with a higher rate of return, then you might consider going out a little further. If you are only seeking to build a ladder, one to five years in this example, we can certainly help you with that.
Video: DRL’s Perspective on Credit Quality and Bond Insurers
Duration: 2:01
Transcript: We primarily try to stick with double a rated paper or higher. The reason being is that we feel comfortable with overall credit qualities, double a rated or higher due to the low default rate on those securities.
Video: Our Experience is Your Advantage
Duration: 2:49
Transcript: I got in the business August of nineteen ninety four, and my introduction to the business was Orange County filing bankruptcy. That was a very big moment in the municipal bond world.
Video: Why Does DRL Not Buy Lower Quality Paper?
Duration: 2:11
Transcript: When you’re working with a team that understands the municipal bond world and that also understands credit ratings, credit quality, claims paying ability, specific insurance companies, what to buy and more probably more importantly, what not to buy.
Video: The Difference Between Revenue-backed and General Obligation Bonds
Duration: 4:48
Transcript: Understand the underlying asset and what’s being, generated payment, what payment is being generated from that underlying asset. So we’ve been we’ve been asked a lot about the difference between revenue bonds and general obligation bonds.