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MuniNet provides commentary and analysis relating to municipal bonds and their fundamental credit issues. From an investor perspective, we provide you with daily AAA yield levels on tax-exempt municipal bonds courtesy of Standard & Poor’s Securities Evaluations, Inc….
Daily Municipal Bonds Yields April 9th, 2020
- Tax-Exempt AAA Non-callable S&P Yield Curve Recap (based on representative indices) at the close of day on April 8th 2020, compared to the previous market day.
- Municipal bond yields continue to fall across the curve this week.
- Bonds maturing between 6 months and 5 years dropped between 6 and 8 basis points.
- Bonds maturing at 7 and 10 years fell by 11 and 12 points respectively.
- All other major indices were down by 10 basis points.
- Non-callable municipal bonds, particularly those maturing in ten years or longer, normally carry lower yields than callable bonds reflecting the likelihood that investors anticipate principal repayment on the called bonds prior to the stated maturity. (Optional redemptions usually apply to municipal bonds with maturities of ten years or more).
Source: © 2006 Standard & Poor’s Securities Evaluations, Inc., a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved. Information has been obtained from sources believed to be reliable. However, Standard & Poor’s and MuniNet LLC shall not be liable for any claims or losses of any nature in connection with information contained in this document, including but not limited to, lost profits or punitive or consequential damages, even if it is advised of the possibility of same. All references to municipal bonds or information related thereto is for informational purposes only. It is general in nature and based on matters or authorities that are considered reliable but not guaranteed or verified by MUNINET LLC.
State of California; $2.2 billion in General Obligation Bonds
The State of California is expected to issue $2.2 billion in General Obligation Bonds this week. The negotiated sale is scheduled for March 10th with an amortization schedule between 2021 and 2050 and Citigroup and RBC and joint senior managers. Proceeds from the sale of the Bonds will be used to finance voter approved capital projects in the State and refund certain outstanding general obligation debt of the State.
Chronically Late Municipal Bond Audits Further Delayed in FY 2018
By Richard Ciccarone
January 13th, 2020
Every year since 2007, Merritt Research Services1 (Merritt Research) reports the time it takes for municipal bond borrowers to complete their annual financial audits. The results of the study consistently show slower reporting relative to industry standards of the securities markets. By now, it has been well documented that most municipal audits lag the corporate standard of 60 days by a range of three to six more months.
EMMA – Electronic Municipal Market Access
Official online MRSB repository providing free public access to official disclosures, trade data and other information on the municipal securities market.
Merritt Research Services: Benchmark Central
Merritt Research Services provides benchmark median values for municipal credit analysis across 13 different sectors. Freely available and updated regularly.
Governmental Accounting Standards Board (GASB)
Independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local government.
The Bond Buyer
Established in 1891, an independent paid-subscription information resource of news, analysis and data serving 40,000+ in the municipal finance community.
A municipal bond new issue official statement (prospectus) service. MuniOS, a division of ImageMaster Inc, makes available preliminary and final documents. Official statements are provided by region and state.
IRS Tax-Exempt Bond Statistics
Includes data on tax-exempt "public purpose" (Governmental) and "private-activity" bonds, with statistical tables and Statistics of Income Bulletins.
What Are Municipal Bonds? - Investor.gov
What Are Municipal Bonds?What are municipal bonds? Municipal bonds (or “munis” for short) are debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. By purchasing municipal bonds, you are in effect lending money to the bond issuer in exchange for a promise of regular interest payments, usually semi-annually, and the return of the original investment, or “principal". An excellent primer on municipal bonds, particularly from an investors perspective. Answering these questions: Where Can Investors Find Information About Municipal Bonds? What Are Some Of The Risks Of Investing In Municipal Bonds? In Addition To The Risks, What Other Factors Should You Consider When Investing In Municipal Bonds?