Recent Commentary
MMA Muni Outlook > April 2009
Market Summary
April Was Divided Into Three Parts
Consistent with the past 4 quarters, the municipal market extended the trend of the prior quarter into the beginning of the new quarter. April's first 10 days represented a gain of nearly 1 point, (See Figure 1 of Full Report below). The phenomenon of the Build America Bonds(BAB) generated a euphoria in the tax-exempt sector, particularly the longer maturities (i.e. 30-years) and offering yields plummeted. Leading high-grade credits rallied at least 35 bps... (For continuation of report, click link below.)
