Word: munis
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...People originally said it would eliminate the issuance of municipal bonds," says John Cummings, who is head of muni-bond investments at money-management firm PIMCO. "Instead they have stabilized the market and helped to create jobs." (See the top 10 financial-crisis buzzwords...
Observers say Build America Bonds have lowered borrowing costs for states and other local governments. The bonds have renewed and expanded investor interest in the muni-bond sector. And by getting money into the hands of cash-strapped local governments, the bond program has saved or even boosted jobs, stimulating the economy. Many investors are already lobbying to extend the program, which is not expected to close until...
...biggest thing to hit the municipal-bond market in a generation," says Amy Resnick, the editor in chief of The Bond Buyer, which tracks the muni market. "It's clearly been a success as a means of stimulating the economy...
...Instead, Strumeyer believes investors should compare muni yields to those of high-quality corporate bonds. Recently, Vanguard's Term Tax Exempt fund, a huge muni fund with $21 billion in assets, had an implied yield of about 3%, according to Regent Atlantic's Cordaro. A similar corporate bond fund, BlackRock Intermediate Bond II, had yield of 8.5%. Even assuming a 35% tax bracket, the corporate bond fund is yielding nearly double the muni fund...
...sure how some people say muni bonds are cheap," say Cordaro...