The Bond Buyer: Coronavirus causes lowest March bond volume since the 90s

Wesly Pate, Portfolio Manager at Income Research, spoke with Aaron Weitzman
2 min read
Share this post

Original article by Aaron Weitzman

 

Wesly Pate, Portfolio Manager at Income Research, spoke with Aaron Weitzman at The Bond Buyer about municipal bond volumes in March. As Wesly noted, on the tax-exempt side, most of the volume will come from new issuance, and he does not expect a significant deterioration in issuance if construction continues. However, on the taxable side, the $100 billion in issuance that investors were anticipating for this year could be significantly reduced by up to 30% due to higher yields. He anticipates that flows will come back in future; compared to other areas of the credit markets, municipalities are likely to have lower default rates, and the Federal Reserve is showing considerable support to local governments unlike never before. That said, uncertainty is likely to continue to weigh on the market throughout April.

 

Read full article here (paywalled).

Share this post

Related posts

View all
2 min read

BondBloxx Breaks Out New Tax-Aware ETF

On Thursday, BondBloxx partnered with Income Research + Management (IR+M) to launch the BondBloxx IR+M Tax-Aware Short Duration ETF (NYSE Arca: TAXX).

2 min read

Fund Files: BlackRock PM comes off $2bn fund, BondBloxx launches active ETF

Veteran BlackRock portfolio manager Joseph Wolfe has come off of the $1.9bn BlackRock Large Cap Focus Value fund (MABAX) and the $7.8m BlackRock Global Impact fund (BGIMX), according to filings with the Securities and Exchange Commission (SEC).

2 min read

Eikon: Wendy’s and Massage Envy Land Whole Biz ABS

Recent pricing on wholesale ABS deals for chains Wendy’s and Massage Envy illustrate differences on deals in this area of the market, reports Eikon.

Data provided as of January 2, 2024
@ 2024 Income Research + Management. All Rights Reserved.
chevron-down