Muni Yield Curve: Flatter but Not Imitation
The municipal and the Treasury yield curves are different. This is never more evident than when the Treasury curve inverts. There have been multiple historical incidences of Treasury 2's to 10's inversion in the last quarter century...
State of the States: A Credit Overview of the Muni Market
Every year, Eaton Vance's municipal bond research team ranks all of the U.S. states on their creditworthiness in a report entitled State of the States.
The January Effect and a Strong Start for Munis
In January, the fourth quarter moved into the rear view mirror. Market participants felt a collective sense of relief. Municipal bonds, however, were the beneficiary of the uncertainty as interest rates fell while investors sought safety. Absent too was any major legislation for market participants to consider.
Why Muni Floating-Rate Notes May Be Attractive Now
Even though interest rates have leveled off a bit in recent months, we continue to believe that municipal floating-rate notes are offering relatively attractive yields with some protection against volatile equity and fixed-income markets.
Trending Up: US SIF Report Finds $12 Trillion Invested in Sustainable Assets
Interest in environmental, social and governance (ESG) investing has reached a new threshold across U.S. money manager, institutional and retail spaces, according to the US SIF's biennial "Report on U.S. Sustainable, Responsible, and Impact Investing Trends" released last month.
The Grinch Comes to Loanland, but Expect a Short Visit
Just seven short weeks ago, the floating-rate loan market was standing tall with a 4.0% year-to-date return through October. Not only were loans on pace for the 5%+ calendar year mark that many anticipated, they had performed with remarkably low volatility and a performance profile that trumped all major asset classes.
The Yield Curve Is Flattening ... Just like It Does Every Fed Hiking Cycle
The media and some market participants can get pretty worked up over the flattening Treasury curve. But the question is: Is it warranted?
Weathering the Storm: Staying Ahead of Climate Risk in the Muni Market
As cities and states deal with increased risk of damage from extreme weather conditions, the financial impact of climate change is becoming more acute. That's why it's important for investors to understand the potential impact of global warming on the municipal bond market, both now and in the future.
California Wildfires Rage, Muni Impacts Limited
California is currently battling two devastating wildfires in California. The Camp Fire, located in Butte County (north of Sacramento) has so far burned 135,000 acres, destroyed 7,600 residences and caused 71 fatalities, making it the deadliest wildfire in California's history.
Opinions Abound on Floating-Rate Loan Credit Health
We've managed client assets in floating-rate corporate loan strategies since 1989. Our longest-running fund will surpass its 30-year mark in 2019. Along the way, we've developed deep expertise in this asset class. Today we manage more than $45 billion in floating-rate corporate loan assets, for clients all around the globe and in every discernible delivery format.
How Tax Reform Is Impacting Advisors' 2019 Strategy
The sweeping tax overhaul signed by President Donald Trump this year has many positive aspects for investors, while also creating both opportunities and challenges for financial advisors who use tax-efficient strategies.
Will Volatility Derail the Fed's Rate-Hike Plans?
The recent volatility has been at least partly driven by markets reacting to higher interest rates and a Federal Reserve that appears committed to further tightening. We expect more turbulence as investors realize the Fed and even other central banks are determined to pull back accommodative monetary policies that have supported markets since the financial crisis.
Loan and Behold: Floating-Rate Loans for Rising Rates
Bond prices fall as interest rates rise, and this year has proven to be a downright case study. Why? The Federal Reserve has remained on its unwavering course to normalize interest rates from their still-low levels.
Title: How Muni Ladders May Reduce the Sting of Rising Rates
It might feel like a different landscape for investors in municipal bonds after the big moves in yields and prices this past month. Thankfully, they are historically rare. But like the "taper tantrum" of 2013, they can be unnerving when they do happen.
Em Volatility Highlights Need for Different Thinking
To refresh, the new playbook refers to strategies that we believe can prosper in the environment we expect of higher inflation and interest rates, dollar weakness and increased volatility.