Recent Commentary
MMA Muni Outlook > May 2009
Market Summary
Municipals Facing Challenges From Other Assets
The municipal bond market experienced a stiff challenge to sustain the exuberant momentum generated from the Build America Bond (BAB) induced rally in April. Municipal yields were largely unchanged so that positive total returns were generated from the coupon income. Issuance was $27 billion for May and the 12-month total declined to $456 billion. However, individual investors remained interested in the sector as the net inflow into municipal bond funds was more than $2 billion and ETF's experienced a 6.6% increase in assets... (For continuation of Outlook, click link below.)