Municipal Fixed Income Commentary 2Q2009
During the last quarter, the municipal market provided positive returns across the curve as investor inflows reached a record $31.6 billion by the end of the first half of 2009. To put that into perspective, the greatest inflow of investor funds over any 26-week period since 1992 was $22.6 billion during 2008. According to The Bond Buyer, in the six weeks leading up to June 10th, muni funds reported more inflows than they did from 1994 through 2004 combined. Municipal new issuance fell by 25.6% compared to the second quarter last year which was $108.6 billion. Lower rated Baa & A credits outperformed higher quality sectors.
- DATE: June 30, 2009
- TYPE: PDF
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