“De Minimis” Part 2: Tax Warning Becomes Reality
July 18, 2022 — Since 2017, there has been a dramatic shift in the coupon structure of municipal bonds. Traditional 5% coupon bond issuance declined from about 55% of total issuance in 2017 to about 30% in 2021. Conversely, sub-3% coupon bond issuance increased to over 25% in 2021 from around 10% in 2017. Multiple market forces contributed to this dynamic; however, little, if anything, was done to alert municipal investors to the potential tax risk associated with these structures.
Featured Insights
Municipal Fixed Income
Recessions Can Sting, But Munis Are Generally Slow To Feel Pain
July 8, 2022 -- As the Federal Reserve continues to combat runaway inflation with interest rate hikes, many economic indicators are flashing red, suggesting . . .
Podcasts
Fixed Income Playbook for the Second Half
In this podcast, Sage’s Michael Walton and Thomas Urano discuss the dynamics that have played out in markets over the last six months and Sage’s. . . .
Fixed Income
Fixed Income Perspectives — July 2022
July 8, 2022 -- In this piece, Sage answers the 4 big questions (outlook for macroeconomic growth, Fed policy, valuations, and investor sentiment) and illustrates . . .