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  Municipal Quarterly Update – 3rd Quarter 2015
Posted Under: Municipal
3rd Quarter 2015 Municipal Market Performance and Highlights
  • The Barclays Municipal Bond Index returned 1.65% for the three months ended September 30, 2015, bringing the year-to-date total return for the
  • index to 1.77%.
  • Municipal bond yields followed U.S. Treasuries lower, as global economic weakness, volatile equity markets, and the Federal Reserve's ("Fed")
  • September decision to postpone tightening drove a flight-to-quality rates rally. The 10- and 30-year U.S. Treasury rates fell 29 basis points (bps) and
  • 24 bps, respectively, to 2.06% and 2.87%.
  • New issue supply was lighter due to seasonal softness and declining refinancing volume as yields remained elevated into August versus those at the
  • start of the year. For the first nine months of the year, municipal bond issuance totaled $312.5 billion to outpace 2014 issuance during the same period
  • by 34.6%, well below the 44.9% year-over-year pace set during the first half of 2015. (Source: Barclays, SIFMA)
  • Net mutual fund flows remained modestly negative for a fifth consecutive month compressing total net inflows year-to-date through September 23,
  • 2015 to $4.5 billion from $6.8 billion at the end of June 2015. (Source: Barclays, Investment Company Institute)
  • Credit fundamentals remained healthy as first time defaults continued to trend lower and state and local government tax revenues surged higher.
Click here for the full report.
Posted on Friday, November 6, 2015 @ 8:01 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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