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Municipal bonds are back to offer compelling risk-adjusted opportunities, but future decisions from Washington can either act as a tailwind or headwind. Municipal bond funds saw net inflows during 2024, first annual inflow since 2021—which was a record year. 2024 was a record year in municipal bond issuance. With attractive yields, the market may start to pay more attention to tax-equivalent yield advantages offered through municipal debt.
Specific to the muni market, perhaps the biggest surprise this year has been new issue supply that is running well ahead of expectations, up roughly 40% from last year. We think this increased summer issuance is likely the result of deals getting pulled forward, as issuers may be cautious about coming to market later in the fall ahead of what is likely to be an uncertain U.S. political climate. While municipal credit quality has already peaked, it is entering this period of moderating economic growth from a position of strength.
ICSH: A Good Place To Park Cash While You Wait For The Market Correction
The issuer is splitting its ETFs between the iShares and BlackRock brand names.
This is a weekly series focused on analyzing the previous week’s economic data releases. The objective is to concentrate on leading indicators of economic activ
MML Investors Services LLC trimmed its stake in iShares Short Maturity Municipal Bond ETF (BATS:MEAR) by 56.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,303 shares of the company’s stock after selling 8,018 shares during the quarter. MML Investors Services LLC’s holdings in […]