Muni High Yield: Technically Driven, Fundamentally Sound?

by Refinitiv | White Paper

Download our latest whitepaper to discover what is driving the municipal markets.

Strong technical factors driving the municipal market in the past are now being upended.

Over the last decade, portfolio managers increasingly turned toward high yield bonds in search for alpha. Going down the credit spectrum in search for yield proved to be a winning strategy. As a result, credit spreads declined to near all-time lows at the start of 2020. However, recent market concerns over the impact of the coronavirus have pushed treasury yields to all-time lows. With the rising risk of a global recession, investors are now fleeing risky assets.

Access the full report to find out:

What’s driving the municipal market?
How have municipal credit fundamentals performed?
What happens in the next downturn?

About Refinitiv

Serving more than 40,000 institutions in approximately 190 countries, Refinitiv provides information, insights and technology that drive innovation and performance in global financial markets. Our heritage of integrity enables our customers to make critical decisions with confidence while our best-in-class data and cutting-edge technologies enable greater opportunity.
We enable the financial community to trade smarter and faster, overcome regulatory challenges, and scale intelligently. Data is just the beginning.

Refinitiv Values

Bold
By combining over 160 years of Reuters heritage with the latest technology and industry innovation, we’re blending our history with the future to create opportunity from change.

Focused
High-performance products are powered by high-performance people. We’re building a culture that values pushing boundaries together and taking ownership and action.

Open
The greatest driver of innovation is freedom of access – to the best data, smart tools and human expertise. That’s why we invest in our community-driven open platform – to break down barriers and create choice.

Refinitiv Labs
Refinitiv™ Labs collaborate with customers around the world to solve big problems and rapidly prototype and validate solutions using data science and lean techniques.

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