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UBS On-Air: Market Moves
Talking Markets ‘Muni edition’ with Jon Mondillo (abrdn) & Kathleen McNamara (UBS CIO)
Apr 14, 2024
Jon Mondillo from abrdn and Kathleen McNamara from UBS CIO discuss muni bond duration, sector preferences, and 2024 election implications. They explore high yield opportunities, rate management complexities, and potential threats to tax exemptions in the municipal bond market.
17:43
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Quick takeaways
- High-yield munis outperform investment-grade munis with strong fundamentals and attractive yields near 9%.
- Caution advised on duration in municipal bond portfolios amidst potential rate cuts, favoring a barbell approach for volatility ahead.
Deep dives
State of the Municipal Bond Market
Looking at the municipal bond market performance, high-yield munis are outperforming investment-grade munis with attractive yields close to 9%. The strong fundamentals of high-yield munis are supported by a resilient economy and favorable technicals. Despite yields decreasing, high-yield munis remain appealing compared to investment-grade and corporate counterparts.
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