12/19/2018 | Insight | Will supply-demand continue to be a key factor for taxable municipals in 2019? | Greg Gizzi | Fixed Income | Taxable municipals, munis, spreads, IG corporate bonds, technical factor, credit, rising rate environment, fundamentals, supply, demand, yield, infrastructure, deficit, advance refunding, tax reform, hedging cost | | A strong technical factor helped the taxable municipal market in 2018. Senior Portfolio Manager Greg Gizzi looks at the potential effect of supply and demand on this market going into 2019. |
07/13/2018 | Insight | US taxable municipal bonds: Still an opportunity | Greg Gizzi | Fixed Income | taxable municipal bonds, US municipal bonds, investment grade credit | | Foreign ownership of municipal holdings has declined recently with increased hedging costs, particularly for European investors, the key driver. Despite this slight reversal, the asset class has delivered attractive relative returns versus US corporate bonds due to favorable technical factors of reduced supply caused by the tax-reform bill. |
01/26/2018 | Insight | The impact of tax reform on the US municipal market | Greg Gizzi | Fixed Income | Tax reform, municipals, munis, corporate tax rate, advance refunding, private activity bonds, tax bracket, SALT, state and local tax, AMT, mortgage deduction, tax exempt | Small Mid-Cap Value Equity | The final tax bill that was signed into law in December 2017 had several elements that could affect the municipal bond market. In this commentary paper, Senior Portfolio Manager Greg Gizzi breaks down the various provisions of tax reform and what it can mean to municipal investors. |
05/19/2017 | | Taxable municipal bonds: Finding new growth | Greg Gizzi | Fixed Income | Taxable munis, municipal bond, financial crisis, debt market, Build America Bonds, corporate credit, non US investor, fixed income | | US municipal debt has become global, as non-US investors have increasingly turned to the taxable municipal bond market as a popular strategy since the global financial crisis, continuing their search for yield among relative risk components. |
11/16/2015 | Insight | Municipal bonds and rising interest rates: A historical perspective | Greg Gizzi | Fixed Income | interest rate, interest rate hike, are interest rates going up, rising interest rates, Fed policy, monetary policy, interest rates, rising rates, municipal bonds, credit spreads, yield curve, high yield municipal bonds, intermediate term municipal bonds, normalizing interest rates, investment grade municipal bonds, yield curve, municipal bond investing, investing in municipal bonds | | As the likelihood of tighter monetary policy increases, Senior Portfolio Manager Greg Gizzi discusses several likely implications for municipal bond allocations. He examines the 2004-2006 period of rate hikes as a basis for his explanation of municipal bond behavior during periods of rising rates. |
11/11/2015 | Insight | Despite periods of cooling in 2015, municipals generally see support | Greg Gizzi | Fixed Income | municipal bonds, tax-free yields, municipal yields, municipal finance, municipal bond outlook, fixed income outlook, tax-free bonds, tax-free debt, infrastructure, pension obligations, investing in municipal bonds, municipal bond funds | | With year-end approaching, portfolio manager Greg Gizzi walks users through a review of municipal bond markets that look healthy and poised for a solid 2016, despite some interesting forces in play. |
08/17/2015 | Insight | Municipal markets at midyear: A focus on the Fed, rating agencies | Greg Gizzi | Fixed Income | market outlook 2015, bond market outlook, municipal market, municipal bond market, muni market, muni bonds, muni market outlook, muni market review, rating agencies, rising rates, Fed | | The municipal market has experienced a flood of new supply in the first half of this year as issuers look to refund debt early. Greg Gizzi notes that the technical environment, along with a new focus on rating agencies, has dominated the muni markets year-to-date and offers an outlook for the remainder of 2015. |
06/09/2015 | Insight | Despite California drought, returns on water bonds shouldn’t dry up | Greg Gizzi | Fixed Income | Water bonds, California drought, municipal bonds, water revenue bonds, municipal investing | | The drought in California has had a serious effect on the state’s available water supply and has led to sizeable conservation efforts. From an investment perspective, however, Greg Gizzi notes that the reality for bondholders is not necessarily as dire. |
11/06/2014 | Insight | Uncovering value in today’s muni bond market | Greg Gizzi | Fixed Income | municipal bonds, muni bond market opportunities, muni outlook | | As a team that focuses on bond-by-bond credit selection, the Delaware Investments municipal bond group emphasizes the lower portion of the investment grade spectrum. Portfolio manager Greg Gizzi talks about finding value within that part of the credit curve. [Runtime: 2:46] |
05/30/2014 | Insight | Municipal bonds may be more attractive given today’s tax code | Greg Gizzi | Fixed Income | tax-free investing, municipal bonds, municipal bonds and taxes, taxable equivalent yield | | Greg Gizzi looks at how changes to the tax code in recent years have made the investment landscape even more attractive for municipal bond investors. |
05/12/2014 | Insight | Municipal bond market update: A pleasant surprise for municipal investors in 2014? | Greg Gizzi | Fixed Income | municipal bonds, municipal market, municipal investors, muni bonds, tax-free investing, municipal returns | | If you agreed with the overwhelmingly lukewarm consensus outlook for the municipal bond market in 2014, you would be pleasantly mistaken after the first quarter. The consensus view called for... |