Taxable municipal bonds: Finding new growth

With holdings of US taxable municipal bonds by non-US investors doubling since 2009, according to Federal Reserve data, the municipal debt market in the United States has indeed become global since the end of the financial crisis.

In this paper, Taxable municipal bonds: Finding new growth after the financial crisis, Greg Gizzi, a senior portfolio manager of municipal bonds, examines traits of this part of the debt market, post-financial crisis programs that set the stage for increased offshore interest, and various catalysts that may spark continued growth.

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The views expressed represent the Manager's assessment of the market environment as of May 2017, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice and may not reflect the Manager's views.


Investing involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. Fixed income securities and bond funds may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Funds may be prepaid prior to maturity, potentially forcing the Funds to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities.

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