While Muni was able to recover without paying the ransomware, estimates are that Muni lost $560,000 per day due to lost ticket sales.
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The iShares National Muni Bond (MUB) and SPDR Nuveen Bloomberg Barclays Muni Bond (TFI) ETFs are two municipal bond funds that pay yields north of 2%, for example.
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Muni debt issuers fear the exclusion would deter banks from buying muni debt, hurting their ability to fund everything from schools and bridges to water treatment plants and hospitals.
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The sharp muni bond price drop comes as states, cities, schools and other issuers in the muni market are slated to sell an estimated $11.6 billion of debt this week.
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Lipper reported net outflows from muni bond funds of an astounding $12.2 billion in the week ended March 18, the largest weekly muni flows in data going back to 1992.
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In recent days, the Fed addressed a liquidity crunch in the short end of the muni market by including short-term and variable-rate muni debt in its unprecedented credit support package.
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The tax law also cut back on the supply of muni bonds by eliminating a category known as "advanced refunding issues," which accounted for around one-fifth of muni bond issues annually.
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TC: You think the muni bond market is broken. Why?
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Apparently, the Muni hack was a bit out of character.
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The muni market has demanded fat yields for CPS debt.
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It could also result in a shift in muni valuation.
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Public Transportation Take Bart or MUNI to Powell Street Station.
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What's more, muni investors are largely following a conservative strategy.
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The muni bond market initially reacted negatively to these possibilities.
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Lower tax rates could also affect demand for muni bonds.
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I do, I take a lot of buses and Muni.
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And when muni broadband networks fail, they often fail spectacularly.
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And finally, President Trump has promised to increase infrastructure spending by possibly $25 trillion — which, if it happens, could flood the muni market with additional supply, weighing on the price of existing muni securities.
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Saw attendant at MUNI but guy was gone by then. Sigh.
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I head home on the BART/Muni using my prepaid card.
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Muni funds took in $1.1 billion in the week through Sept.
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Update, November 29th: Muni representative Paul Rose released the following statement:
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"] 26A: NONCOMMUNICABLE = NONCOM MUNI CABLE ["Sarge's 'Sell my city bonds!' telegram?
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Another type of muni, a general revenue issue, is an alternative.
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It's easily accessible from BART and Muni, and runs through Sunday.
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So far, muni bonds virtually have tracked the move in Treasurys.
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The new tax law has been a boon for muni bonds.
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With most bonds in the muni market priced with 4 or 5 percent coupons, a 6 percent coupon indicates "that it is a distressed credit," said Daniel Berger, a muni analyst at Municipal Market Data (MMD).
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In fact, muni bond default rates have been as low as below .
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Banks predicted late last year that 258.5's muni performance will underwhelm.
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All Your Computer's/Server's in MUNI-RAILWAY Domain Encrypted By AES 2048Bit!
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A recent Muni attack in San Francisco was a wake-up call.
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To the muni market, both individual and corporate tax reform are important.
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In the muni market, demand for bonds has remained strong this year.
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How MUNI and SFO employees were asked to "volunteer" during work hours.
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Underfunded state and local pensions are a festering issue for muni bonds.
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Muni issuers, meanwhile, sold $44.7 billion of short-term debt last year.
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U.S. HIGH-YIELD MUNI FUNDS REPORT WEEKLY INFLOWS OF $481 MILLION - LIPPER
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The nearest Safeway supermarket and Muni rail station are two blocks away.
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U.S. HIGH-YIELD MUNI FUNDS REPORT WEEKLY INFLOWS OF $470.6 MILLION - LIPPER
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Miami's repeat offense was a "rare situation" among muni cases, Bondi said.
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What do all these countervailing forces mean for the muni market outlook?
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This resulted in some $20 billion of outflows from actively managed muni portfolios.
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Hession's firm sub-advises separately managed accounts of muni bonds for wealthy clients.
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It accounted for about 15 percent of muni bond issuance in the market.
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The reason: interest income paid on muni bonds is exempt from federal tax.
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Shinto's job pays for her MUNI pass and BART tickets within the city.
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MUNI first became aware of the intrusion on Friday, according to the Examiner.
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Meanwhile, muni issuers are facing higher borrowing costs than just six months ago.
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Currently, Muni is working DHS and the FBI to investigate the incident further.
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The Muni gave free rides on Saturday as a result of the attack.
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Investors have put money into muni funds for the last five weeks straight.
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In the program with corporate shuttles, companies pay to use Muni bus zones.
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The Muni stop was historically used by those heading to the nearby UCSF.
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In their place are Muni buses, with "Cable Car" running across the marquees.
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It took me half an hour to walk to the old Muni station.
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Muni Rapid routes will also be discontinued, except for the 14R Mission line.
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But right now, the vast muni universe is focused on one city, Washington.
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For these people, tax-free investment income (like muni bonds) becomes quite valuable.
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The average muni bond fund has a duration of 5 years and a yield of 2.74 percent whereas iShares National Muni Bond ETF, the largest municipal bond exchange-traded fund, has a duration of 4.75 years and a 2.25 percent yield.
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The increases on the very short end of the curve led shorter maturity muni rates to underperform and, remarkably, the very front end of the curve in municipals inverted, with one-year maturity muni averages lower than the SIFMA Index.
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As a result, state-specific muni funds would get a boost under the bill.
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Also, we saw money leave muni bond funds - about $935 million - a safe haven.
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Foreign buyers now hold more muni bonds than ever, U.S. Federal Reserve data shows.
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But increasingly, some portfolio managers and analysts are raising concerns about high-yield muni.
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The space should be navigated with "extreme caution," said Citigroup muni strategist Jack Muller.
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The Muni hacker's intentions are not yet known, though they reportedly asked for bitcoin.
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Foreign buyers now hold more muni bonds than ever, U.S. Federal Reserve data show.
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Moody's surveyed 15 muni green bond transactions from 14 entities in 2013 and 2014.
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So you will see some distress in muni land more than we saw previously.
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Today, Sierra's municipal bond exposure is entirely in high-yield muni funds, she said.
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As a result, fixed-income experts are expecting a major drop in muni issuance.
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In addition, high-yield muni debt funds posted inflows of $317 million, Lipper said.
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Currently, the Fidelity fund holds less than 10 percent of its assets in California and New York bonds, compared with around 30 percent for two E.T.F.s, iShares National Muni Bond and Vanguard Tax-Exempt Bond, that mirror the broad muni bond market.
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Earlier data showed muni funds took in $63 billion in the 11 months through August.
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Though the commonwealth is poised to continue to default, the broader muni market remains unshaken.
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According to the San Francisco Examiner, the MUNI system had been attacked on Friday afternoon.
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According to the San Francisco Examiner, the MUNI system had been attacked on Friday afternoon.
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On the Muni car, you could see them: rainbow flags and the flamboyant, bright style.
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As I came up from the Muni station, I saw a huge mass of people.
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"We are currently working to resolve the situation," Muni spokesperson Paul Rose told the paper.
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Yields on top-rated muni bonds have risen sharply in the wake of the Nov.
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Muni funds took in the most money of any week this year, with $1.2 billion.
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A Dose of Muni Bonds Might Help Tax Season Is Even More Stressful Than Usual.
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Starting March 2020, all Muni Metro and light rail routes will be replaced by buses.
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U.S. HIGH-YIELD MUNI FUNDS REPORT WEEKLY INFLOWS OF $592 MILLION IN LATEST WEEK - LIPPER
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Insurers have suffered bigger-than-expected losses on muni defaults, from Detroit to Puerto Rico.
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"And most states that passed bans on muni broadband were in Republican hands," Segal added.
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Yields in Chicago's deal were also much fatter than those of other muni bonds carrying the same low-investment grade ratings of BBB-minus from Fitch Ratings and BBB-plus from S&P, said Dan Solender, lead muni bond portfolio manager at Lord Abbett.
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That led to one of the worst Januaries for the muni market on record (-1.18 percent).
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Life insurance companies acquired $9.4 billion, while U.S. banks increased their muni holdings by $67.5 billion.
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The pass also gives you unlimited access to the Muni bus system, light rail and streetcars.
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As part of the program, Chariot cannot make stops in crosswalks, traffic lanes and Muni stops.
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Meanwhile, issuance in the muni market is down considerably due to volatile market conditions, MMD said.
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Ms. Muni, who earns the local minimum wage of $22 an hour, never turns down work.
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The buildings aren't tall enough; the Muni isn't fast enough; the Chinese food isn't Chinese enough.
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|
The iShares National Muni Bond ETF fell 20.65 percent from the presidential election until Dec. 21.
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|
Occupying the top spot is Belle Haven Investments' Brian Steeves, manager of the Transamerica Intermediate Muni fund.
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|
Households, or retail investors, held $1.591 trillion of muni bonds compared with $1.598 trillion the previous quarter.
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|
Life insurance companies added $7.6 billion to their muni holdings, while U.S. banks picked up $40 billion.
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|
Though demand is high, supply remains low, a technical aspect boosting the $3.7 trillion muni bond market.
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Grover provided this message he received from the hackers to Hoodline:if You are Responsible in MUNI-RAILWAY !
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She was found dead at the back of a San Francisco Muni bus, NBC Bay Area reported.
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|
High-yield muni bond funds had $293.8 million of inflows, up from $165.1 million the previous week.
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|
FRUGAL I bought a one-day pass ($230) for the Muni, the San Francisco Municipal Transportation Agency.
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Despite the appeal of munis, though, you need to be careful: The muni market can be tricky.
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Going forward, though, navigating the muni bond landscape will get a whole lot trickier, money managers say.
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|
His fellow broadcasters included Johnny Donovan, Charlie Greer, Dan Ingram, Ron Lundy, Bruce Morrow and Scott Muni.
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With the muni duration curve much steeper than the Treasury curve, he currently favors a barbell investing strategy.
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|
High-yield muni bond funds reported inflows of $71.7 million, down from $177.1 million in the previous week.
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|
Households, or retail investors, held $1.656 trillion of muni bonds, down slightly from $1.6756 trillion the previous quarter.
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High-yield muni bond funds reported inflows of $273 million, up from $229.6 million in the previous week.
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The acceleration of outflows from tax-exempt money funds hit short-term muni financing rates in recent months.
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|
Muni bonds have outperformed other fixed income securities and retained value for domestic investors seeking a tax-exemption.
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|
High-yield muni bond funds reported inflows of $39.2 million, down from $75 million in the previous week.
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High-yield muni bond funds reported inflows of $399.1 million, up from $307.6 million in the previous week.
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"We have never considered paying the ransom," Muni spokesman Paul Rose told the trade publication Bank Info Security.
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High-yield muni bond funds reported inflows of $222.9 million, up from $66 million in the previous week.
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ET: A couple days after the hacking attack, Muni spokesperson Paul Rose offered some clarification regarding the incident.
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The "feeding frenzy" for muni bonds is unabated, said Bank of America Merrill Lynch research strategist Philip Fischer.
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|
High-yield muni bond funds reported inflows of $287.4 million, up from $267.3 million in the previous week.
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Still, demand for muni bonds is high among investors, as cash saturates the market and supply remains low.
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|
The amount of privately placed muni debt fell by 15.4 percent to $21.3 billion, Thomson Reuters data showed.
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The muni mutual funds and exchange-traded funds (ETFs) attracted just $299 million in the week through Oct.
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This has resulted in a number of scooters being left on the sidewalks and even on MUNI trains.
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High-yield muni bond funds reported inflows of $65.3 million, down from $110.9 million in the previous week.
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High-yield muni bond funds reported inflows of $185.6 million, up from $148.1 million in the previous week.
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U.S. HIGH-YIELD MUNI FUNDS REPORT WEEKLY OUTFLOW OF $129 MILLION, THE FIRST LOSS IN NINE WEEKS - LIPPER
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High-yield muni bond funds reported inflows of $254 million, down from $287.4 million in the previous week.
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High-yield muni bond funds reported inflows of $268.1 million, down from $273 million in the previous week.
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|
Long-duration muni funds also had $375 million of inflows, but that is the lightest in five weeks.
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Muni bonds have outperformed other fixed income securities and retained value for domestic investors seeking a tax exemption.
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Other elements of the reform bill, however, could adversely impact longer-term demand for tax-exempt muni bonds.
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|
We spent almost an hour there, just sitting on the old Muni platform, watching the cars go by.
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The spreads on AA-rated California bonds with AAA muni bonds and U.S. Treasurys have fallen dramatically this year.
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"Muni issuers tightened their belts after 2008 and economic growth is now benefiting state and local governments," said Hession.
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|
But bulls in the muni market believe the meager supply next week combined with more appealing rates and Jan.
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|
Friday night, the message "You Hacked, ALL Data Encrypted" began appearing on Muni station computer screens across San Francisco.
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The decrease was due to a precipitous drop in muni bond refinancings, and new money issuance was up 8.7%.
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|
Cities and states sell muni bonds to finance construction of bridges, roads, schools and an array of other projects.
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|
The deal is the largest of the $4.3 billion of U.S. muni bond and note sales scheduled next week.
|
|
In response, Muni began offering free rides to customers on Saturday as the organization worked to resolve the situation.
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|
It should also decouple its discount rate from its rate of return, using something like the Muni 85033 Index.
|
|
Peter Block, a muni market strategist at Ramirez, said tax-free bonds were following a slump in U.S. Treasuries.
|
|
On Friday, the Fed allowed highly rated short-term muni debt to be used in the money market program.
|
|
The move came after muni bond dealers sought help and the industry self-regulator warned firms to bolster controls.
|
|
Despite the eleventh-hour rush to market, 3813 produced an overall drop in muni deals compared to last year.
|
|
Those flows, however, have recently hit a wall, with investors pulling a net $3 million from muni funds in September.
|
|
The law means banks can hold muni bonds as part of their liquidity requirements, potentially making those bonds more attractive.
|
|
Overall muni issuance fell 7.5 percent to $96.2 billion in the first quarter compared to the same quarter last year.
|
|
Muni was able to un-hack some of its systems by Sunday morning and was able to accept fares again.
|
|
We transfer to the Muni (the cable cars in SF) and get off near Haight/Ashbury to do some shopping.
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|
I was late, and trying to find a friend, who was somewhere between a Soul Cycle and the Muni station.
|
|
"This is similar to what happened in Puerto Rico, where it shut itself out of the muni market," said Comes.
|
|
High-yield muni bond funds reported inflows of $75 million, compared with outflows of $208.7 million in the previous week.
|
|
High-yield muni bond funds reported inflows of $249.6 million, compared with outflows of $236.4 million in the previous week.
|
|
The last week in April, long-term muni funds had $1.1 billion of inflows, their strongest showing since February 1997.
|
|
The SFMTA has published some cute little maps showing the city's upcoming street and Muni closures during Super Bowl 50.
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|
Actively managed high-yield muni funds actually invest mainly in high-grade issues, with a heavy seasoning of high-yield.
|
|
Hoping to save money one recent month, Ms. Muni bought a 30-day MetroCard instead of paying for single rides.
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|
Josh Esterov of CreditSights, a research firm, reckons the muni-insurance business is a tenth of its pre-crisis size.
|
|
That also could make corporate debt preferable to muni and could be another factor in driving up the latter's yields.
|
|
Taxable-government bond funds took in $793 million during the week, while investors added another $1 billion to muni funds.
|
|
But the rules excluded muni bonds from the types of securities that count as high quality liquid assets, or HQLAs.
|
|
Hession said that advance refunding had accounted for approximately 15 percent of muni bond issuance over the last 10 years.
|
|
A woman looks at the fencing of an outdoor urinal at a San Francisco MUNI streetcar stop across from Dolores Park.
|
|
That and the diminished ability of taxpayers to deduct local taxes would enhance the attractiveness of existing or new muni debt.
|
|
Overall, $7.66 billion of bonds and notes are expected to hit the muni market next week, according to Thomson Reuters estimates.
|
|
The extent to which hackers compromised Muni systems remains unclear, but the idea of paying off hackers demanding bitcoins isn't unprecedented.
|
|
Investors drained $9.5 billion from muni funds over the last four consecutive weeks, according to data from Thomson Reuters' Lipper service.
|
|
The muni market is $22017 trillion overall and until recently was the beneficiary of 2100 straight weeks of fund net inflows.
|
|
For 38 straight weeks, investors have poured money into muni bond funds with a net $30.4 billion added year-to-date.
|
|
Muni yields have risen in recent weeks as investors digest the possibility that the Federal Reserve may raise rates in December.
|
|
The official city charity — the dreaded "Muni" — imposed punitive "work tests" on its clientele and was regarded as a last resort.
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|
All Muni Metro subway stations will also be closed, except for the ones downtown which will remain open for BART customers.
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|
Ultimately, how much income tax rates eventually come down, if at all, will help determine the direction of muni bond prices.
|
|
But in early January, as some of the reaction to the Trump victory subsided, the firm moved back into muni bonds.
|
|
The National Federation of Municipal Analysts in August urged the SEC and Congress to improve muni market disclosure citing bank loans.
|
|
Banks and insurance companies, the top corporate buyers of municipal bonds, might also reduce their muni debt holdings in response to tax changes, said Henry Cisneros, chairman of the executive committee at Siebert Cisneros Shank & Co. The tax overhaul slashed the corporate income tax rate to 21 percent from 35 percent, potentially making muni investments less attractive to companies.
|
|
Bank of America Merrill Lynch was the top underwriter of muni debt so far this year, with 389 deals totaling $43.4 billion.
|
|
Apparently, the hacker who infiltrated San Francisco's Muni transportation system late last week fell victim to his own horrible personal cyber hygiene.
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|
MUNI riders were greeted with printed "Out of Service" and "Metro Free" signs on ticket machines on late on Friday and Saturday.
|
|
New York has 13,700 "Muni-Meters" which will continue to accept coins, credit cards and a city-issued parking card for payment.
|
|
Ransomware has affected the Muni since the weekend, forcing it to give customers free rides as the system deals with the attack.
|
|
In San Francisco, many of the buses run on overhead electrical wires, and the Muni train system needs power to run, too.
|
|
What (the Fed is) doing here is a huge step to address the fear dislocations in the corporate and muni bond markets.
|
|
Credit spreads continued to widen early Tuesday on a whole range of securities, including junk bonds, high grade credits and muni bonds.
|
|
Ms. Muni unpacks boxes from delivery trucks and arranges last season's pajamas and dress shirts on hangers, for display in the store.
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|
The pricing was "surprisingly soft," considering a strong rally in muni bonds on Thursday, said Greg Saulnier, a Municipal Market Data analyst.
|
|
Municipal bond funds reported $13.7 billion in outflows and high-yield muni funds shed $4.3 billion in the week, according to Lipper.
|
|
It was the old Castro Muni station, converted into an entrance for one of the Boring Tunnels that the self-drives use.
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At the moment, though, muni bond yields are low after more than six months of bond fund inflows worth more than $22 billion.
|
|
The SEC began ramping up its oversight of the muni bond market in 2014, when it launched the Municipalities Continuing Disclosure Cooperation initiative.
|
|
According to CBS San Francisco, which first covered the hack on Saturday, the message "You Hacked" has been sprawled across Muni station monitors.
|
|
Citigroup was the top underwriter of muni bonds during the first three months of 2017 with $14.25 billion of debt in 123 deals.
|
|
Money has flowed to high-yield muni funds for 33 straight weeks, with nearly $5 billion of inflows so far this year alone.
|
|
You know, investors we talk to say that the legislation somewhat undermines the muni markets and sets this precedent that contracts aren't enforceable.
|
|
Uncertainty over the tax plan had prompted a surge of muni record-breaking bond issuance totaling $58 billion for the month of December.
|
|
But there are plenty of other ways to get around in the City by the Bay – Lyft, Uber, MUNI and taxis among them.
|
|
But the private vehicles use public (MUNI) bus stops, and some citizens say they're disruptive, polluting, and are increasing already-exorbitant housing prices.
|
|
And the Treasury secretary, Steven Mnuchin, recently told the Senate Finance Committee that the Trump administration supported preserving the muni bond tax exemption.
|
|
Sierra sold all its muni holdings shortly after the presidential election last year, amid mounting pressures weighing on these investments, Ms. Spath said.
|
|
He was one of the station's "Swingin' 7" air personalities, a group that included Scott Muni and was known as the All Americans.
|
|
However, the changes on individual rates are far smaller than on the corporate side and individuals continue to look to muni bonds for income.
|
|
Muni bond issuance levels dropped to $214.5 billion in the first half of 2016, a 0.2 percent decline from the same period last year.
|
|
In April, commuter Shannon Gafford filmed dozens of drug users slumped over and others shooting up at the Civic Center BART and Muni stations.
|
|
Citigroup Inc was the top underwriter of muni bonds during the first three months of 2017 with $14.25 billion of debt in 123 deals.
|
|
Last month it put a $426 million general obligation bond sale on hold after muni prices dropped in the wake of the presidential election.
|
|
That credit spread is 135 basis points over other single-A muni bonds and 192 basis points over top-rated munis, MMD data showed.
|
|
Even the Puerto Rico muni index is down just 0.5 percent in 2016, though it has fallen 5 percent over the past 12 months.
|
|
Internet hackers crashed the computer system of San Francisco's Muni rail system this week, knocking ticket kiosks offline and giving riders a free ride.
|
|
The average national AA-rated muni pays a tax-free yield of 3.35 percent, according to FMS Bonds, a Florida-based municipal investment firm.
|
|
Reached by The Verge, MUNI confirmed the ransomware attack, but said that the attack had no impact on train service or customers' personal information.
|
|
Low muni yields allow state and local governments to borrow, for infrastructure, school construction and more, and refinance old debt at affordable interest rates.
|
|
The $3.8 trillion muni market has experienced big yield swings as the coronavirus has spread through the nation affecting businesses, governments and everyday life.
|
|
Around one-quarter of the nearly $700 billion in muni bond funds and E.T.F.s is invested in single-state portfolios, according to Morningstar Direct.
|
|
The result of all of these developments is that muni bond mutual and exchange-traded funds have enjoyed a surprisingly good run this year.
|
|
In the absence of such subsidies, the list of failed muni-broadband projects is long and always growing, invariably leaving taxpayers holding the bag.
|
|
"Taxable muni spreads on new issues have been attractive and demand has been very strong for those taxable issues if priced attractively," Heckman said.
|
|
Muni yields have been hitting new record lows on MMD's scale in recent days, driven by cash-heavy investors chasing low supply of debt.
|
|
That has its biggest impact in high-tax states like California, New York, New Jersey and Connecticut, where demand for muni bonds has risen.
|
|
The fall months are typically weak for muni bonds and although this year has generally bucked seasonal trends, it looks that way again this year.
|
|
Bank of America Merrill Lynch was the top underwriter of muni bonds during 143's first nine months with 408 deals, totaling nearly $50 billion.
|
|
Property and casualty insurance companies shed $8.4 billion of munis in the first quarter and life insurance companies added $6.9 billion to their muni holdings.
|
|
Over the weekend, riders of San Francisco's municipal transit system (Muni) were allowed to travel for free because hackers had infected subway computers with ransomware.
|
|
Amenities include a secure parking garage (one spot is allotted to this unit), an on-site gym and shuttles to BART, Muni and CalTrain stops.
|
|
About 45 percent of all muni trades during that time period were dealer sales to customers, with dealer purchases from customers accounting for 22 percent.
|
|
Reached by email, the hacker confirmed he was seeking a deal with MUNI to undo the damage: we don't attention to interview and propagate news !
|
|
The San Francisco Municipal Transportation Agency, better known as the Muni, says it will not pay hackers to restore its systems after a ransomware attack.
|
|
Illinois GO bonds due in 10 years now yield an all-time high of 258 basis points more than the muni market's triple-A benchmark.
|
|
The San Francisco Municipal Transportation Agency, better known as the Muni, said it will not pay hackers to restore its systems after a ransomware attack.
|
|
An estimated $22.88 billion was expected to be sold, more than three times the average weekly muni issuance between 1990 and the end of November.
|
|
The year-end supply surge along with the loss of advance refunding bonds were seen by some analysts as depressing muni debt sales in 2018.
|
|
Muni funds buy debt issued by cities and states, which pay interest exempted from U.S. federal income taxes, making them particularly appealing to wealthy investors.
|
|
Except the challenges its rollout face are so legion that I am deeply unconvinced muni broadband is the solution to the repeal of net neutrality.
|
|
But there's a way to draft it that will still raise revenue, but not implode the muni market or the research and development tax credit.
|
|
But with myriad creditor classes competing for priority, compromise over Puerto Rico - once a rising star of U.S. high-yield muni funds - could be tough.
|
|
There's so many dislocations with corporate bonds and muni bonds, and that impacts a lot of companies and state governments, county governments and municipal governments.
|
|
Lipper also revealed a municipal bond funds outflow of $12.4 billion in the latest week, while high-yield muni funds saw $5.3 billion of withdrawals.
|
|
Then there was the president's pledge to lower income tax rates, coupled with concerns that he might eliminate the tax-exempt status of muni income.
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Most weeks, Ms. Muni is scheduled to work either 231 or 23 hours, but she is often asked to come in on her days off.
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What has a much higher probability of affecting muni bonds this year is rising interest rates, though even here, the damage may not be great.
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Lipper had reported small net outflows on Thursday, which would have been the first time investors pulled money from muni bond funds in 40 weeks.
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The N Judah Muni Metro light rail line has stops at Carl Street and Cole Street, as well as at Carl Street and Stanyan Street.
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"The need for income hasn't changed for retail investors and retirees," said Hayes at BlackRock, which currently manages $129 billion in its muni bond funds.
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Recent fund investments suggest that many people completing their 22016 tax returns in high-tax states have been seeking tax-free solace from muni bonds.
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A spokesperson for Muni called the video "very disturbing" and told the San Francisco Chronicle that the transit authority is working with the police to investigate.
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With muni issuance low and banks trimming municipal holdings, Trump on Thursday signed legislation that reclassifies investment-grade municipal bonds as high-quality liquid assets (HQLA).
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Investors are also worried that supply will dry up in January, a big month for reinvestment cash from muni coupon payments and bond redemptions, he added.
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While the Muni hacker evidently kept good security practices by switching bitcoin wallets frequently, that same vigilance failed to extend to his own basic inbox security.
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"Because this is an ongoing investigation it would not be appropriate to provide additional details at this point," a Muni spokesperson told the station.[KPIX-TV]
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The 161-basis-point spread over MMD's scale is down from Illinois' 170-basis-point spread in the secondary muni market heading into the bond sale.
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There were nearly 39,000 muni bond trades daily on average from 2006 to 2017, with an average total trading value of about $14 billion a day.
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Historically low and negative sovereign interest rates have driven overseas investors to relatively higher yielding muni debt, even if they cannot benefit from tax-exempt status.
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In September, Morphus Labs linked a hacker by the same name to a ransomware strain called Mamba, which employs tactics similar to those demonstrated against MUNI.
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"This city is dead," says a prototypical white yuppie as she rides a Muni bus in the new film The Last Black Man in San Francisco.
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Lima's ministry said the well was drilled at a depth of 4,400 metres and was located in the Santonian reservoir offshore in the Rio Muni basin.
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"I don't see the muni market as being in any kind of crisis here," said Philip Fischer, municipal research strategist at Bank of America Merrill Lynch.
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Lima's ministry said the well was drilled at a depth of 4,400 metres and was located in the Santonian reservoir offshore in the Rio Muni basin.
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"There is a lot of interest in muni high yield, and there's not much out there," said Alan Schankel, municipal strategist at Janney Fixed Income Strategy.
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The Detroit area's Great Lakes Water Authority will debut in the muni market with a two-part $1.315 billion revenue bond sale through Citigroup on Thursday.
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Bank of America Merrill Lynch was the top muni underwriter with 15.43 deals totaling nearly $66 billion, followed by Citigroup with 529 deals totaling $49 billion.
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Terms and conditions, as well as disclosure practices, vary widely in the emerging green bond muni market, Moody's Investors Service said in a report last week.
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It is a concern that seems to be shared by many managers; according to Morningstar Direct, the average muni fund allocates 15 percent to those bonds.
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"Everybody is bunched up at the short end of the curve," he said, referring to muni debt with a maturity of no more than five years.
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In fact, it has compressed the so-called yield spread — the gap between what short-term muni bonds are paying and what similarly dated Treasuries yield.
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"We're still seeing fallout from the Tax Cuts & Jobs Act in our muni request volumes," Gerard Faulkner, director of operations for CUSIP, said in a statement.
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"It will be interesting to see if investors move their newly acquired short muni fund investments out the curve over the next few weeks," Mauro said.
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When it comes to the Tax Cuts and Jobs Act passed by Congress last year, the effect on the muni bond market is even less certain.
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Taking top spot on this list, which was vetted from 25,212 eligible portfolio managers, are Matthew Dalton and Brian Steeves, managers of the Transamerica Intermediate Muni fund.
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The complex is adjacent to the former site of the Candlestick Park baseball and football stadium, and BART and Muni stops are in the nearby Bayview neighborhood.
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I trek three blocks uphill to the Muni stop and wait for the shuttle to arrive, as the rail service is down for the next two months.
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Bank of America Merrill Lynch projected full 210 total muni returns will be 22.95 percent, while Morgan Stanley estimated 1.25 percent and Barclays a negative 1.00 percent.
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According to security reporter Brian Krebs, a separate individual infiltrated the Muni hacker's own email using nothing more than the ransom note provided by the hacker himself.
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What's happening: Thought of as a slow and sleepy asset class preferred by retirees and risk-intolerant savers, muni bonds saw record inflows during the first quarter.
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The flows were spurred by the Tax Cut and Jobs Act, a reduction in muni issuance and the Fed's U-turn on interest rate policy, analysts say.
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Obviously, our Chariot's are idle at midnight and it probably doesn't make sense for MUNI to run these huge busses to carry 10 people at a time.
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Security reporter Brian Krebs wrote in his wrap up of the Muni hack that a researcher contacted him after hacking the email account provided by the attackers.
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" The hacking incident was confirmed by a Muni worker who spoke to the paper, however, the man declined to give his name for fear of "workplace retaliation.
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Philip Fischer, municipal research strategist at BAML, said he suspects muni mutual funds may be in liquidation mode as the market braces for future interest rate hikes.
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" This spring, the Center for Open Recovery ran posters on San Francisco Muni buses, featuring vibrant people of all races, accompanied by the tagline "This Is Recovery.
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Meanwhile, San Francisco's bus and metro system, known as Muni, reported "steady" numbers earlier in March, though declines in ridership are anticipated as infection rates ramp up.
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The underground Muni Metro subway stations will be closed except for the ones downtown that riders also use for BART, another transit system in the Bay Area.
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"If we are going to Oakland or Berkeley, we would take the BART (Bay Area Rapid Transit)," she said, or there's the Muni (San Francisco Municipal Railway).
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"I personally wear a P100 mask on all my Ubers, CalTrains, and on MUNI," Andre Watson, CEO of SF-based gene therapy technology startup Ligandal, told Recode.
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Moreover, some strategists say high-tax states like New Jersey and Illinois, which are grappling with underfunded pension and benefit obligations, are unattractive sources of muni bonds.
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San Francisco beats LA when it comes to public transit with various modes at peoples' disposal, including the high-speed BART, Muni, street cars and the Caltrain.
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Most of the time, the fastest way to get anywhere in San Francisco is not Uber or Lyft or the ever-delayed Muni system, but on a bicycle.
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The 30-year yield on top-rated muni bonds hit another record low on Friday, closing at 1.99 percent, according to Municipal Market Data, a Thomson Reuters unit.
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Muni issuance totaled $40.3 billion in November, the biggest supply for that month since $45 billion of bonds were sold in November 2010, according to Thomson Reuters data.
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I get on the bus and don't pay (pray for no Muni police) because my commuter benefits got messed up due to having three pay periods last month.
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The Lava Mae is a retrofitted MUNI bus that travels around the city to give private restrooms and hot showers to people who don't have access to them.
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Muni bond issuance is up 6.8 percent to $318.6 billion so far this year as of Thursday over the same period last year, according to Thomson Reuters data.
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Ablin pointed to the performance of munis in the iShares National Muni Bond ETF versus, which have held their own this year against the taxable bonds in ETF.
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That comes as the $3.8 trillion muni market is poised for significant shifts, with corporate demand seen slowing and the new tax rules limiting some types of supply.
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The House Thursday voted to eliminate tax used by universities, hospitals and lower income housing, as well as advanced refundings, which is about one-quarter of muni issuance.
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Investors have poured money into muni bond funds for 32 weeks straight, with $22.1 billion of inflows this year, according to data from Lipper, a Thomson Reuters unit.
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"I think that it's a realization on the part of a lot of people that the damage is a lot worse than anticipated," said one muni trading executive.
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The neighborhood was also home to the Temporary Transbay Transit Center, which recently moved into the Salesforce Transit Center and serves Amtrak, AC Transit and Muni, among others.
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The other personalities at WABC included Bruce Morrow, known as Cousin Brucie, Ron Lundy, Chuck Leonard, Harry Harrison, Scott Muni and Herb Oscar Anderson (who died last year).
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"I think you can look at things like muni[cipal] bonds, some securitized mortgage-backed securities where you can get a better return per unit risk," he suggested.
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Dalton and Steeves are not the only municipal bond managers to make the grade, with Nuveen Investment's California muni specialist Scott Romans coming in at sixth on the list.
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Standing shoulder to shoulder with passengers inside a crowded San Francisco MUNI train, I comfortably held the Oasis for the duration of 30-minute commute without tiring my arms.
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In the first month after the election, muni yields rose more than 80 basis points, John Mousseau, executive vice president at Cumberland Advisors, said in a note on Friday.
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Muni bond supply totaling $63.8 billion so far in 2019 is 12 percent below the average year-to-date volume in the previous five years, according to Refinitiv data.
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According to data from investment management firm PIMCO, about 58 percent of the outstanding tax-exempt municipal debt in the Barclays Muni IG Index is issued for infrastructure purposes.
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With LOVE and Dilworth now renovated and gone, Muni is the only original Kling plaza left, but I'm sure it's next on the list for the city to bulldoze.
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The total tax-exempt muni supply is estimated at just above $9 billion, compared with a year-to-date weekly average of $6.5 billion, according to Thomson Reuters data.
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Altogether, issuers plan to offer an estimated $9.4 billion of U.S. municipal bond and note sales next week as investors have maintained a steady interest in the muni market.
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Among Sierra's top muni holdings is Nuveen High Yield Municipal Bond fund, with an average credit quality of BB, which is at the upper end of noninvestment grade bonds.
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Ms. Muni moved to New York eight years ago and recently joined the Retail Action Project, a worker group and job training program affiliated with the retail employees union.
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In addition, any related actions - such as defaults or loan term modifications that would indicate financial difficulties on the part of the muni issuer - would be subject to disclosure.
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While turmoil in the stock market has recently led investors to safety in the form of Treasurys and muni bonds, the outlook for the tax-exempt market remains murky.
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I'm open to having the conversations, but if they just show up with a bus trying to pull in the bus stop from MUNI, there's going to be problems.
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"Muni performance has been nothing to write home about, but it's been better than just about every other fixed income segment," said Tom Hession, managing partner at Riverbend Capital Advisors.
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In the rising interest rate environment, the muni index decline compares very well with U.S. Treasury bonds -2.12 percent and U.S. investment grade corporate bonds -3.1 percent, through Oct. 16.
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For the first time in five years, foreign buyers shed muni bonds, knocking their total holdings off a record high of $94.7 billion in the previous quarter to $90.4 billion.
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And if you decide Muni would take longer than you want to wait, Swiftly also integrates with UberX to let you know timing and cost of getting a car instead.
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Those same wallets indicate that the transportation hack wasn't the Muni hacker's first rodeo: They contain more than $140,000, presumably wrung out of unsuspecting victims in the last three months.
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"If people's tax rates go up, that makes muni bonds more attractive relative to taxable alternatives," said Cooper Howard, senior research analyst at Schwab Center for Financial Research in Denver.
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"Puerto Rico is more of a distressed asset play, with different types of owners involved" who tend to have a higher appetite for risk than traditional muni investors, Miller said.
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An earlier version of this article misstated the number of countries in which Muni Muniappan has been running workshops to help farmers prepare for the inevitable spread of Tuta absoluta.
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In the year since, investors have pumped more than $60 billion into muni funds, seeking a low-risk alternative to trillions of dollars in bonds now yielding less than zero.
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I ran into a friend on MUNI on Thursday who said he'd gotten onto a waiting list for an affordable development near the Eastern waterfront that was still being built.
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While the Muni hacker's intentions are still unknown, hackers have a long and storied history of messing with public transit systems, typically with the end goal of getting free rides.
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And it incorrectly included Scott Muni on a list of disc jockeys who were at WABC when Mr. Harrison moved to that station in 1968; he had left in 1965.
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"Obviously, if you show up with 100 muni-meter receipts and say your street officers overlooked these, they are going to say this is absolutely impossible," Mr. De Lellis said.
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But the law ended a practice used by most muni issuers to refinance bonds on a tax-exempt basis beyond 90 days from their call date for interest rate savings.
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Deals were issued at a breakneck pace as it became clear that a $1.5 trillion U.S. tax bill would clear the Republican-dominated Congress, limiting some types of muni offerings.
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If you Google "muni bonds" and "pay-to-play," you find story after story about finance firms using campaign contributions and other payments to win bond business from government officials.
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A tepid muni environment could threaten the program's success, particularly if Congress continues to tinker with the tax-exempt areas of fixed-income markets as a way to raise revenue.
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Post-class I take MUNI to the mall for reasonable retail therapy, which means replacing the Converse I wore to Outside Lands ($54.25) that got destroyed by dirt and grass.
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On the first front, the 40-basis-point rise in the 103-year Treasury bond yield since the beginning of the year has been tough on muni bonds, as well.
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In early March, muni investors snatched up the state's $2.95 billion GO bond offering in a negotiated sale, and that had been oversubscribed and increased in size by about $500 million.
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When you open the app, Swiftly gives you a list of nearby transit stops and a countdown timer to show you how soon the next bus or Muni rail is coming.
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"Strong reception to primary supply encouraged very strong secondary trading as muni participants look ahead to drop in 2018 issuance and January re-investment needs," said Greg Saulnier, a MMD analyst.
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Japanese investors have already placed money in muni bonds and German banks are also interested, said Mark Paris, who traveled to Japan in May as Invesco's head of municipal portfolio management.
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George Friedlander, a veteran muni analyst with Court Street Group Research, said that while PPPs don't have a strong track record as a viable financing method, technology may alter the landscape.
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Rothstein said her top priority in choosing muni bonds was making sure her clients will absolutely get their payments, so she invests in bonds only with an A rating or higher.
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And investors will stop treating the muni market as being a safe bet, and the borrowing rates for townships and cities and parks will reflect the new reality of caveat creditor.
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That tax is applied to earnings from a small percentage of muni bonds sold by issuers such as airports and housing authorities that have substantial private-activity components in their deals.
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The iShares National Muni Bond ETF, which tracks the overall municipal bond sector, was last up 1.6%, extending Friday's bounce a day after it hit the lowest level since April 2011.
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" Muni analysts at Barclays noted in a report on Monday: "This is likely to help to start unfreezing tax-exempt money markets; however, outright purchases of munis might still be needed.
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Muni bond funds have seen inflows of more than $30 billion this year alone, with the week ended June 22 seeing the highest inflows in over three years at $1.4 billion.
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In high-tax states such as California and New York, the new $10,000 cap on the deductibility of state and local taxes has sent demand for tax-free muni bond income soaring.
|
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Yields on AAA-rated muni bonds in the 2036-2046 maturity rose 8-10 basis points, according to a preliminary scale read from Municipal Market Data (MMD), a unit of Thomson Reuters.
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Update: This piece has been updated to include a statement from the SFMTA, and has also been updated to clarify that the hackers are also threatening to release data about Muni customers.
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The Kumamoto Muni assembly member was told to leave the floor and return without her 7-month-old son because of a rule prohibiting non-staff members from going to the meetings.
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In the second quarter of 2016, foreign investors held their highest level of U.S. muni bonds on record: $89.7 billion, according to U.S. Federal Reserve data that is not adjusted for inflation.
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If the bonds are designated as so-called HQLA assets, banks can hold them as part of their liquidity requirements, therefore making the bonds more attractive overall and supporting the muni market.
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The easiest way to transfer onto MUNI from BART is at Embarcadero BART Station; SF MUNI's 2nd & King and 4th & King stops are both an easy 10-minute walk to Pier 48.
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The easiest way to transfer onto MUNI from BART is at Embarcadero BART Station; SF MUNI's 2nd & King and 4th & King stops are both a 10 minute easy walk to Pier 48.
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Dogpatch is convenient to two stops on the T-Line Muni Metro light rail system running on Third Street, one at 20th Street and another at 23rd Street, with service to downtown.
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According to a Thursday blog posted by the San Francisco Municipal Transportation Agency (SFMTA), which oversees Muni, the agency is shuttering its train and light rail services and replacing them with buses.
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"I don't think anybody should be taking comfort that this is a done deal," Ninan said of the Senate plan that appears to be kinder to the muni market than the House proposal.
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A provision in both the House and Senate bills would disallow all muni issuers from refinancing bonds on a tax-exempt basis beyond 90 days from their call date for interest rate savings.
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At around 50,000 issuers, the fragmented muni market has fives times more debt issuers than the corporate bond market and 33 times more individual securities at around 1 million, according to the MSRB.
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Philip Fischer, municipal research strategist at BAML, said tax rates are no longer the driving force behind muni purchases and that tax-sheltered investment vehicles have replaced competition from other fixed-income assets.
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Taking away advance refundings, which made up 30 percent of the market's supply last year, would likely create more scarcity in what is expected to be an already dry year for muni supply.
|
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What the experts say: "The main drag along Third Street – which you can roam on foot or by hopping on the T line of the Muni Metro – is a browser's dream," Manning wrote.
|
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She advocated bringing the Muni Central Subway into the neighborhood, but as recently as last month she was in the streets fighting a related plan to make Stockton Street an all-pedestrian area.
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Municipal Market Data (MMD) raised yields on its benchmark triple-A, tax-exempt scale by 50 basis points across the curve, citing liquidations of muni holdings by funds to shore up cash needs.
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What's more, if personal income tax rates went down (another possibility in Washington these days), demand for muni bonds could drop because the tax-sheltering features of the bonds could be less enticing.
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Rach said that while muni bonds have some risk of issuers not repaying their debts, they lack the exposure to energy markets that have haunted high-yield bonds and other areas of the market.
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Federal tax legislation signed into law in December by President Donald Trump ended the ability of muni issuers to refund outstanding bonds beyond 90 days of their call date on a tax-exempt basis.
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Now, the hackers have made a new threat: the release of 30GB of databases and documents belonging to the San Francisco Muni, including contracts and customer and employee data, if they don't receive payment.
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Detroit plans to take advantage of record-low yields in the muni market to refund the bonds, saving $15 million for the next two city budgets and about $20 million for property tax bills.
|
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Swiftly will tell you if you have time to walk to catch the next bus or MUNI line and will tell you down to the second when it expects your ride to get there.
|
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An open-air urinal has been installed in the city's Dolores Park, where San Francisco residents are welcomed to drop trou and relieve themselves right there, with a lovely view of passing MUNI trains.
|
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Market conditions were tough for the two-part bond deal from Illinois, the lowest-rated U.S. state, as the muni market was hit with a sixth-straight session of falling prices and higher yields.
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Anyone taking an Uber Pool trip from the Parkmerced to the Bay Area Rapid Transit's Daly City or Balboa Park stations, as well as the West Portal MUNI, will pay a flat $5 fare.
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The corporate tax rate, as envisioned by Trump, would fall to 27.5 percent from 22010 percent, making muni bonds less attractive for tax-exempt debt buyers like banks and property and casualty insurance companies.
|
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While private muni deals have existed for years, legislation in the U.S. Congress to end tax breaks for private activity and advance refunding bonds starting in 2018 has ballooned the volume of these transactions.
|
|
The debt could have a "detrimental impact" on how investors view an issuer's credit quality, according to Richard Ciccarone, president and CEO of Merritt Research Services, which provides data and research on muni bonds.
|
|
Known as Muni for short, the system has reported an estimated $1 million in weekly losses since the virus and subsequent regionwide shelter-in-place order has kept its usual riders into their homes.
|
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With muni bond rates at record lows, junk and low investment-grade rated issuers are trying to exploit what could be a rare window of opportunity before any market reversal makes borrowing costs prohibitive again.
|
|
The municipal market has been reeling from the other aspects of the Congressional tax proposals, which could greatly reduce the amount of new tax-free muni bond issuance if the most sweeping changes are finalized.
|
|
Oxygen bought advertising on the back of SF Muni buses, which is significantly less visible and popular than advertising on the side of a bus where pedestrians on sidewalks are more likely to see them.
|
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Mr. McGuirk of T. Rowe Price said that while these bonds account for about one-third of new muni issues annually, his firm's municipal bond funds usually have 15 percent or less invested in them.
|
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The $1 trillion for infrastructure the president proposed may not roil muni bonds too greatly because the outlay would probably be spread out over a decade, making it more digestible for the $3.8 trillion market.
|
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Muni defaults have totaled less than $2 billion so far this year, with virtually all of that related to FirstEnergy Solutions, a power generating business of the Ohio-based utility that declared bankruptcy earlier this year.
|
|
That is far below the 3.27 percent of a year earlier and even below the comparable Treasury yield thanks to an income tax exemption granted to U.S. investors on the interest earned on most muni bonds.
|
|
In vicious video footage, two men can be seen shoving a third young man toward the open doors of a Muni train while the young man shouts, "Stop, stop," and desperately holds onto the train's handrails.
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"Issuers with lower ratings are taking advantage of the very tight spreads and nearly insatiable demand for any paper that has any hint of additional yield," said James Dearborn, head of muni investing at Columbia Threadneedle.
|
|
Meanwhile, a potential wildcard could be the Federal Reserve, which is expected to raise borrowing costs through rate hikes, and tax reform that may dim the benefits of muni bonds, many of which are tax exempt.
|
|
The $3.7 trillion muni market, most of which is investment-grade tax-exempt debt issued by states and cities, was already on a hot streak with no end in sight, with demand outstripping supply for months.
|
|
Chariot must ensure new routes complement, rather than replicate, pre-existing Muni routes, as well as provide San Francisco with GPS and ridership data in order to enable the city to better understand the company's impact.
|
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"However, municipal bonds issued by high tax states and localities would likely become even more valuable to investors, and there could be stronger demand from retail investors, bringing yields and muni-Treasury ratios down," Barclays said.
|
|
Greg Saulnier, Municipal Market Data's (MMD) managing analyst, said low issuance over the last two weeks and previous Fed actions to help liquidity in the short end of the muni market also helped push yields lower.
|
|
That was a rough stretch for all kinds of bonds, as interest rates climbed and the Federal Reserve indicated it was on the cusp of more aggressive rate increases, though the muni slide was more pronounced.
|
|
With potentially new supply/demand dynamics hanging over the market, the yield on top-rated 30-year muni bonds fell 22 basis points in the wake of the plan's release, according to Thomson Reuters Municipal Market Data.
|
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"Throughout his career, Dan has been instrumental in helping the Rochester funds and their shareholders navigate the muni markets and find long-term value through active management," said OppenheimerFunds Chief Investment Officer Krishna Memani in a statement.
|
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But the state's upcoming debt issue will likely benefit from interest rates that are at or near record lows as cash-heavy investors chase scarce supply of bonds issued by states, cities, schools and other muni issuers.
|
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At the same time it will launch a bidding round for gold, diamonds and bauxite, following an aero-magnetic survey of half of the continental Rio Muni area where around 2,000 boreholes to get samples were drilled.
|
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The individual initially said they didn't expect media attention and would back off if he or she didn't get a response from MUNI officials, but later threatened to leak 30GB of data from the city's transit agency.
|
|
"It's bad news for projects looking to expand beyond their borders in hostile, anti-muni broadband states," said Robert Wack, president of the City Council in Westminster, Md., which began its own gigabit municipal network last year.
|
|
Households, or retail investors, held $1.640 trillion of debt sold by states, cities, schools and other muni issuers in the latest quarter, falling slightly from $1.641 trillion in the fourth quarter of 2017, the Fed report said.
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The location of Chase Center gave officials a leg up when it came to designing a transportation system for attendees — a Muni line along Third Street already had a stop right in front of the new arena.
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"If India fails to establish itself as a credible development partner of Nepal, the Chinese will surely gain in popularity," said S. D. Muni, a fellow at the New Delhi-based Institute for Defense Studies and Analyses.
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The new tax law did not affect the treatment of muni interest, as it turned out, and Ms. Spath now has nearly 30 percent of the Sierra Tactical Core Income Fund invested in high- yield municipal bonds.
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Gregg S. Fisher, founder of the investment management firm Gerstein Fisher, says investors should remember a big reason for buying muni and other core bonds in the first place: "For the certainty that they present," he said.
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This is a long-standing precedent that many muni-market investors have come to count on and an increasing number of state and local government issuers greatly benefit from in good times as well as challenging ones.
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The ride cost will be about $4 to $10 each way, depending on the distance – about the same as a trip down to Mountain View from the city if you first take MUNI and then hop on Caltrain.
|
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Just days after a digital attack brought down payment systems at San Francisco's MUNI rail system, the hacker responsible for the attack has threatened to release data on MUNI's employees and customers if his ransom is not paid.
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Without the distortion introduced by triple-tax exemption, the muni market would have reacted to irresponsible fiscal policies by staying away from Puerto Rican bonds, thereby encouraging the government of Puerto Rico to make the necessary policy changes.
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San Francisco's light rail system, the Muni, was hobbled by ransomware over the Thanksgiving weekend, prompting free rides, difficulty scheduling drivers for routes and fears that employee's personal data may have been stolen, reports the San Francisco Examiner.
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" Michael Decker, vice president for federal policy at Bond Dealers of America, said the muni market "is generally not performing as it's supposed to, but it's being felt most acutely at the short end of the yield curve.
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New muni bond issuance is down significantly from last year, when there was a big rush to float new bonds at a time of fear that tax reform would strip away the tax deductibility of municipal bond interest.
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Chris Mier, a managing director at Loop Capital Markets, said a lot of cash was exiting "risky" equity funds in 2019 for "less-risky" muni funds, which hold bonds sold by states, local governments, schools and other issuers.
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As a San Francisco State student in the 2100s, Walter Riley was an anti-Vietnam War activist; in 7773 he drove a Muni bus around the city and helped establish a rank-and-file caucus of fellow drivers.
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Chris Mier, a managing director at Loop Capital Markets, said a lot of cash was exiting "risky" equity funds in 2019 for "less-risky" muni funds, which hold bonds sold by states, local governments, schools and other issuers.
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The San Francisco Municipal Railway, known as Muni, has reported an estimated weekly loss of $1 million since residents have been directed to stay in their homes to inhibit the spread of the coronavirus disease, known as COVID-19.
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The $22043 million of tax-exempt and taxable bonds were the first to be sold by the city's new Sales Tax Securitization Corporation and came to market as U.S. muni bond prices rallied amid a huge surge in supply.
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"While no bonds backed by cannabis tax revenues have been placed thus far, if federal approval is granted, the cannabis muni bond market will likely flourish, amounting to billions if not tens of billions of dollars, in our view," Barclays said.
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"I cannot believe some of the deals that are getting done in the muni market right now - without a mortgage, low debt service reserve fund," Mark Paris, head of municipal portfolio management at fund manager Invesco, said at a recent event.
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"It was that first day we were shooting on Muni, going back and forth on the train," said the 38-year-old star of "Looking," the short-lived HBO drama that followed a group of gay friends in San Francisco.
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While BART is far more efficient if you want to get from, say, the Embarcadero to the Mission quickly (and it's the best way to get to the San Francisco airport), Muni can usually get you where you need to go.
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Others try to get their boss to pay for their Clipper Card: If you need BART and SF-based MUNI rail, that's $103 a month; if you need to get around on the East Bay AC Transit system, it's $210.
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The muni market had seen record inflows in February in the early stages of the market turmoil caused by the spreading health crisis, as investors moved funds from riskier assets to munis, considered safe haven in which defaults have been rare.
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"This pattern of request volume, layered on top of a secular trend of slowing municipal bond issuance, suggests that new muni volume in 2018 is indeed headed for a steep decline," CUSIP Global Services said in a report this week.
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In this case, the 2.4 percent taxable equivalent yield for that muni bond is no better than the yield for a Treasury, and it is below the 3.2 percent yield for the iShares Core U.S. Aggregate Bond E.T.F. Advantage: taxable bonds.
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Existing mass transit systems are plagued with safety and function problems; just this week, San Francisco officials who rode the light rail to the city's Transit Week kickoff event were held up when trains broke down on two Muni lines.
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The deal also sends a message to other financially distressed issuers that a bond default or bankruptcy may not lock them out of the $3.8 trillion muni market for that long, according to Nicholos Venditti, a portfolio manager at Thornburg Investment Management.
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It's the "Salesforce Transit Center" (owing to a naming-rights deal with the company that owns the skyscraper next door), a $2.26 billion hub for the city's Muni buses, as well as buses from across the Golden Gate and Bay Bridges—and Greyhound.
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We remain bullish," he said, adding: "We expect we will have another new low in muni rates in the next couple of weeks and we'll probably get some profit taking then and rates will go back down before the end of the year.
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Given how travel always tends to be more intense on Thanksgiving weekend, public transit riders were likely pleased to find the fare gates of San Francisco's Muni left open on Saturday, granting city-wide free entry to bus, train, and trolley services.
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Emily Swenson Brock, director of the Government Finance Officers Association's federal liaison center, said the legislation would lift a restriction prohibiting the Fed from buying debt with maturities exceeding six months and would allow purchases from all sectors of the muni market.
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An even larger pool of investment money than money-market funds, the muni market fell under intense pressure in March when it was hit by the biggest wave of fund redemptions on record despite the Fed's actions to shore up short-term credit.
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President Trump's call for $233 trillion in infrastructure spending could swell the nation's municipal bond supply, for example, while the possibility of lower corporate tax rates could reduce the appetites of banks and insurers, which now own about 210 percent of muni bonds.
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The concerns were "not what you want to hear in muni-land," said Cohen, president of Envision Capital Management in California, who like other investors has been reviewing the storm's potential impact on payments from securities meant to be safe and boring.
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Because of uncertainty over the tax-exempt status of muni bond income, as well as other potential rule changes in the market, issuers flooded the markets with bonds at the end of last year, pulling roughly $30 billion of issuance forward, according to analysts.
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Although ETFs are most prevalent in Gagliardi's clients' portfolios, in cases of less-liquid markets that aren't as well researched — such as muni bonds, high-yield bonds or emerging markets debt — he often opts to pay more to have an active manager at the helm.
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That's why he suggests investors play it relatively safe for the foundation of a muni portfolio, by sticking with bonds that are from high-quality issuers with investment-grade ratings (reducing the risk of a default) and that mature in less than five years.
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That works out to a 3.73 percent taxable equivalent yield for someone in a 33-percent federal income tax bracket As for eliminating the exemption for interest income, changing it would affect thousands of municipalities that rely on muni bonds to finance their public works.
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Why you'll hear about this again: "Even with muni yields near multiyear lows, after-tax yields have continued to exceed those of taxable bonds for anyone whose marginal tax rate is 24% or higher — well below the top tax rate of 37%," Marinella says.
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Kevin Ramundo, co-manager of Fidelity Intermediate Municipal Income fund, says several factors are supporting the outlook for muni bonds in the year ahead: expectations that the bond supply will remain tight, demand will be strong and the Federal Reserve will not raise rates.
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Compare Boston's T to, say, Taipei, or San Francisco's mishmash of messed-up systems — Muni, where I have waited 45 minutes for a T-Third; CalTrain, which only runs every 90 minutes on weekends; BART, which squandered millions on its useless white-elephant Millbrae station — to Shenzhen.
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It takes someone to pick them up at the shelter, to help them with their Muni voucher to get to a doctor's appointment, to advocate for them at the appointment, to go to the pharmacy for the prescription and to help them take it, and so on.
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If you're in San Francisco you've probably experienced the frustration of arriving at a Muni stop only to find an asterisk next to an arrival time, basically telling you to stay put and, hey, maybe sometime in the near future it'll get there (or call an Uber).
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NEW YORK, March 4 (Reuters) - The two biggest U.S. municipal bond deals so far this year, from the state of California and New York state's development agency, will make up almost a third of the nearly $9 billion in total issuance in the muni market next week.
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With funding from USAID, Muni Muniappan, the director of the IPM Innovation Lab based at Virginia Tech, has been running workshops around the world to help farmers prepare for the inevitable spread of the leaf miner, which also attacks such crops as potatoes, eggplants and peppers.
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"One of the major issues we're going to need to solve before markets can substantially rally is the whole credit market issue, the muni issue, what is the Treasury going to issue to pay for all of the things going through Congress right now," he said.
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CHICAGO, March 19 (Reuters) - Yields in the U.S. municipal bond market, where states, cities, schools and other issuers sell debt, skyrocketed on Thursday amid a selling frenzy by virus-rattled investors who pulled a record amount of money out of muni funds in a race for cash.
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But while such a plan is possible, it may not involve the federal funds needed for programs that would stir the muni market, such as the subsidized Build America Bonds introduced following the 2007-2009 financial crisis, said Alan Schankel, a managing director at Philadelphia-based Janney Montgomery Scott.
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For the next few years we played every muni, we rooted shamelessly for Tiger Woods, and we watched "Tin Cup," endlessly quoting the philosophy of Kevin Costner's hopelessly flawed West Texas looper: on life, on love, on the art of wind-ducking knockdowns and letting the big dog eat.
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Right now, there aren't tons of startups paying attention to public finance, and perhaps just one company laser focused on bringing the muni bond market into the 21st century: Neighborly, which is a six-year-old, Bay Area-based company that's very progressive, to say the least, for a bond broker.
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"The beginning of the year is going to be a period of confusion, of institutional components of the muni market figuring out where they stand ... you're going to have individuals go through the same thing," said Christopher Mier, chief strategist and economist of Loop Capital's analytical services division in Chicago.
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Even before investors factor in the tax break (muni income is exempt from federal taxes and, in some cases, state taxes as well), that performance compares favorably with the 2.3 percent returns for the Vanguard Total Bond Market ETF this year and the 73 percent gains in the last quarter.
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"Ben Kingsley's performance as Gandhi, aging 50 years in three hours, from dapper, status-conscious lawyer to emaciated ascetic in a loin-cloth, is certainly as fine as anything Muni ever did, and likely to take its place among the cinema's great historic portraits," the Guardian wrote at the time.
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