Muni Bonds Set for Best Third Quarter Since 2011 on Surprise Rally [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
As the Federal Reserve begins cutting interest rates, investors are snapping up the bonds to lock in the higher yields offered by the securities while they still last. The rally comes despite a surge in new bond sales, an instance that would typically pressure prices. Issuance in September totaled nearly $46 billion, the second-highest total for the month since at least 2013, according to data compiled by Bloomberg. Despite that, the muni market is poised to see a gain of 0.9% during the month, marking the best performance for a September since 2013. “The Fed view and the rate view has overtaken some of the concerns on supply,” said Ryan Henry, a municipal strategist at FHN Financial. He said the muni market's strong performance in September was particularly surprising given the market was no longer benefiting from a surge of reinvestment demand. In the summer, the muni market sees support from investors looking to reinvest principal and interest payments. September is usually
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