Posh Real Estate Deals Boom in High-Flying Junk Muni-Bond Market [BNN Bloomberg (Canada)]
Vanguard Total International Stock ETF (VXUS)
US:NASDAQ Investor Relations:
investor.vanguard.com/fundprofileredirects/funds/snapshot?fundintext=int&fundid=0113
Company Research
Source: BNN Bloomberg
This year, state and local debt buyers have helped finance a vacation-home golf enclave in Florida, a resort near Zion National Park and a $4.2 billion redevelopment in Atlanta's downtown. The deals — all high-yield and sold exclusively to sophisticated investors — represent a niche corner of a market that typically raises money to build schools, roads and bridges. Some of these offerings have been oversubscribed and repriced tighter, helping to boost returns for junk-rated muni-bonds to a 7.2% gain this year, outpacing their investment-grade counterparts by more than 5 percentage points, according to data compiled by Bloomberg. The risky state and local debt is also beating US high-yield corporate debt. The demand for these luxury junk deals is emblematic of a broader trend where developments for the ultra-rich are outperforming an otherwise broken real estate market. Mortgage rates near multi-year highs for much of 2024 have less of an impact on deep-pocketed homebuyers. Real
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- 9/9/24 - Form N-MFP3
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