Our Insights

October 2015 — Fixed Income
Taxable municipals: an attractive option for long credit investors


1. Securities Industry Financial Markets Association (SIFMA). Municipal Bond Credit Report Second Quarter 2015. Retrieved from //www.sifma.org/research/item.aspx?id=8589955747 on June 18, 2015
2. Bloomberg MSRC search for federally taxable bonds issued 1/1/1970 through 4/30/2015.
3. Bank of America Research
4. Municipal Securities Rulemaking Board (MSRB). 2014 Fact Book . Retrieved from //www.msrb.org/msrb1/pdfs/MSRB-Fact-Book-2014.pdf
5. The Bond Buyer. Retrieved from //www.bondbuyer.com/news/markets-sell-side/insured-muni-volume-sees-616-growth-penetration-up-to-55-1070645-1.html on October 1, 2015
6. Barclays Capital POINT
7. Fitch. (2010. February) Top 10 Differences Between Municipal Bonds and Corporate Bonds
8. For more information, read this Galliard publication about Taxable Municipal issuers: Recent Headlines Bring Municipal Market to the Forefront of Investors’ Minds
9. Doty, Robert. (2012) The Diversity of Municipal Bonds and what You Need to Know about Risks. Retrieved from //www.aaii.com/journal/article/the-diversity-of-municipal-bonds-and-what-you-need-to-knowabout-risks on October 1, 2015
10. Fitch. (2010. February) Top 10 Differences between Municipal Bonds and Corporate Bonds
11. Bankrupt Cities List and Map. (2013). Retrieved from //www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html# on November 7, 2014
12. Moody’s (2015 May) U.S. Municipal Bond Defaults and Recoveries 1970-2014
13. Feldstein, Sylvan G., Fabozzi, Frank J. (2008). The Hankdbook of Municipal Bonds. Hoboken, NJ: Wiley & Sons, Inc.
14. Bidgood, J. (2012, September 6). Plan to End Bankruptcy in Rhode Island City Gains Approval. New York Times. Retrieved from: //www.nytimes.com/2012/09/07/us/central-falls-ri-to-emerge-from-bankruptcy.html on August 19, 2013
15. Barclays Capital POINT, index-eligible 20-30 year maturities, Agency OAS from U.S. Long Agency Index

The information contained herein reflects the views of Galliard Capital Management, Inc. and sources believed to be reliable by Galliard as of the date of publication. No representation or warranty is made concerning the accuracy of any data and there is no guarantee that any projection, opinion, or forecast herein will be realized. The views expressed may change at any time subsequent to the date of publication. This publication is for information purposes only; it is not investment advice or a recommendation for a particular security strategy or investment product. FOR INSTITUTIONAL INVESTOR USE ONLY. © Galliard Capital Management, Inc.