Entries by DWilson

Premium Municipal Bond Benefits in a Rising Rate Environment

Many investors find it difficult to pay a price greater than par for a bond. We often find this hesitation is purely psychological and causes some investors to miss an advantageous structure in a low interest rate environment. This market commentary is written to explain why premium municipal bonds often offer value in today’s market […]

Village of Gilberts, Illinois

The Village of Gilberts, Kane County, Illinois successfully issued $17,475,000 Special Tax Refunding Bonds, Series 2015 on June 23, 2015. The Bonds were issued to currently refund the previously outstanding Special Service Area Number 9 Special Tax Bonds, Series 2005 which previously refunded Special Tax Bonds, Series 2001.  The 2001 bonds were issued to finance […]

Market Review – Fall 2015

Market Update: Municipal bond yields decreased during the third quarter with AAA 5-year, 10-year, and 20-year yields falling 10, 25, and 21 basis points, respectively. In mid-September, the Federal Reserve reaffirmed its view to maintain the target range for the federal funds rate of 0.00% – 0.25%. As a result of the Fed announcement, the futures […]

Market Review – Fall 2015

Market Update: Municipal bond yields decreased during the third quarter with AAA 5-year, 10-year, and 20-year yields falling 10, 25, and 21 basis points, respectively. In mid-September, the Federal Reserve reaffirmed its view to maintain the target range for the federal funds rate of 0.00% – 0.25%. As a result of the Fed announcement, the […]

Ronald Bernardi quoted in Bond Buyer 9/18/2015 Re: Issuance Costs Hit Small California School Districts Hardest

Ronald P. Bernardi was quoted in the Bond Buyer on September 18th, 2015. “Ron Bernardi, principal, president and chief executive officer of Chicago-based Bernardi Securities, said the report may not be representative of the muni market as a whole, as it’s based on a relatively small sample. While he acknowledged that costs have risen, Bernardi […]

Municipal Issuer Disclosure Guidance

Timely and complete disclosure of information is an important obligation of municipal bond issuers. Federal securities laws prohibit issuers from making false or misleading statements or omissions of material information in connection with the purchase or sale of securities.  Information that is considered material is generally considered information that an investor would want to know […]

Market Review – Summer 2015

Market Update: Municipal bond yields increased during the second quarter with AAA 5 year, 10 year, and 20 year yields rising 14, 32, and 34 basis points, respectively. Positive economic data, a surge in supply and anticipation of a rate increase by the Federal Reserve helped drive rates higher across the curve. Download PDF>