Market Commentaries
Market Review – Fall 2015
October 2015Market 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 ran …
Market Review – Fall 2015
October 2015Market 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 ran …
Fiduciary and Suitability – Industry Standards, Investor Choice
September 2015By Ronald P. Bernardi When is a bond manager a good fit for you? What is the most economical way to pay for bond portfolio management services? Does the manager adhere to a fiduciary or suitability standard? What is the difference and does it matter to …
Municipal Bonds and Infrastructure Development – Past, Present, and Future
August 2015By Ronald P. Bernardi We thought you might find the attached white paper interesting. It is sponsored jointly by GFOA and IMCA and is authored by Justin Marlowe, professor at the University of Washington. The paper describes the important role tax-exe …
An Investor’s Duck Test
August 2015By Matthew P. Bernardi “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” This straightforward method of reasoning can often help one gain a better understanding of the intricate – yet ubiquitous – financi …
Interest Rate Lift-Off?
July 2015By Jeffrey D. Irish It appears the Federal Reserve Bank is about ready to start raising short-term interest rates. What will happen to longer-term yields when the Fed begins the ‘tightening process’ is anybody’s guess. Anything can happen of course, bu …
Market Review – Summer 2015
July 2015Market 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 …
Market Review – Summer 2015
July 2015Market 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 …
Brillion, Wisconsin
June 2015City of Brillion successfully issued $2.645 Million of Series 2015B General Obligation Corporate Purpose Bonds The Bonds are Non-Rated The Bonds are being issued for the public purposes of financing street improvement projects; water system projects; s …
Market Review – Spring 2015
April 2015Market Update: Municipal bond yields ended the 1st quarter of 2015 relatively unchanged from prior year end. Municipal yields rose in February, partially offsetting the declines across the yield curve that occurred during the month of January. Durin …
Market Review – Spring 2015
April 2015Market Update: Municipal bond yields ended the 1st quarter of 2015 relatively unchanged from prior year end. Municipal yields rose in February, partially offsetting the declines across the yield curve that occurred during the month of January. Durin …
Turning 30 — A Milestone Year
January 2015By Ronald P. Bernardi We thank our clients and others who count on us and wish everyone a healthy and prosperous 2015. This past November marked the beginning of our thirtieth year in business. Today, I want to share a few thoughts with you, some of wh …
Wicomico County, Maryland
December 2014Wicomico County, Maryland successfully issued $1.605 Million of Series 2014B Taxable General Obligation Public Improvement Bonds. The bonds are rated Aa2 by Moody’s and AA+ by Standard & Poor’s. The Bonds are being issued for the purpose of financi …
Detroit and Stockton Emerge from Chapter 9 – A Few Facts, Observations and Takeaways
November 2014By Ronald P. Bernardi Stockton, California emerged from Chapter 9 on October 30, 2014 when U. S. Bankruptcy Judge Christopher M. Klein confirmed Stockton’s plan. Detroit, Michigan emerged from bankruptcy on November 7, 2014 when U.S. Bankruptcy Judge S …
Municipal Bond Specialists for 30 Years — Our Founder Gives Thanks for Bernardi’s Mission
November 2014By Edward Bernardi As we begin to celebrate our 30th anniversary, I have been asked to give you a review of our firm’s history, guiding principles and some of the changes I have seen in the municipal bond market. I have been in this business for over 5 …