Market Commentaries
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 …
Premium Municipal Bonds: Benefits in a Rising Rate Environment
October 2014By Matthew P. Bernardi 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. Th …
Premium Municipal Bond Benefits in a Rising Rate Environment
October 2014Many 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 …
Municipal Securities as High Quality Liquid Assets (HQLA)
September 2014By Ronald P. Bernardi For many months, we at Bernardi Securities have closely followed the issue of municipal securities and their status as a high-quality liquid asset (HQLA) for commercial banks and nonbank systemically important financial institutio …
2014 Mid-Year Municipal Market Update
July 2014Since June of last year the economy has added almost 2.5 million jobs and the unemployment rate has fallen from 7.50% to 6.08%. Nonfarm payrolls have surpassed pre-crisis levels and PCE inflation readings — although subdued — have increased from 1.16% …
Black River Falls, Wisconsin
April 2014$5.225 Million Electric System Revenue Refunding Bonds, Series 2014 The Bonds are being issued for the purpose of refunding, on a current basis, the 2014 through 2030 maturities of the City’s Series 2010A Taxable Electric System Revenue Bonds (Build Am …
Detroit settles with UTGO creditors – BOND is Right Side Up! Still “Waiting for Godot”
April 2014By Ronald P. Bernardi Detroit Settles on UTGO Debt The family vacation photo that made its debut this past December, “Will Detroit turn BOND upside down?”, returns today, right side up. Last week Detroit reached a settlement with three bond insurers ov …
The Problem with Waiting for the “Fed” to Raise Rates
March 2014Following Janet Yellen’s recent testimony, many investors may just want to wait for Federal Reserve policy makers to raise interest rates before committing money to the bond market. After all, the fed funds rate has been held in the 0% to 0.25% range f …