This document provides an analysis and summary of AAA municipal bonds compared to U.S. Treasury bonds and corporate bonds. Some key points made:
- Post quantitative easing, AAA municipal bond nominal yields are equal to or modestly higher than similar U.S. Treasury bond yields.
- Taxable equivalent yields for AAA municipal bonds still show value compared to corporate bonds like Apple for most tax brackets.
- On the longer end of the yield curve, AAA municipal bonds show more value for the higher 37% and 35% tax brackets.
- Larger investment grade municipal bond ETFs tend to have shorter durations than corporate bond ETFs, with comparable taxable equivalent yields using the 37% tax bracket.
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In this presentation, we hosted Andy Weisman, Managing Partner at Windham Capital Management, who will helped us examine historical equity and fixed income data to better understand the relationship between stock and bond prices. We also examined, at a high level, our economic environment and gained some insight into prospective investment challenges. Finally, we discussed the role of the interest-rate-momentum risk premium in addressing the identified challenges.
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Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
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According to several AFP surveys, almost 50% of Treasures have no metrics; yet, 2017 may prove to be one of the most challenging times when it comes to understanding how much liquidity is “enough” or how much risk is “too much”. If your organization is using “too many” spreadsheets, inundated by frequent reconciliations and consumption of scarce staff resources - this webinar will offer you timely ideas.
U.S. Corporate Capital Expenditures: Consciously Uncoupled from Federal Tax I...Bloomberg Tax & Accounting
Bloomberg BNA surveyed 100 tax and accounting leaders at firms with average revenues of $7.5 billion to find out how U.S. businesses’ capital investment has changed since the recession, and to what degree changes in tax policy actually impact their financial decision making.
Comparing tax-exempt municipal bonds to U.S. Treasury bonds and corporate bonds. Also, looks at the larger muni and corporate bond ETFs in the current environment.
Investment Challenges in Rising Rate EnvironmentsWindham Labs
Investors are now confronted with a rather novel set of challenges, most notably the potential for both significantly higher interest rates and a higher degree of correlation between stock and bond prices. While common knowledge has it that a combination of stocks and bonds can provide balanced portfolio performance over time, there is good reason to suspect that this may not be the case going forward; as we will show, negative stock and bond correlation is a more recent phenomenon that is generally only associated with a low-interest-rate environment.
In this presentation, we hosted Andy Weisman, Managing Partner at Windham Capital Management, who will helped us examine historical equity and fixed income data to better understand the relationship between stock and bond prices. We also examined, at a high level, our economic environment and gained some insight into prospective investment challenges. Finally, we discussed the role of the interest-rate-momentum risk premium in addressing the identified challenges.
From Good to Great: How to Ace Your Marketplace FundraiseBattery Ventures
At the Marketplace Conference Online December 2020, Battery Ventures' Justin Da Rosa teamed up with Speedinvest's Philip Specht on the core marketplace metrics investors evaluate during the fundraising process from seed to growth.
Software 2018: Where Are We Now and Where Are We Going?Battery Ventures
Initially presented at CloudNY as follow up to last year’s Software 2017, this year’s presentation—authored by Battery’s Neeraj Agrawal and Logan Bartlett–provides an update on the shifting software landscape and just where things are headed.
Private Equity and Venture Capital volume is depressed amid uncertainty and a changing capital environment during the first quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
Private Equity and Venture Capital volume stays depressed while valuations remain high during the second quarter of 2017. Read Bridgepoint Merchant Banking's latest Midwest Capital Raise Update, measuring private equity and venture capital throughout the Midwest.
Mercer Capital's Asset Management Industry Newsletter | Q1 2015 | Focus: Mutu...Mercer Capital
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Planning for 2017: What Gets Measured Gets ManagedTomás Karagianes
According to several AFP surveys, almost 50% of Treasures have no metrics; yet, 2017 may prove to be one of the most challenging times when it comes to understanding how much liquidity is “enough” or how much risk is “too much”. If your organization is using “too many” spreadsheets, inundated by frequent reconciliations and consumption of scarce staff resources - this webinar will offer you timely ideas.
U.S. Corporate Capital Expenditures: Consciously Uncoupled from Federal Tax I...Bloomberg Tax & Accounting
Bloomberg BNA surveyed 100 tax and accounting leaders at firms with average revenues of $7.5 billion to find out how U.S. businesses’ capital investment has changed since the recession, and to what degree changes in tax policy actually impact their financial decision making.
Comparing tax-exempt municipal bonds to U.S. Treasury bonds and corporate bonds. Also, looks at the larger muni and corporate bond ETFs in the current environment.
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
Rieger report june 17 2018 munis corporates
1. AAA Municipal Bond v. U.S. Treasury & Corporate Bonds
June 15, 2018
JR Rieger
jrrieger@yahoo.com | (516) 524-1110 | theriegerreport.com
2. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
6/15/2018
Municipal Bond Market: Key Takeaways
• Nominal yields: Post QE: muni nominal yields now appear rich relative to short term historical pattern. Nominal yields for 20 year
and longer AAA municipal bonds are equal to or are modestly higher than U.S. Treasury bond yields. (Pre QE the muni to treasury
yield ratio was in the 80% - 85% range)
• Taxable equivalent yields:
• In the 0 – 10 year range most Taxable Equivalent Yields (TEY) for AAA municipal bonds still show value for most tax brackets.
• On the longer end of the curve, AAA munis and their TEYs show value for the higher tax brackets(37% and 35%) as those
brackets tend to benefit most from the tax exempt interest.
• Munis v. high quality corporate bonds, such as Apple Inc., AAA muni Taxable Equivalent Yields for the higher tax brackets are
competitive. At lower tax brackets, Apple Inc. bond yields remain relatively favorable in comparison to AAA municipal bonds
yields.
• Bond ETFs:
• The larger investment grade municipal bond ETFs tend to have shorter duration than investment grade corporate bond ETFs
and TEYs that are comparable when using the highest tax bracket (37%).
3. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 6/15/2018. Sources: The Bond Buyer www.bondbuyer.com Data Workstation, MBIS Municipal Yield Curves, U.S.
Department of the Treasury www.treasury.gov. Chart is provided for illustrative purposes only. TEY = Taxable Equivalent Yield.
73%
80%
90%
100%
101%
70%
75%
80%
85%
90%
95%
100%
105%
1.25
1.75
2.25
2.75
3.25
0 5 10 15 20 25 30 35
%ofUSTYield
Yield%
Year
6/15/2018
AAA Municipal Bond Yields v. U.S. Treasury Bond
AAA Muni Yield US Treasury Yield % of UST Yield
Historical Average (Pre Quantitative Easing)
4. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
1.5
2
2.5
3
3.5
4
4.5
5
5.5
0 5 10 15 20 25 30
Yield%
Year
6/15/2018
AAA Municipal Bond Yields & Taxable Equivalent
Yields v.
Apple Inc. Corporate Bond Yields
AAA Muni Apple Inc. TEY 37% TEY 32% TEY 24% TEY 10%
Data as of 6/15/2018. Sources: Apple Inc. bond yields provided by SQX https://sqx.com/ . Municipal data sourced from the Bond Buyer Data
Workstation www.bondbuyer.com and MBIS Municipal Yield Curves. U.S. Treasury bond yields sourced from U.S. Department of the Treasury
www.treasury.gov. Chart is provided for illustrative purposes only. TEY = Taxable Equivalent Yield.
5. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
1.5
2
2.5
3
3.5
4
4.5
5
5.5
0 5 10 15 20 25 30
Yield%
Year
6/15/2018
AA Municipal Bond Yields & Taxable Equivalent
Yields v.
Apple Inc. Corporate Bond Yields
AA Muni Apple Inc. TEY 37% TEY 32% TEY 24% TEY 10%
Data as of 6/15/2018. Sources: Apple Inc. bond yields provided by SQX https://sqx.com/ . Municipal data sourced from the Bond Buyer Data
Workstation www.bondbuyer.com and MBIS Municipal Yield Curves. U.S. Treasury bond yields sourced from U.S. Department of the Treasury
www.treasury.gov. Chart is provided for illustrative purposes only. TEY = Taxable Equivalent Yield.
6. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
6/15/2018
Bond Exchange Traded Funds (a sampling)
• The Larger Investment Grade Municipal Bond ETFs:
• Tend to have shorter durations than larger investment grade corporate bond ETFs. This is a natural reflectiong of the
investment grade municipal bond market – which is currently tracking approximately 2.5 years shorter in duration to
corporate bonds.
• Have comparable Taxable Equivalent Yields (TEYs) relative to investment grade corporate bond ETFs. (When using the highest
tax bracket (37%) in the calculation)
Note: Not all municipal and corporate bond ETFs selected for the example table on page 7.
Data as of 6/15/2018. Sources: VanEck www.vaneck.com, iShares by BlackRock www.ishares.com, The Vanguard Group
www.vanguard.com. Table is provided for illustrative purposes only. Past performance is not a guarantee of future returns. TEY =
Taxable Equivalent Yield calculated at an assumed 37% tax rate.
7. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Data as of 6/15/2018. Sources: VanEck www.vaneck.com, iShares by BlackRock www.ishares.com, The Vanguard Group
www.vanguard.com. Table is provided for illustrative purposes only. Past performance is not a guarantee of future returns. TEY =
Taxable Equivalent Yield calculated at an assumed 37% tax rate.
6/15/2018
I.G. Municipal Bond ETFs v. I. G. Corporate Bond ETFs
Intermediate National
Municipal Bond
National Municipal
Bond
National Municipal Bond Intermediate
Corporate Bond
I.G. Corporate Bond
VanEck Vectors AMT-Free
Intermediate Municipal
(ITM)
iShares National
Municipal
(MUB)
Vanguard National
Municipal
(VTEB)
Vanguard
Intermediate-Term
Corporate
(VCIT)
iShares iBoxx
Investment Grade
Corporate
(LQD)
Yield 2.49%
(TEY at 37% = 3.95%)
2.39%
(TEY at 37% = 3.79%)
2.52%
(TEY at 37% = 4%)
4.07% 4.09%
Duration 6.94 5.95 5.6 6.4 8.43
Assets Under
Management
$1.6billion $9.5billion $3.2billion $20.1billion $32.1billion
Management
Fee
24bps 7bps (25bps prior to
18bps in fee wavers until
May 2023)
9bps 7bps 15bps
8. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
• Municipal bond yields: the Bond Buyer Data Workstation
https://dataworkstation.bondbuyer.com/
• Municipal bond yields: MBIS https://mbis.com/
• Apple Inc. bond yields: SQX https://sqx.com/
• U.S. Treasury bond yields: U.S. Department of Treasury
https://www.treasury.gov
Sources Used in this Report
9. June 15, 2018
1 (516) 524-1110 jrrieger@yahoo.com | www.theriegerreport.com
Notes:
• Taxable Equivalent Yield = Tax Exempt Yield / (1 – Federal Tax Rate)
• 2018 tax brackets, however not all tax brackets are represented
herein.
• End of day yields are used.