By the Numbers
The S&P Municipal Bond Index returned 0.23% in August, bringing the YTD return to 4.60%. On the month, longer-duration and A-rated credits outperformed, aided by strong performance from a variety of new hospital issues with lower investment-grade ratings. Munis’ outperformance of Treasuries has pricing looking relatively fair, though continued demand for income producing assets with low relative volatility should bode well for the asset class.
Peter Hayes is BlackRock's head of the municipal bonds group.
James Schwartz is BlackRock's head of municipal credit research.
Sean Carney is BlackRock's head of municipal strategy.