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Services Debt Capital Markets Market Commentary

Duncan-Williams Market Commentary

The Fixed Income Strategies Group provides daily, weekly and monthly market commentary.  They also provide up to the minute strategies highlighting sector, curve and spread opportunities.  In addition to providing market commentary and strategic opportunities they have developed an educational series covering most fixed-income product segments:  MBS, CMO, Corporates, Agencies, Municipals, Brokered CDs.

FIXED-INCOME SPOTLIGHT

The Cost of Waiting (7/24/2017) - Depository clients have begun to hold higher levels of cash.  Since the end of 2015 banks under $10 billion in assets have increased their cash equivalent balances by approximately 9% (FDIC).  This is a result of recent rate hikes and probably more so due to the uncertainty regarding future rate direction.  When investors feel uncertain...

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MUNICIPAL SPOTLIGHT

Short-Term Municipal Spreads Hit Historic Tights (8/16/2017) - Municipal bond yields are extremely tight in comparison to Treasury yields.  Historically, the AAA Muni/Treasury ratio can be a good indicator of the relative value in municipals.  We typically see relative value in municipals when the ratio is greater than 85%.  The spread is particularly tight in short duration (<5 years) municipal bonds.  In Chart...

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