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MASTERCLASS: Municipal Bonds in the Era of Trump

New York, NY, April 27, 2017 --( Municipal bonds have featured in recent headlines as the Trump administration begins to enact campaign promises, the Federal Reserve raises interest rates, and the changing muni buyer base impacts market fundamentals. Hosted by Asset TV’s Head of Programming Gillian Kemmerer, this edition of MASTERCLASS featured two municipal bond experts: Tom Casey, Vice President & Senior Portfolio Manager at Standish Mellon Asset Management and Adam Bergonzi, Managing Director & Chief Risk Officer of the National Public Finance Guarantee Corporation.

The discussion began with an overview of the macroeconomic factors shaping the sector. As municipal bonds and Treasuries trade in narrow range, interest rates climb higher, and crossover buyers flood the market, the panelists commented on how they’ve seen demand for municipals broaden.

Under the new presidency, certain policy factors are also set to impact the municipal market, with tax reform and infrastructure spending at the forefront of investors’ minds. Casey explained why he expects the impact of individual tax rate reduction to be small, and Bergonzi reminded viewers that infrastructure financing is most efficiently delivered by state and local municipal markets - thereby lessening the impact of fiscal policy on muni bond issuance.

The MASTERCLASS also examined specific cases and geographical pockets, including Detroit’s recent exit from bankruptcy and what this indicates about general obligation bonds. The panelists then weighed in on whether the Puerto Rico debt crisis has a contagious effect on the rest of the municipal market.

The panelists concluded with a discussion of how municipal bonds fit into a larger fixed income portfolio, and identified both sectors with opportunity and those to avoid. Bergonzi and Casey summarized their outlooks for 2017, and highlighted some of the credit challenges facing the municipal market this year.

As with all MASTERCLASS and CE accredited content, this video is accompanied by a dedicated quiz to complete after watching, and will award the viewer with a CE credit from either the CFA Institute, CFP Board, or IMCA.

Watch the Muni Bonds MASTERCLASS here:
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