Investors who allocated to municipal bonds with paltry yields at the beginning of last year should now ‘salivate’ at the prospect of higher income following...
Investors who allocated to municipal bonds with paltry yields at the beginning of last year should now “salivate” at the prospect of higher income following the rapid rise in interest rates in 2022, according to Vanguard Group.
“Following a year with $119 billion of outflows from municipal funds and ETFs, we expect the tide to turn,” Vanguard said in a fixed-income report for the first quarter. “For high-income taxable investors, we are expecting a municipal bond renaissance.” The chart below tracks spread widening for corporate and municipal debt rated BBB, the lowest rung of investment-grade, in 2022. It represents the change in yields above Treasurys with similar durations, showing that BBB-rated munis were offering investors more spread by year-end.
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