Listen to our firm’s founder, Bill Gurtin, and PIMCO’s head of municipal bond portfolio management, David Hammer, discuss how we apply institutional discipline to the municipal bond market, which is traditionally dominated by smaller investors. By doing so, we seek to meet client objectives and unlock potential return.
For municipal investments, ESG risks describe credit risks that pertain specifically to environmental, social, and governance factors that could impact an obligor’s willingness or ability to repay debt. This blog post outlines several evolving ESG credit risks that have the ability to materially impact an obligor’s credit profile, including:
How does the municipal bond market respond to an inversion in the Treasury market? Historical data shows it’s rare for the municipal yield curve to invert, and when it has, the inversion has been brief and less pronounced than in Treasuries. Read this blog post to learn about four primary drivers of the municipal yield curve’s behavior:
Municipal bonds are often issued with an embedded call option, which allows the issuer of the bond to “call” (i.e., pay back) the debt at a date prior to the bond’s final maturity. Read this report to learn key terms and market conventions to understand why an interest rate and pricing model can enhance a fixed income manager’s ability to more accurately price municipal bonds. Additionally, we explain how municipal bond managers capable of accurately evaluating municipal bond prices can provide a source of opportunity as well as quantifying risk for investors.
To learn more, watch our team discuss callable bonds in our webinar: Callable Municipal Bonds Webinar.
Whether it’s an opportunity to increase yield, improve tax efficiency, or lower credit risk, we can help you identify what might be missing from your clients’ investment portfolios. Request a portfolio review to learn how Gurtin can potentially capture additional value to increase tax-exempt income, decrease downside risk, or improve credit quality for your clients.