Best of Bloomberg Brief’s Municipal Market January 2013
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The Brief showcases some of the best offerings published in our daily, and in our statistical annual, during January. It is designed to help retail financial advisers and high net worth investors like you keep abreast of the most important issues that affected bond valuations last month and will continue to influence the market in the coming weeks.
The daily brief was launched in 2010 to collect in one place the stories and data carried throughout the day on the Bloomberg terminal. As Detroit’s bankruptcy shows, never before has it been more important for investors to stay on top of the news and to know, and understand, what they own.
January was a light month for volume, with sales down 33 percent from January of 2013. With a few exceptions, the news was cautiously upbeat across the market. California, New York and a number of states in between projected budget surpluses. Home prices rose. Interest rates didn’t shoot higher, stanching the losses that had been a fixture of the market in 2013. Mutual funds recorded inflows. Even Puerto Rico rallied. Bad news was never far away. Bankrupt Detroit’s proposal to creditors would leak out at the very end of the month. Ending months of speculation, Puerto Rico was finally downgraded to junk in February. These two subjects are likely to dominate the new year.