{"id":277,"date":"2019-06-15T09:00:41","date_gmt":"2019-06-15T13:00:41","guid":{"rendered":"https:\/\/buymuni.com\/?p=277"},"modified":"2019-06-15T16:00:48","modified_gmt":"2019-06-15T20:00:48","slug":"baml-munis-now-cheap-to-treasuries-the-longer-the-better","status":"publish","type":"post","link":"https:\/\/buymuni.com\/?p=277","title":{"rendered":"[BAML] Munis Now Cheap to Treasuries. &#8220;The Longer the Better&#8221;."},"content":{"rendered":"\n<p>In their June 14, 2019 Municipal Weekly report, BAML&#8217;s Municipal Research team led by Phillip Fisher offered the following takeaways:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Despite the recent decline in munis, BAML remained bullish on munis and thinks now is a good entry point for relative value buyers, particular on the long-end of the municipal curve<\/li><li>Based on an analysis of recent Moody&#8217;s Investor Service upgrade vs downgrade ratios, municipal credit continues to enter a strengthening phase.  In the case of State credits, states continue to pour budget surpluses into rainy day funds<\/li><li> On a sector-by-sector basis, BAML recommended being &#8220;overweight&#8221; in tech-heavy cities and 8-20yr part of the curve; and &#8220;underweight&#8221; in healthcare, small private colleges and California credit<\/li><li>Although BBB and A-rated indices continue to outperform, investors should &#8220;exercise discipline given the slowing economy&#8221;<\/li><li>Post the adoption of rules on May 30, 2019 to include most investment grade municipal bonds in the &#8220;Level 2B&#8221; category for purposes of banks&#8217; liquidity coverage ratio (LCR), BAML anticipates a mildly positive impact on credit and resultant demand, particular for taxable bonds<\/li><\/ul>\n\n\n\n<p>To obtain a copy of the report, contact your Bank of America Securities broker.<\/p>\n\n\n\n<p>To contact the writer of this article, email Karen Bigelow at KBigelow@buymuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In their June 14, 2019 Municipal Weekly report, BAML&#8217;s Municipal Research team led by Phillip Fisher offered the following takeaways:&#8230;<\/p>\n","protected":false},"author":8,"featured_media":278,"comment_status":"open","ping_status":"open","sticky":false,"template":"template-full-width-post.php","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[20,8,12,13,11,16],"tags":[10,71],"class_list":["post-277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-ratings","category-investing","category-issuers","category-markets","category-sell-side-research","category-states","tag-baml","tag-phillip-fisher","wpcat-20-id","wpcat-8-id","wpcat-12-id","wpcat-13-id","wpcat-11-id","wpcat-16-id"],"jetpack_featured_media_url":"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/06\/2019-BM-BAML.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=277"}],"version-history":[{"count":1,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/277\/revisions"}],"predecessor-version":[{"id":279,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/277\/revisions\/279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/media\/278"}],"wp:attachment":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}