States Face ‘Staggered’ Recovery, Pew’s Urahn Says
"Investors in municipal bonds should purchase higher-rated debt and diversify across the states, LaRosa said.
Buyers should focus on pre-refunded municipal bonds, a tax-exempt security payable from U.S. Treasuries in escrow that are left in the market after refinancing deals, and callable debt.
Lower-rated states, such as California and Illinois, are not yielding enough to merit the risk of investment, LaRosa said."
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