July 2017 Municipal Market Returns

Selected S&P Indices:

Tot Return bps/dur
Municipal Bond Index
Intermediate Index
Investment Grade Index
High Yield Index

0.66%
0.74%
0.67%
0.49%

10
13
11
6

S&P Municipal Bond Index Components:

Years to Maturity Tot Return bps/dur
0.000-4.999
5.000-9.999
10.000-14.999
15.000-29.999
30.000+

0.36%
0.82%
0.73%
0.80%
0.49%

18
15
10
8
4

 
Ratings Tot Return bps/dur
Aaa / AAA
Aa / AA
A / A
Baa / BBB
Ba / BB
B / B

0.62%
0.66%
0.71%
1.04%
0.32%
0.33%

11
10
10
14
5
7

 
 
Outperforming Sectors Tot Return bps/dur
Other Transportation
Other Utility

0.88%
0.83%

14
11

Underperforming Sectors Tot Return bps/dur
Prerefunded/ETM
Tobacco Settlement

0.26%
-1.24%

-15
-19

The tables above show returns for several indices and for various components of the Municipal Bond Index. To make returns in the tables comparable, each total return is divided by the relevant beginning-of-month effective duration, resulting in basis points per unit of duration (bps/dur).

Change during July 2017 for the Standard & Poor’s / Investortools AAA Rated Non-callable Municipal Yield Curve:

Dan Garrett, CFA Vice President Investortools, Inc

Dan Garrett, CFA
Vice President
Investortools, Inc