Full Year 2017 Municipal Market Returns

2017 returns for select S&P Indices:

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

4.95%
4.75%
4.93%
5.27%

77
84
79
63

2017 Annual Return Graph.png

S&P Municipal Bond Index Analysis:

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+

1.38%
4.56%
6.18%
7.47%
5.57%

67
85
85
78
45

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

3.93%
4.73%
6.00%
7.89%
7.77%
16.00%

69
76
86
107
111
197

 
Aggregate Sector %Index Tot Return bps/dur*
Tobacco Settlement
IDR/PCR
Housing
Healthcare
Utility
Transportation
Other Revenue
Education
Tax-Supported
Prerefunded/ETM

1.33%
9.29%
2.91%
12.59%
6.82%
1.34%
12.29%
3.56%
39.82%
10.05%

17.12%
6.93%
6.46%
6.31%
6.11%
5.52%
4.74%
4.60%
4.34%
1.18%

193
88
104
86
80
66
66
83
68
61


2017 Muni Bond Chart.png
2017 Spread to AAA NC by Rating .png

*To make returns in the tables comparable, each total return is divided by the relevant beginning-of-month option adjusted duration, resulting in basis points per unit of option adjusted duration (bps/dur).