Company News


Municipal

New Issues

1/16/17
$800,000,000
Texas Transp Comm Mobility Fund
2017-2030
1/16/17
$97,780,000
Austin Elec Util Sys
2019-2038
1/16/17
$360,000,000
Univ of Mass Bldg Auth
Pxg Thur 1/19
1/16/17
$42,000,000
Nassau Hlth Care Corp RAN
Due 1/16/18

Insights

CREDIT AND MARKET STRATEGY
MUNICIPAL MARKET WEEKLY 

January 17, 2017

Munis Settle In...For Now

Recap:

Munis strengthened and outperformed Treasuries for a second consecutive week, aided by reinvestment of maturing principal and coupon income (January effect), attractive ratios, and a strong new issue calendar of $8.74 bil. Muni mutual funds reversed eight consecutive weeks of outflows totaling $16 bil. that began following Trump’s surprise victory, posting inflows of $974 mil. BWICs were...

Preparing for the Bear Market:

Munis appear to have gained solid footing over the past two weeks and overall read fairly valued to somewhat cheap in spots on a relative and absolute basis and therefore, have some room to outperform for the time being. A “wild card” for Munis over the next several weeks and months will likely be...

Supply:

We expect this week’s $9 bil. new issue calendar to be well received given good relative values and investors with ample cash. Chicago leads the negotiated calendar with $1.16 bil., followed by...

Full Weekly Report

Quarterly Review

SAMUEL A RAMIREZ & COMPANY, INC.
QUARTERLY MACROECONOMIC OUTLOOK
FINANCIAL STRATEGIES GROUP – 4th QUARTER 2016

Dear Clients,

Please find attached Ramirez & Co.’s Quarterly Macroeconomic Outlook. In our report, we continue to monitor the US economy, global events and the Fed’s outlook on the economy and rates:

  • The unexpected outcome of the US presidential election has profound effects on the markets, domestically and internationally.  In the long term, US bond markets anticipate heightened growth and inflation.  The equity markets take off, with small caps and financials leading the way.  Internationally, sovereign rates in Japan and Europe climb into positive territory in the 10-year maturities
  • Major banks, the Fed and the markets raise their rates expectations for 2017 and beyond, with the Wall Street banks and markets slightly below the Fed’s forecasts.  The Fed anticipates three 25 bps hikes in 2017, while the major banks anticipate two.
  • Business and household surveys begin to reflect pro-growth fiscal and economic reforms, but the passing and long-term effects remain unclear.

Members of our Financial Strategies Group, Niso Abuaf, Konstantin Semyonov and Duncan Sinclair, would be happy to discuss further any of the material with you.

Full Quarterly Report
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