S&P Dow Jones Indices Recaps 2012 Financial Market Performance; Identifies Headwinds That Could Impact Returns In 2013
For 2013, expect various factors to impact the municipal bond market: The uncertainty of tax code changes and their impact on the tax treatment of municipal bonds. So, if any new issue would be taxable as opposed to tax-free at the federal level, demand would increase for tax-exempt bonds already in the secondary market or if the tax-exempt status was to be reduced for high income investors that could have the opposite affect; The introduction of recovery bonds following Hurricane Sandy and the increased supply could potentially reverse the supply/demand imbalance; A rising interest-rate environment that affects bonds in general also impacts municipal bonds. An increase in the supply of new issues into the municipal bond market as municipalities begin to exit the long economic cycle and begin to fund long-term infrastructure projects such as schools, transportation, energy, and jobs creation; A dramatic increase in monetary defaults and or bankruptcy filings that might change perceptions of the high-yield municipal bond market. Those bonds could see their prices fall and yields rise at a fast pace relative to investment-grade municipal bonds."
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Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"), a subsidiary of The McGraw-Hill Companies, Inc. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.SOURCE S&P Dow Jones Indices
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