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EIM - 2021 Municipal Outlook: Reasons For Optimism
Eaton Vance Municipal Bond Fund of Beneficial Interest $.01 par value
Despite 2020's many challenges, the Bloomberg Barclays Municipal Bond Index was up 5.2%, with returns that were even more compelling for the second half of the year, across the credit spectrum.
During the year, we expect net supply to turn negative as more bonds mature or more bonds than were issued are called away.
Contrary to dire headlines, muni bond issuers still have the wherewithal to handle the lingering fiscal challenges of COVID-19.
In this environment, we expect municipal credit-particularly debt rated A and BBB-to outperform higher-rated bonds.