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EXD - Q1 2019 Review: Tax-Free Municipal Bond - A Shining First Quarter For Munis
Eaton Vance Tax-Advantaged Bond of Beneficial Interest
By John R. Mousseau, CFA
The first quarter of 2019 was a good one for the tax-free bond market, with yields falling during the quarter.
There are two main reasons that munis have had a good run so far this year.
Muni supply is down. The drop last year has carried over to this year. Remember, 2018 supply was down almost 25% compared to 2017 supply, in part due to the glut that was issued at year-end 2017 to beat the tax bill. The market has struggled with lower supply since. A great deal of