DMB News and Press, Dreyfus Municipal Bond Infrastructure Fund Inc. From 06/22/21

Muni CEF discounts are closing by the day. I believe they will reach a premium in the next few months (perhaps sooner). We have remained steadfastly bullish on tax-free munis, especially high-yield munis in 2021, for numerous reasons. Our view is that rates have made the bulk of t...

During the fund flows week, investors continued their search for yield, injecting a net $2.0 billion and $1.9 billion into taxable bond funds (including ETFs) and municipal bond funds, respectively. On the taxable side, Short Investment-Grade Debt Funds (+$884 million) attracted the l...

With the post-pandemic US economy on the mend, a new threat has emerged: inflation. A confluence of pent-up consumer demand, record household savings, low inventories and global shortages has ignited the sharpest near-term price hikes in decades. Effective inflation-protection str...

Municipals posted another month of positive performance amid range-bound interest rates. Fiscal stimulus and infrastructure uncertainty limited municipal issuance. Summer seasonal supply-demand dynamics have historically boded well for muni performance. For further details s...

Risk-adjusted performance for the Global Market Index (GMI) continued to tick higher in May. GMI’s Sharpe ratio — a measure of risk-adjusted return – rose to 0.82 on a trailing 10-year basis through last month. That’s close to a pandemic high, but still...

Average yields on 10-year AAA muni bonds rose less than half that of Treasuries year to date and hover just below 1%. Municipals remain attractive due to a combination of prevailing tailwinds and long-term fundamental strengths. Muni bonds cover a wide range of maturities and qual...

Munis posted another strong month amid falling rates and favorable market dynamics. Seasonal weakness typical of mid-April was averted due to the delayed tax-filing deadline. Although valuations appear rich, economic and political themes look positive for municipals. For fur...

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY and DxYxZ are given. With discounts contracting, few non-muni income choices are attractively valued anymore. For further details see: The Quality Closed-End Fund Report, April 2021

Diversification remains key. Flexible strategies can also take advantage of a more uncertain yield and spread environment. We continue to find reasonable opportunity in both public and private credit markets. We find value in non-agency mortgages and prefer cyclicals to growth sto...

Municipal bond investors are clearly worried about rising rates and rising inflation. The inflation component is also taxed at ordinary income tax rates, but here's the kicker there: you don't receive the benefit of it the year that it's realized. As yields are rising - and inflat...