By Catherine Stienstra
As we kick off the historically positive summer months for the muni market, investors could see higher returns - but may have a hard time finding bonds.
The passage of Memorial Day has officially ushered in summer: the season of backyard barbecues, pool parties and municipal bond redemptions. The three months beginning in June are often characterized as a heavy reinvestment period - the municipal market finds itself awash with cash as bonds mature, pay coupons or get called (meaning, the bond is redeemed by the issuer prior to its maturity). This