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The path to bond market efficiency: how increased retail distribution can lower borrowing costs.
Government entities all share one key objective when issuing municipal bonds: to receive maximum proceeds at the lowest possible interest rates and fees. This result is best assured by the deepest possible sales penetration to every interested buyer. However, the Municipal Securities Rulemaking Board's comprehensive trade data shows that on average, issuers miss almost 60 percent of retail buyers for their deals. This type of market inefficiency costs issuers and their taxpayers money.
Federal Reserve data confirms that retail investors (households) collectively make up the largest group of municipal bondholders. As Exhibit l shows, retail investors comprise ...
- Steep cost of premium bonds pushes retail investors toward discounts.(What's...
- Magazine article from: The Bond Buyer Ferguson, Matt July 18, 1996 700+ words
...Still, although retail investors are seeking shorter...June 24, sold to retail investors in the secondary market, he said. Attracted...trading in the secondary market. Bonds maturing...Reynoir's retail investors are buying longer...
- Two North Carolina secondary market deals draw mom-and-pop investors.(What's...
- Magazine article from: The Bond Buyer Albano, Christine December 11, 1997 700+ words
...5%, some Southeast retail investors are uncovering value in the secondary market, while others are having...In North Carolina, retail investors are paying attention to both new-issue and secondary market bonds, although the...
- Retail investors avoid the middle ground, go long or stay short with new deals.
- Magazine article from: The Bond Buyer October 2, 1997 700+ words
Finicky Southeast retail investors are ignoring the secondary market in favor of new-issue...a little low to get (retail investors) in," said Tony Posthauer...the deal enticing for retail investors, Posthauer said. Meanwhile...
- California GO Spreads Widen in Secondary Market.(News)
- Magazine article from: The Bond Buyer June 17, 2009 700+ words
...California general obligation bonds in the secondary market, with retail investors the most frequent buyers. A trader in Los Angeles said the secondary market has reacted to the news that Standard &...
- Even in secondary market, individual investors love New York City bonds.(What's...
- Magazine article from: The Bond Buyer Roberto, Sondra July 1, 1996 700+ words
...City bonds in the secondary market late last week...points in price in secondary market trading, Kushner...past two weeks, retail investors were able to pick up 2007 bonds in the secondary market at a 5.40% yield...
- Investors shift into spending mode as prices cheapen in secondary...
- Magazine article from: The Bond Buyer Albano, Christine March 16, 1998 700+ words
...Spending Mode as Prices Cheapen in Secondary Market Momentum is building among Northeast retail investors who are flush with cash and need to...priced municipal issues sitting in the secondary market since February. "There was this...
- Secondary market coverage outpacing 1994.(bond market and municipal bond...
- Magazine article from: The Bond Buyer Heap, Peter June 16, 1995 700+ words
...itself to the secondary market," said Craig...director of secondary market and portfolio...Corp. "The retail investors wanted insured...in FGIC's secondary market group...driven by retail investors or by institutional...
- Delaware to Offer a Portion of Upcoming $158M Sale to Retail Investors.
- Magazine article from: The Bond Buyer Ackerman, Andrew March 24, 2006 700+ words
...million bond sale for retail investors. The sale is tentatively...portion of the issue to retail investors - state residents...state's bonds from the secondary market. Delaware first sold to retail investors last January, yielding...