Opportunity Zones: An Overlooked Impetus for Municipal Credit Enhancement

Putting fixed income assets to work in a world of 2% 10Yr Treasuries is challenging. Appleton Partners understands this and feels there is still value and opportunity. Nathan Harris, CFA, Co-Director of Municipal Research, sees considerable credit catalyst potential from Opportunity Zone investment.

Review and
Outlook

July 2019

“A stronger than anticipated early July jobs report somewhat tempered rate cut expectations, although we still expect the Fed to respond to a persistent inflation undershoot…”

Learn More

June 2019

“Business confidence is suffering at home and abroad…(this) should weigh on the economy, and we continue to expect a sharp drop off in Q2 GDP…”

Learn More

May 2019

“Municipals have been in high demand due to a confluence of factors, none of which we see dissipating anytime soon…”

Learn More

April 2019

“The 1st Circuit Court of Appeals affirmed a federal judge’s prior ruling in Puerto Rico’s restructuring, asserting that while issuers of “special revenue” bonds may pay debt service during bankruptcy, they are not obligated to do so…”

Learn More

Economic and
Market Commentary

05.28.2019

Opportunity Zones:
An Impetus for Municipal Credit Enhancement

“As capital flows into Opportunity Zones, we are actively looking for localities with the best prospects … Weeding through Opportunity Zone tracts early in their evolution offers our research team an ability to identify municipal issuers with overlooked future credit prospects…”

Learn More

02.25.2019

Beyond Ladders:
Attributes of Active Management

“In the tax-exempt markets, the debate is often seen through the lens of active vs. laddered bond strategies, particularly with separately managed accounts.  While there are merits to both approaches, and they appeal to different investor needs, we believe active management has certain inherent advantages…”

Learn More

11.20.2018

Special Tax Bonds:
Scrutinize Parents, Not Just Their Offspring

“Sometimes it’s prudent to dig more deeply, whether evaluating the risk of a child’s credit application, or a special purpose bond offering…Lending to the “child” without scrutiny of the “parent” is imprudent in our view…”

Learn More

06.30.2018

Duration Decision-Making:
Opportunities and Considerations

“Despite 10Yr Treasuries already more than doubling off their 2016 lows, many foresee continued upward pressure over time should the expansion remain intact. . . “

Learn More

Quarterly
Perspectives

Q1 2019

Sympathy for the Yield Curve

“The US economy is showing vulnerability to geopolitical risk, but – as Mick Jagger once sang in ‘Sympathy for the Devil’ – “as heads is tails,” a bear reading and a bull reading of the economy may explain the seeming contradiction of the first quarter…”

Learn More

Q4 2018

High Drama in Washington:
Policy Heroines or Unfolding Greek Tragedy?

“Outside of a cottage industry of Fed watchers, people do not wait with bated breath for Fed speeches and Policy Minutes releases. Accepting this reality, today’s policy drama may best be envisioned as a plot summary to a gritty film noir drama…”

Learn More

Q3 2018

A Long Winning Season Forges Ahead

“Hall of Fame catcher and noted baseball sage Yogi Berra famously quipped, ‘It ain’t over till it’s over.’ His aphorism is usually taken as a never-say-die rallying cry for underdogs and longshots, but it’s also good advice when you’re riding the highs of a winning streak…”

Learn More

Q2 2018

Reading Markets and Emotions

“While investment markets, unlike novels, have no natural beginning or end, we feel clear parallels can be drawn, most notably the importance of focusing on the broader narrative rather than whatever short-term story is currently in vogue. . . “

Learn More

Video Briefs

July 2019

Benefits of a Municipal Crossover Strategy

Watch Video

June 2019

Opportunity Zones: An Impetus for Municipal Credit Enhancement

Watch Video

March 2019

Portfolio Transition Analysis: Facilitating Informed Decisions

Watch Video

March 2019

Beyond Ladders: Attributes of Active Management

Watch Video