Salient to Investors:
The dwindling role of bond insurance and yields at four-decade lows is fueling demand for muni analysts. Paul Sorbera at Alliance Consulting said the demand has significantly raised salaries. Jeff Burger at Standish Mellon Asset Mgmt said basis points matter in a low-yield environment.
Investors have become more confident buying uninsured or lower-rated debt. Bank of America Merrill Lynch data shows AAA securities are trailing the broader market’s return to start 2013, after lagging behind for an unprecedented four years.
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