| 01/10/2020 | Insight | Municipal market review: Navigating a new year | Greg Gizzi | Fixed Income | Municipal market, munis, quarterly review, municipal bonds, treasury rates, 2020 outlook, fourth quarter, 4Q19 | | Despite rising rates in the fourth quarter, it was a strong year for the asset class and the municipal market ended 2019 with positive performance. As we start a new year, the key question is where does that leave municipals for 2020? |
| 12/18/2019 | Insight | 2020 outlook for the municipal bond market | Greg Gizzi | Fixed Income | | | Strong technical conditions combined with lower interest rates drove municipal returns in 2019. As we look forward to 2020, we see positive returns from the asset class but to a lesser degree than experienced this past year. With rates expected to stay low and trade in a range, we expect low, single-digit returns from the municipal asset class with income being the primary driver of return. |
| 12/04/2019 | Value-add | Municipals in focus: A surprisingly strong year, but what’s next? | Greg Gizzi | Fixed Income | Municipal bonds, munis, fixed income, outlook, technicals, fundamentals | | Listen to the latest webinar replay that reviews the past year in the municipal bond market and presents a current outlook to help you prepare for the new year. |
| 10/11/2019 | Insight | Municipal market review:
Strength in the third quarter
| Greg Gizzi | Fixed Income | Municipal market, munis, municipal bonds, fixed income, quarterly review | | Listen as Greg Gizzi, head of municipal bonds, provides a municipal market review of the third quarter and what to expect in the final quarter of 2019. |
| 07/16/2019 | Insight | Moving down the credit curve with high yield municipal debt | Greg Gizzi | Fixed Income | Municipal bonds, munis, high yield, credit curve, debt, Treasury yield, taxable, tax free, default, fallen angels, rating agency, credit rating, Moodys, Lipper, sectors, general obligation, GO, revenue bonds, | | With investors recently turning to municipal bonds, a longer-term trend may be sending more of them further down the credit quality curve to high yield. Greg Gizzi, head of municipal bonds, examines the high yield municipal category and how it can differ from its taxable counterpart. |
| 04/11/2019 | Insight | Municipal market review: A strong start | Greg Gizzi | Fixed Income | | | Despite general market uncertainty during the first quarter, the municipal market posted positive returns. Listen as Greg Gizzi, head of municipal bonds, reviews market drivers, performance, and the current backdrop for what’s expected as we head further into 2019. |
| 01/08/2019 | Insight | Municipal market review: A solid fourth quarter | Greg Gizzi | Fixed Income | | | |
| 12/06/2018 | Commentary | Municipals in focus: Fundamentals, technicals and a look ahead | Greg Gizzi | Fixed Income | | | Join us as we review the past year in the municipal bond market and present a current outlook to help you prepare for the new year. |
| 10/16/2018 | Insight | Municipal market review: Positive technicals ahead | Greg Gizzi | Fixed Income | Gregory A. Gizzi, Delaware National High Yield Municipal Bond Fund, Delaware Municipals, Macquarie Investment Management Municipals,Greg Gizzi Macquarie | | After a difficult start to 2018 that underwent pressure from rising rates and other factors, the municipal fixed income market expects positive technical conditions as the year ends. In this brief video, Senior Portfolio Manager Greg Gizzi looks at how these conditions developed in the third quarter. |
| 07/16/2018 | Insight | Municipal market review: Second quarter rebound | Greg Gizzi | Fixed Income | Municipal, munis, tax-exempt, cash flow, net supply, high quality bonds, HQLA, liquidity coverage ratio, Dodd Frank | | After a difficult start to 2018 that underwent pressure from rising rates and other factors, the municipal fixed income market continues to recover. In this brief video, Senior Portfolio Manager Greg Gizzi looks at how the market has rebounded in the second quarter. |
| 06/07/2018 | Insight | Municipal market review: Continued recovery | Greg Gizzi | Fixed Income | Municipal, munis, tax-exempt, cash flow, net supply, high quality bonds, HQLA, liquidity coverage ratio, Dodd Frank | | After a challenging start to the year, two elements should help performance of the municipal bond market going forward. Portfolio manager Greg Gizzi discusses these factors and what investors can expect during the summer months. |
| 04/09/2018 | Video | Municipal market review: A challenging first quarter | Greg Gizzi | Fixed Income | municipals, municipal bond market, munis, tax exempt, rate hike, supply, Bond Buyer, tax reform, capital gains | | In this brief video, Senior Portfolio Manager Greg Gizzi reviews municipal market performance for the first quarter of 2018. His discussion includes index curve and credit components, new-issue supply, and flows into tax-exempt bond funds. |
| 02/22/2018 | Insight | The impact of tax reform on the US municipal market | Greg Gizzi | Fixed Income | Tax reform, municipals, munis, corporate tax rate, advance refunding, private activity bonds, tax bracket, SALT, state and local tax, AMT, mortgage deduction, tax exempt
| Small Mid-Cap Value Equity | The final tax bill that was signed into law in December 2017 had several elements that could affect the municipal bond market. In this commentary paper, Senior Portfolio Manager Greg Gizzi breaks down the various provisions of tax reform and what it can mean to municipal investors. |
| 12/06/2017 | Value-add | Capital Markets Coaching Clinic: Municipal bond market outlook 2018: What’s ahead? | Greg Gizzi | Fixed Income | Municipal bond markets, delaware municipal bond fund, webinar, Capital Markets Coaching Clinic, Greg Gizzi, delaware national high yield municipal bond fund | | Join Macquarie Investment Management Senior Portfolio Manager Greg Gizzi as we review the past year in the municipal bond market and present a current outlook to help you prepare for the new year.
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| 08/19/2016 | Insight | The election may mean revisiting your portfolio’s tax advantages | Greg Gizzi | Fixed Income | election, presidential election, U.S. election, municipal bonds, municipal debt, ballot initiatives, ballot measures, taxable equivalent yield, taxes, income taxes, tax-free bonds, state taxes, local taxes, yield, competitive yield, municipal yields, tax-advantaged investing, tax-aware investing, tax-free income | | As the November election approaches, many U.S. voters will choose more than a new president. Many state and local ballot initiatives will also be on the table. Portfolio manager Greg Gizzi looks at proposed measures in two states and their possible implications for tax-sensitive investors. |
| 11/16/2015 | Insight | Municipal bonds and rising interest rates: A historical perspective | Greg Gizzi | Fixed Income | interest rate, interest rate hike, are interest rates going up, rising interest rates, Fed policy, monetary policy, interest rates, rising rates, municipal bonds, credit spreads, yield curve, high yield municipal bonds, intermediate term municipal bonds, normalizing interest rates, investment grade municipal bonds, yield curve, municipal bond investing, investing in municipal bonds | | As the likelihood of tighter monetary policy increases, Senior Portfolio Manager Greg Gizzi discusses several likely implications for municipal bond allocations. He examines the 2004-2006 period of rate hikes as a basis for his explanation of municipal bond behavior during periods of rising rates. |
| 11/11/2015 | Insight | Despite periods of cooling in 2015, municipals generally see support | Greg Gizzi | Fixed Income | municipal bonds, tax-free yields, municipal yields, municipal finance, municipal bond outlook, fixed income outlook, tax-free bonds, tax-free debt, infrastructure, pension obligations, investing in municipal bonds, municipal bond funds | | With year-end approaching, portfolio manager Greg Gizzi walks users through a review of municipal bond markets that look healthy and poised for a solid 2016, despite some interesting forces in play. |
| 08/17/2015 | Insight | Municipal markets at midyear: A focus on the Fed, rating agencies | Greg Gizzi | Fixed Income | market outlook 2015, bond market outlook, municipal market, municipal bond market, muni market, muni bonds, muni market outlook, muni market review, rating agencies, rising rates, Fed | | The municipal market has experienced a flood of new supply in the first half of this year as issuers look to refund debt early. Greg Gizzi notes that the technical environment, along with a new focus on rating agencies, has dominated the muni markets year-to-date and offers an outlook for the remainder of 2015. |
| 06/09/2015 | Insight | Despite California drought, returns on water bonds shouldn’t dry up | Greg Gizzi | Fixed Income | Water bonds, California drought, municipal bonds, water revenue bonds, municipal investing | | The drought in California has had a serious effect on the state’s available water supply and has led to sizeable conservation efforts. From an investment perspective, however, Greg Gizzi notes that the reality for bondholders is not necessarily as dire. |
| 10/03/2014 | Insight | U.S. tax code spells potential advantage for municipal income | Greg Gizzi | Fixed Income | municipal income, munis, taxes, tax code, tax rates | | Legislation in the past several years has led to significant tax code changes, including more brackets at higher income levels and higher rates. Senior portfolio manager Greg Gizzi discusses how these changes are magnifying the appeal of municipal bonds. [Runtime: 3:16] |
| 09/05/2014 | Insight | Choppy waters continue for Puerto Rican debt | Greg Gizzi | Fixed Income | municipal bonds, Puerto Rico debt, moodys downgrade, Puerto Rico economy, Puerto Rico Public Corporation Debt Enforcement Act, pensions, pension deficit, GASB | | Municipal update: The July 29 commentary on Puerto Rico’s financial shortcomings has been supplemented with a video. In the piece, Greg Gizzi briefly covers a second potential headwind to municipal markets: pension deficits. |
| 07/25/2014 | Video | Municipal market snapshot: Year-to-date performance drivers and outlook | Greg Gizzi | Fixed Income | municipal, municipal bonds, munis, treasuries, treasury market, treasury rates | | Portfolio manager Greg Gizzi briefly discusses the main drivers of municipal bond markets thus far in 2014, along with his expectations for the second half of the year. [Runtime: 1:58] |
| 05/30/2014 | Insight | Municipal bonds may be more attractive given today’s tax code | Greg Gizzi | Fixed Income | tax-free investing, municipal bonds, municipal bonds and taxes, taxable equivalent yield | | Greg Gizzi looks at how changes to the tax code in recent years have made the investment landscape even more attractive for municipal bond investors. |
| 05/12/2014 | Insight | Municipal bond market update: A pleasant surprise for municipal investors in 2014? | Greg Gizzi | Fixed Income | municipal bonds, municipal market, municipal investors, muni bonds, tax-free investing, municipal returns | | If you agreed with the overwhelmingly lukewarm consensus outlook for the municipal bond market in 2014, you would be pleasantly mistaken after the first quarter. The consensus view called for... |
| 09/23/2013 | Commentary | Municipal bonds today: Value, tax-advantaged yields, and low credit risk | Steve Czepiel, Greg Gizzi | Municipals, Fixed Income | | | The municipal market has transitioned from a purely rates-driven market to one that is driven by credit as well. |
| 08/28/2013 | Market Talk | Municipal markets: Psychology, price pressure, and potential for recovery | Greg Gizzi | Fixed Income | | | Listen as Portfolio Manager Greg Gizzi puts recent municipal bond market developments in perspective. [Runtime: 7:49] |