Recent Analysis

Muni Market Dashboard

The latest weekly update of key muni market statistics.

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Microsoft (MSFT)

We expect Microsoft to outperform its large cap tech peers given its solid underlying fundamentals. The company continues to see solid traction in cloud computing and we continue to believe it is seeing a halo effect for its other products and services.

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Oracle (ORCL)

We expect Oracle to perform in-line with its highly rated tech peers as revenue and operating profit increases over the medium-term. Oracle is a defensive credit given its large size, strong cash flow, and stability.

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Apple (AAPL)

We expect Apple’s bonds to perform relatively in-line with its highly rated tech peers. However, we are cautious on Apple’s longer dated bonds (>10 years) given its reliance on iPhone.

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Amazon (AMZN)

We reiterate our Outperform recommendation on Amazon’s bonds which are trading wide to the highest quality tech peers. Fitch recently assigned a first-time rating of A+ which we think is appropriate, while Moody’s and S&P continue to be 4 notches apart at Baa1 and AA- respectively.

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Constellation Brands, Inc (STZ)

Constellation Brands, Inc (Constellation) is a core holding for investors looking for a company that balances bondholder and shareholder interests and with the potential to stay low end investment grade. A short track record for the integrated beer business after a one-off transformational acquisition in June 2013 poses risks but leverage has fallen to close to stated optimal levels.

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March Muni Market Monthly

Will Q2 look more like Q1 (muni index total return -1.15%) or like March (index up 0.33%)?

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Energy Transfer Partners (ETP)

ETP’s credit metrics have come under pressure due to their large capex program but management has said point blank that they will do what is necessary to support ETP’s investment grade credit rating, including cutting the distribution at ETE.

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