BofA, Barclays Municipal Bond Strategists Are At Odds Over Summer Rally [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
In research notes published within minutes of each other Friday morning, strategists at Barclays Plc and Bank of America Corp. diverged on their outlooks for the next several weeks. BofA portrayed a sunny view — calling for an “easy” rally with credit spreads tightening, while Barclays provided a more cautious outlook. “We expect the muni market rally during the summer months to be gradual and methodical as the economy is entering a goldilocks zone and macro market volatilities come down steadily,” the BofA group led by Yingchen Li and Ian Rogow wrote in a note to clients. Meanwhile, Mikhail Foux and Clare Pickering at Barclays took a more somber view, observing that an expected increase in new bond sales may pressure returns. The supply of municipal bond deals have surged in 2024 with more than $156 billion coming to market — a 33% increase from the same period a year ago. “Even though tactical municipal investors might try to take advantage of the current market's strength, w
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