y****i
发帖数: 778 | 1 Good question. So far Fidelity is the best broker for individual muni bond,
no fee for IPO
www.fidelity.com/newissuemunis
If secondary, $1 for $1000 bond for your bond number more than 8( face value
is above $8000), otherwise $8. For muni, minimum amount is 5 or 5000$ face
value, can be less if you buy a zero coupon bond.
However, there's no broker you can easily sell your muni bond without some
spreading. Because most muni bond holder will buy and hold until maturity.
If you want a small spread... 阅读全帖 |
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y****i
发帖数: 778 | 2 I like individual muni bond because you can buy and hold even the market
price is lower than your purchase price. However, if your bond size is small
or not a state general obligation bond, selling muni bond is more difficult
than muni bond funds, or your bid quote from your broker may be much lower
than the market price. For tax purpose, both interests are tax free. |
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y****i
发帖数: 778 | 3 Muni has very low risk to default, it's better diy if you have 25000$ or
above. You can buy individual investment grade muni with insurance like
assurance/mbia, GO, water/sewer, public board revenue muni bond and large
transportation bond like mta, airports. IPo is free for individual investor. |
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y****i
发帖数: 778 | 4 Muni has very low risk to default, it's better diy if you have 25000$ or
above. You can buy individual investment grade muni with insurance like
assurance/mbia, GO, water/sewer, public board revenue muni bond and large
transportation bond like mta, airports. IPo is free for individual investor. |
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y****i
发帖数: 778 | 5 I only have 20-30 min in the morning 7-8AM PST to check. My criteria is >3.5
% for tax free semianually interest muni if maturity less than 5 years, >4%
for 10 years or less, > 4.5% for 11-15 years. For zero coupon tax free muni,
each add 0.5% yield. For taxable muni or corporate bond, each add 1%. For
taxable zero coupon, each add 1.5%. You can save each condition and check it
quickly, but still need to check details before buying such as yield to
worst(call), yield to maturity, recent trade ac... 阅读全帖 |
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q*a
发帖数: 2330 | 6 ＭＵＮＩ将在12点关闭从embarcadeno到caltrain的N线，请大家一定早到，尤其是
坐BART倒MUNi的朋友们。
Subject: SF MUNI - Service Changes Due To Olympic Torch Relay In San
Francisco
Agency: 511 Transit
Posting Date: 4/8/2008
Announcement: Wednesday, April 9, 2008: Due to the Olympic Torch Relay
scheduled at 1:00pm in San Francisco, MUNI has suspended regular Cable Car
service on all three routes between 11:00am and 4:00pm. Motor coach shuttles
will be provided along the Cable Car routes.
F-Market service will be suspended between Fis |
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x******o
发帖数: 165 | 7 本人硕士毕业开始在SF上班，每天要从Palo Alto站坐caltrain+muni到达公司，Caltrain 坐 3 zones. 现向在湾区有交通补助
的朋友求购Caltrain monthly pass=172刀面值，有muni monthly pass（60刀）我也会购买，直接充进clipper就好，希
望找到彼此信任的卖家，在一个合适的折扣下我会长期购买（一年以上）.这是一场双赢的交易，所以信任非常重要。希望站
内联系我。 |
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s********h
发帖数: 158 | 8 sounds like a typical cfa exam question.
GO or tax revenue are the two categories and you should not generalize, in
that two GO muni bonds may carry totally different risk profiles.
that being said, the historical record for munis has been quite good.
in general, bonds with longer duration and lower coupon are more sensitive
to interest rate changes. specifically, you should also factor in your
income tax bracket to calculate the pre-tax return equivalent rate. |
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k****n
发帖数: 1334 | 9 我觉得muni买MF不如买closed ended fund
另外现在muni已经很高了，要投bond现在international bond更有潜力 |
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h*x
发帖数: 207 | 10 international bond? Italian or Spanish?
Muni is tax exempted from fed, also Muni price is about the same as 15 years
ago, check out VWLTX |
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y****i
发帖数: 778 | 11 【 以下文字转载自 Bond 俱乐部 】
发信人: yangqi (zzzzzz), 信区: Bond
标 题: A callable zero coupon muni bond 156753EC5
发信站: BBS 未名空间站 (Sat Mar 9 00:07:54 2013, 美东)
Bought $50000 face value at $30.662 yesterday, yield 5.884%, Maturity Date
08/01/2033, both Fed & CA tax free, S&P rating A+,insured by MBIA. As long
as the ask price plus 0.1$ fee is less than following call price, it is a
good example for muni bond with high yield.
Call Date Call Price
08/01/2012 30.327
02/01/2013 31.216
08/01/2013 32.130
02/01/2... 阅读全帖 |
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y****i
发帖数: 778 | 12 Interest risk is high for bond fund and ETF, but you can still find some
deals in individual muni bonds, especially Kicker bonds. For kicker bonds,
yield to call and some previous withholdings, please see my post:
http://www.mitbbs.com/clubarticle_t/Bond/31335637.html
Recently I bought $50k 156753EC5 at $30.662, yield 5.884%, Maturity Date 08/
01/2033, both Fed & CA tax free, S&P rating A+,insured by MBIA. As long as
the ask price plus 0.1$ transaction fee for Fidelity account is less than
follo... 阅读全帖 |
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m****a
发帖数: 6 | 13 新手刚开始，好像muni bond 免fed+state tax,但是回报低些，bond index高些要交税
，该买哪个？有推荐的muni bond 或者bond index吗？去哪买？请各位指教。
谢谢了，祝大家都发财 |
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y*******8
发帖数: 112 | 14 新手，刚刚知道CEF的存在。
看了看加州muni的CEF，比如这个PZC（https://www.pimco.com/en-us/investments/
closed-end-funds/california-municipal-income-fund-iii）。除了费用有点高：
Total Expense Ratio (including interest expense)：1.650%
其它看上去都很好啊。请问相比于SPY，PZC有什么缺点呢？
muni fund不是应该更加稳定吗？而且等价的税前return也不低啊。为什么大家讨论的
很少呢？
如果大牛有什么类似的fund推荐也很感谢！ |
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m*******i
发帖数: 8711 | 15 而且最好买state的muni bond，不要买local的muni bond，因为CA的local
governments lacks methods to levy taxes (due to Prop 13).
目前对bond的最大危险是inflation risk。 |
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L*********x
发帖数: 2191 | 16 如果打算在城外停车停一天，在城里就靠muni了，哪里停车不要钱，或者便宜些啊？
不打算住店，所以没有hotel parking.
另外，哪里买muni passport便宜啊？
明早就出发了，实在在网上看不明白。。。。
多谢各位。 |
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l*****l
发帖数: 1525 | 17 佛山无影脚，扬我国威！
【 以下文字转载自 Military 讨论区 】
发信人: tshawk (天山鹰), 信区: Military
标 题: 旧金山广东大妈MUNI上奋起反击(带中文字幕版的) (转载)
发信站: BBS 未名空间站 (Sun Oct 11 00:26:56 2009, 美东)
发信人: YNOTswim (有没有人曾在你日记里哭泣?), 信区: SanFrancisco
标 题: 旧金山广东大妈MUNI上奋起反击(带中文字幕版的)
发信站: BBS 未名空间站 (Sun Oct 11 00:06:19 2009, 美东)
好像这个事儿不断被重新当新闻发, 还不停的问
广东大妈在说啥...
这个好, 带中文字幕, 跟看电影似的... |
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t****k
发帖数: 5662 | 18 【 以下文字转载自 SanFrancisco 讨论区 】
发信人: YNOTswim (有没有人曾在你日记里哭泣?), 信区: SanFrancisco
标 题: 旧金山广东大妈MUNI上奋起反击(带中文字幕版的)
发信站: BBS 未名空间站 (Sun Oct 11 00:06:19 2009, 美东)
好像这个事儿不断被重新当新闻发, 还不停的问
广东大妈在说啥...
这个好, 带中文字幕, 跟看电影似的... |
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d****2
发帖数: 542 | 19 【 以下文字转载自 SanFrancisco 讨论区 】
发信人: abecos (桃花坞里桃花庵下桃花仙人种桃树), 信区: SanFrancisco
标 题: Fight on SF MUNI Bus in Chinatown (Youtube)
发信站: BBS 未名空间站 (Fri Oct 9 00:49:57 2009, 美东) |
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J*****8
发帖数: 125 | 20 有三张旧金山 day pass, 适用于2012年任何一天乘坐是所有Muni 车辆包括缆车。当天
使用无乘坐限制。原来买的价格是每张$14,由于闲置，价格为每张$10. |
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c******8
发帖数: 19 | 21 有需要通勤月票Caltrain or BART, VTA, MUNI, AC Transit Pass。请和我联系。面值
打8折。
[email protected]
/* */ |
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a*******7
发帖数: 325 | 22 Description
This is a beautiful and cozy 2 bedroom 2 bath condo unit in North San Jose
near the San Jose Muni Golf Course. Walking distance to Costco, Ranch 99,
restaurants and Townsend Park, the unit is situated in a well-maintained HOA
with community swimming pool. Breakfast bar in kitchen and adjacent dining
area, this unit features refrigerator, and dishwasher and dryer stacked unit
in hall, 1 car garage with opener, private patio area surrounded by
community greenbelt, newer laminate floor... 阅读全帖 |
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s******d
发帖数: 323 | 23 就说muni bond吧，那种用general obligation的，用tax revenue还的。
如果州政府破产，fed不管，那么同样credit rating的bond, 是short duration的
受影响大还是longer term duration的大，还是一样？ |
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p******a
发帖数: 41 | 24 I am no bond expert, but from common sense, longer the duration, more risk.
however, I think muni is very unlikely to pop, because if fed is not there,
state can increase tax rate anyhow, just like CA did last year, and now
everyone is getting used to it already. |
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k****n
发帖数: 1334 | 25 International bonds are not only composed of trash from Italy and Spain.
There are lots of quality bonds in emerging markets. Try to compare some 5
star domestic bond fund with 5 star international bond fund on performance,
you will see how good it is.
Muni bonds price is *not* as 15 years ago, it's always coupled with treasury
bond, so it's also at historical low now. I don't know what you want me to
see from VWLTX.
years |
|
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y****i
发帖数: 778 | 27 明年开始，3.8%for passive taxable income like rent, dividend, capital gain,
etc. single AGI > 200k, couple >250k. Muni bond 的interest 不受影响，thus
more high income investor will switch other investment like dividend stock
to tax free bonds. |
|
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p*****r
发帖数: 595 | 29 Thanks a lot. very good summary. More questions:
1. tax-exempt Muni Bond means no federal tax. You just mentioned General
Obligation bond of CA. Is this state-tax-exempt? even for residents outside
of CA?
2. There is no tax-exempt corporate bond, right?
,
value
face |
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a***n
发帖数: 328 | 31 刚开始接触Muni Bond，对于coupon和yield at maturity的概念还不太明白。如果
coupon是5%,yield是5.5%。除了每年可以拿到5%外，bond到期的最后一年内能拿到多少
？是5.5%，10.5%，还是二者之间以保证最终受益与年收益5.5%一致？可是怎么还有
coupon 5%，yield 1.5%的，这个钱怎么发呢？难道最后还要退钱回去？
另外是不是只要在发coupon之前买入，不论间隔时间多短，都可以拿到coupon?还是必
须提前比方说半年或一年？
新手提问，请多指教，谢谢了！ |
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y****i
发帖数: 778 | 32 The coupon rate is higher than yield rate in the first case. The issuer will
pay you more than 2%, say 3-4% interest every year. Yield = coupon / your
purchase price if you do not consider compound interest.
No. The new issued bond yield is always based on daily market, so you can
not find a deal if the whole market is moving up. You need to spend more
time in secondary market and choose the one whose ask price is lower than
3rd party price and not because of downgrade. Because muni bond liquid... 阅读全帖 |
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n******h
发帖数: 2544 | 33 刚刚在fidelity里面看了一把muni bond，二级市场。
发现aa以上的回报基本都在0.4%，举个例子：
CA LOS ANGELES CALIF UNI SCH DIST GO
Coupon 03.75000%
到期日 07/01/2014
收益 0.45%
这个怎么会这么低呢？还有谁会去买？ |
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y****i
发帖数: 778 | 34 Yes, municipal bond funds buy these bonds because fed rate will be 0-0.25%
before mid 2014. For small investors, you need to screening and wait for the
opportunity to buy. You can also try zero coupon or taxable muni bonds like
BAB if their yield are attractive. I bought 204712FF5 8/1/2018 with 6%
yield yesterday, not bad with AGM insured. Though it is a fed taxable and
zero coupon bond, the yield is much higher than CD and default risk is lower
than corporate bond. |
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p*********6
发帖数: 679 | 35 请教版上有熟悉muni的吗？ 特别是EVY和NYF ？ 这是不是比较安全的saving account
的alternative？ 请吃教，谢谢。 |
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y****i
发帖数: 778 | 36 NYF is larger for asset size and possible smaller spreading between bid/ask
than EVY.
However, if you have more than 50k$ to diversify, individual bond is better
than muni bond ETF for lower interest risk. You can buy some new issue bonds
for free (no transaction fee) such as MTA bond next week.
https://fixedincome.fidelity.com/ftgw/fi/FICorpNotesDisplay?name=MUNIBD
NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY TRANSPORTATION REVENUE,
SERIES 2013B
A2
A
500,000,000
EXPECTED WED., 3/20
account |
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p*********6
发帖数: 679 | 37 我刚去了你贴的fidelity地址看了看。不好意思，第一次接触bond，有几个newbie问题。
1）是不是只能在fidelity买？
2) (快读了MTA 50来页new issue statement) 找不到 interest rate ?
3) 找不到 何时到期 ？
4）在你给的网页上，还有另外几个NY的muni, 你为什么推荐mta这个？
谢谢。 |
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y****i
发帖数: 778 | 38 You can buy it at any underwriter such as Barclays, BOA, Citi, GS, etc. but
I like Fidelity better because as a broker they give you reasonable bid
quote when you want to sell the bond before maturity. The term and interest
rate will be determined by Tuesday afternoon or Wendesday morning. Usually
the yield is higher for lower rating bonds. A2 rating is good enough for
muni bond and MTA can alwayse raise fare if they are short of money to pay
bond holders.
题。 |
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S*********r
发帖数: 4729 | 39 看了版上几个贴子，都说现在不是买muni bond的好时机。
我正要买最近，我的要求不高，只要不亏钱，比银行利息高就行。靠谱吗？ |
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a****1
发帖数: 385 | 40 请教关于这个muni bond，这个price和maturity date分别什么意思？是必须要hold到
2033年吗？如果提前卖掉是按照他给出的每年的价格吗？谢谢。 |
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q*******s
发帖数: 292 | 41 一个低级问题, muni bond只能买本州的才能免州税吗? 能不能买外州的? 多谢 |
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y****i
发帖数: 778 | 42 Yes, only Puerto Rico bonds are triple tax free (federal, state and city
like NYC) for all US investors. You can buy other state muni bonds which are
still federal tax free. That's why CA and NY bonds are popular than TX or
WA bonds because of higher state income tax. |
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a***n
发帖数: 328 | 43 谢谢你的答复！再接着请教两个问题。
trial.
如果准备一直持有到maturity，这个风险还存在么？
如果考虑maturity之前出售，风险是不是指价格会下跌？
对于以获取coupon为目的的中短期持有，购买时应该关注哪些指标呢？
如果能推荐并点评一两个New York State的muni bond就更好了：）
十分感谢！ |
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y****i
发帖数: 778 | 44 If you hold it to maturity, your return is fixed. Yes, the risk is that you
need to sell the bond before maturity and the market price is lower. Ask
price need to be lower than 3rd party price for buying muni bond. I don't
have any NY bond now because I am in CA. NYC mta bond usually will give you
higher yield than GO bond because the rating is A2, and more stable than
other revenue bond because mta can raise price if they have cash flow
problem. |
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f****d
发帖数: 3217 | 45 Ask
price need to be lower than 3rd party price for buying muni bond.
什么是third party price？ |
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y****i
发帖数: 778 | 46 【 以下文字转载自 Bond 俱乐部 】
发信人: yangqi (zzzzzz), 信区: Bond
标 题: Now you can sell individual muni bond online
发信站: BBS 未名空间站 (Sun May 25 20:41:20 2014, 美东)
In your portfolio, choose the bond you want to sell, click action -> sell
will have a "submit request for bid quote". No need to call Fidelity anymore.
Fidelity will email you the bid quote and you decide sell or not through the
email link.
I will sell If the bid price is within 1-2% of 3rd party price. If you need
the money in emergency like down p... 阅读全帖 |
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p********f
发帖数: 41 | 47 It's worth considering if you are in high tax rate bracket. It's even more
attractive if your state income tax rate is high and you buy the state's
muni bond funds. But it's still subject to interest rate risk. |
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l******4
发帖数: 36 | 48 多谢。一般多高的tax rate 可以考虑muni，rule of thumb? 刚开始研究债券基金，很
多概念还不太清楚。 |
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d*******u
发帖数: 186 | 49 怎么找muni bond etf/fund? 比如washington state 的。 多谢。 |
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