S*********r
发帖数: 4729 | 1 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？ |
y****i
发帖数: 778 | 2 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
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
02/01/2014 33.072
08/01/2014 34.041
02/01/2015 35.038
08/01/2015 36.065
02/01/2016 37.121
08/01/2016 38.209
02/01/2017 39.329
08/01/2017 40.481
02/01/2018 41.667
08/01/2018 42.888
02/01/2019 44.145
08/01/2019 45.438
02/01/2020 46.769
08/01/2020 48.140
02/01/2021 49.550
08/01/2021 51.002
02/01/2022 52.497
08/01/2022 54.035
02/01/2023 55.618
08/01/2023 57.248
02/01/2024 58.925
08/01/2024 60.651
02/01/2025 62.429
08/01/2025 64.258
02/01/2026 66.140
08/01/2026 68.078
02/01/2027 70.073
08/01/2027 72.126
02/01/2028 74.240
08/01/2028 76.415
02/01/2029 78.654
08/01/2029 80.958
02/01/2030 83.330
08/01/2030 85.772
02/01/2031 88.285
08/01/2031 90.872
02/01/2032 93.535
08/01/2032 96.275
02/01/2033 99.096
08/01/2033 102.000
【在 S*********r 的大作中提到】
: 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？
|
a****1
发帖数: 385 | 3 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。 |
y****i
发帖数: 778 | 4 This is call date and call price, the issuer has the right but not liability
to redeem the bond at that price. If you want to sell the bond before 2033
maturity, you need to call the broker such as Fidelity to get a bid quote
first. If the issuer does call back this bond, they will buy back with the
call price at the call date. You do not need to do anything in this
situation.
【在 a****1 的大作中提到】
: 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。
|
a****1
发帖数: 385 | 5 哦，也就是说issuer有权利随时按照call price在某一个call date收回我们买的bond？
那怎么按照这些参数决定一个bond是否值得买呢？
liability
2033
【在 y****i 的大作中提到】
: This is call date and call price, the issuer has the right but not liability
: to redeem the bond at that price. If you want to sell the bond before 2033
: maturity, you need to call the broker such as Fidelity to get a bid quote
: first. If the issuer does call back this bond, they will buy back with the
: call price at the call date. You do not need to do anything in this
: situation.
|
y****i
发帖数: 778 | 6 Like I said in previous post, the ask price plus transaction fee (1$ for
1000$ face value for Fidelity) need to be lower than the call price. If the
issuer does call back, you always have capital gain instead of capital loss.
For example, I bought 45202XAH1 at $99.73 at 6/19/12, it's called back at
2/21/2013. With the call price $100, I have $27 capital gain for the $10000
face value bond plus 4.3% tax free interest for less than one year holding.
bond？
【在 a****1 的大作中提到】
: 哦，也就是说issuer有权利随时按照call price在某一个call date收回我们买的bond？
: 那怎么按照这些参数决定一个bond是否值得买呢？
:
: liability
: 2033
|
q*******s
发帖数: 292 | 7 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 |
y****i
发帖数: 778 | 8 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.
【在 q*******s 的大作中提到】
: 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
|
a***n
发帖数: 328 | 9 能点评一下下面两个么？
74514LXH5
64971PFH3
多谢！
08/
【在 y****i 的大作中提到】
: 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
: following call price, it is a good example for muni bond with high yield.
: Call Date Call Price
: 08/01/2012 30.327
|
y****i
发帖数: 778 | 10 1st is a PR bond which facing downgrade to junk bond risk, I will wait until
May or June after new issue PR bond set up the benchmark for the old bond.
2nd is the Yankee Stadium revenue bond which has 33 year to maturity, the
term is too long for me because the interest risk is too high. If you have
the speculation that bond yield will go lower, then you can give it a trial.
Otherwise I recommend look for a bond with 12-24 year maturity.
【在 a***n 的大作中提到】
: 能点评一下下面两个么？
: 74514LXH5
: 64971PFH3
: 多谢！
:
: 08/
|
|
|
a***n
发帖数: 328 | 11 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！ |
y****i
发帖数: 778 | 12 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.
【在 a***n 的大作中提到】
: 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！
|
a***n
发帖数: 328 | |
x****g
发帖数: 51 | 14
until
trial.
看好棒球的话可以买第二个棒子
棒球场发行棒子，有趣
【在 y****i 的大作中提到】
: 1st is a PR bond which facing downgrade to junk bond risk, I will wait until
: May or June after new issue PR bond set up the benchmark for the old bond.
: 2nd is the Yankee Stadium revenue bond which has 33 year to maturity, the
: term is too long for me because the interest risk is too high. If you have
: the speculation that bond yield will go lower, then you can give it a trial.
: Otherwise I recommend look for a bond with 12-24 year maturity.
|
f****d
发帖数: 3217 | 15 Ask
price need to be lower than 3rd party price for buying muni bond.
什么是third party price？ |
y****i
发帖数: 778 | 16 From Fidelity:
Third Party Price: depicts a security's price formulated from a 3rd party
vendor's proprietary pricing methodology. To establish this modeled price, a
host of factors such as recent trade activity, size, timing, and yields of
comparable bonds are used. In the case of a comparable bond comparison, the
vendor assigns a "fair market" yield to the security, then extrapolates a
representative price based on the fair market yield assigned. In many cases,
this modeled price provides price discovery and transparency for bonds that
may not have traded for days, months or even years. Understandably, in
scenarios where a security hasn't traded recently, attempting to accurately
predict the "market price" can be a challenging endeavor. Nevertheless, the
vendor prices bonds on a daily basis. Please Note: Given the nature of the
modeled pricing provided, it is not accurate to characterize such pricing as
a "closing price" or to suggest that the price was based on specific recent
(prior day's end of day) trading activity.
【在 f****d 的大作中提到】
: Ask
: price need to be lower than 3rd party price for buying muni bond.
: 什么是third party price？
|
