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I noticed some Atlantic City bonds you are offering, but I'm not interested in any bonds connected with New Jersey shore communities. Please keep me posted with other offerings.- R.C., New Jersey
In light of Hurricane Sandy, we understand your thoughts regarding bonds issued by cities on the New Jersey shore, but it is precisely why we are recommending the bonds to our New Jersey clients. As municipal bond specialists, we are often able to identify bond offerings that may be out of favor for reasons that may not affect their ability to pay.
Because of Hurricane Sandy, there are some terrific opportunities to acquire high quality tax-free bonds at depressed prices. The Atlantic City general obligation bonds you refer to enjoy an "A-" (S&P) rating on their own merit, and are insured by AGM for principal and interest, making them "AA-" (S&P).
I own Puerto Rico bonds and they are down. Should I continue to hold them for the long run or trade them for, say, Connecticut bonds? What are their chances of default?- L.S., Connecticut
Because there are a multitude of issuing entities in Puerto Rico with varying degrees of credit quality, we cannot offer an opinion without being aware of your specific holdings.
In general, we are not anticipating an imminent default on any Puerto Rico municipals.
What are your thoughts on rates going up and the impact on long munis?- J.C., California
With the backdrop of a sluggish economy and persistently high unemployment, we don't foresee the threat of inflation any time in the near future.
If there is no inflation problem, there should be no significant upward movement of interest rates.
This report is produced solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. This report is based on information obtained from sources believed to be reliable but no independent verification has been made, nor is its accuracy or completeness guaranteed.