Thornburg is pleased to announce the addition of John Bonnell, CFA, as portfolio manager and managing director on Thornburg’s municipal bond team.
Thornburg Portfolio Managers David Ashley and Eve Lando spoke with the Wall Street Transcript about Thornburg's approach to the muni market. This in depth Q&A focuses on the Thornburg Limited Term Municipal and Strategic Municipal Funds.
Since the dizzying spring spikes in municipal market bond yields, the Federal Reserve's stimulus programs have fueled a rebound in muni market prices to all-time highs and yields back to historic lows. Despite the Fed's lifelines, muni market fundamentals remain challenged and price risk high.
Everyone is still talking about Puerto Rico bonds! Dave Ashley Wall Street Journal telling the reporter "The market has a very short memory" and "You still have fundamental or structural issues that need to be addressed."
David Ashley shared his view about the ongoing saga affecting Puerto Rico's debt. He's taking a wait and see approach: "This is a near-term headline - we don't know how it's going to play out over the next one, two or five years," he said. "You've made the sales tax folks fairly happy, you still haven't addressed the other part of the debt waterfall."