市场认为,华盛顿的预算案谈判很可能导致最高收入人群的所得税负担加重,以及对股票分红与其他类型投资收益的税率上升。这种变化将使收益免税的市政债券相对来说显得更有吸引力。
Investor money has been
来自资金监测机构EPFR的数据显示,今年已有508亿美元资金流入了以市政债券为主要投资对象的共同基金以及交易所交易基金(ETF),而2011年全年则净流出了181亿美元。今年以来,该领域没有一周出现过资金净流出。
flowing consistently into munis for more than a year. The buying spree intensified after the election.
摩根大通资产管理公司(JPMorgan Asset Management)税务敏感固定收益部门的主管里克·陶尔米纳(Rick Taormina)表示:“目前美国地方政府的债券发行速度放缓,此时资金涌入该市场将进一步推高市政债券价格。
Washington’s budget negotiations are considered likely to lead to higher income taxes for top earners and increased taxes on dividends and other investments, an outcome that will make tax-exempt munis relatively more attractive to own.
他指出:“在投资者眼中,市政债券的技术层面因素与税收优惠似乎已经超越并抵消了信用状况的影响。
By EPFR data, $50.8bn has flowed into mutual funds and exchange traded funds that specialise in municipal debt this year, compared with an outflow of $18.1bn in 2011. There has been no week this year in which the sector showed a net outflow.
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