Muni bonds saw a healthy dose of volatility in the first quarter due to new bond issuance, but overall the market remains a bargain versus Treasurys, said Craig Brandon, portfolio manager for the Eaton Vance National Municipal Income Fund. Brandon added that munis are yielding more than 100% of Treasurys both on the 10 and 30 year parts of the curve which historically has been pretty cheap. He said he is light on high-yielding Puerto Rico bonds and expects volatility in those bonds as the government deals with some very big issues. Finally, Brandon said Chicago and Illinois bonds will become attractive once they deal with their pension issues and Rahm Emanuel’s reelection is a good first step.
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