John Cummings, Portfolio Manager
David Blair, Credit Analyst and Portfolio Manager
Bob Fields, Product Manager |
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Municipal Bond Strategy
The continuing financial crisis has had dramatic consequences for the municipal bond market. In the following interview, John Cummings, executive vice president, portfolio manager and head of the municipal bond desk; David Blair, senior vice president, credit analyst / portfolio manager and head of municipal bond research; and Bob Fields, senior vice president and product manager for municipal bond strategies, discuss recent developments in the municipal bond market. Muni investing has taken a fundamental turn back to a credit-driven model while liquidity in the market has decreased sharply. Although PIMCO has a guardedly optimistic market outlook (including potential effects of federal stimulus programs), there are still challenges that face municipal bond issuers despite their historically low default rate.....
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