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Wrong Peter DeGroot?

Mr. Peter J. DeGroot

Head of Municipal Research

JPMorgan Chase & Co.

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JPMorgan Chase & Co.

Background Information

Employment History

Managing Director

J.P. Morgan & Co.

Managing Director

Barclays Capital Inc

Municipal Bond Strategist

Lehman Brothers Inc.

Senior Vice President

Municipal Index

Web References (53 Total References)


Miller Tabak Asset Management, LLC - In The News

www.millertabakam.com [cached]

"The low default rate and fiscally responsible behavior on the part of state and local governments support the strong potential for municipal outperformance" as the supply of new bonds diminishes later this year, Peter DeGroot, a strategist at JPMorgan Chase & Co., wrote in a research note yesterday.

...
Yields on 30-year debt will increase by 21 basis points while 10-year rates will rise by 38 basis points in the fourth quarter of this year, Peter DeGroot, head of municipal research at JPMorgan Chase & Co., wrote in a Sept. 9 report. Higher issuance, along with less debt maturing in October and November than in earlier months, may have an effect on the market.
"Supply may begin to weigh on the market in October, given the current and expected uptick in refundings, with average weekly volume in the $6 billion to $7 billion bond range, as reinvestment capital declines and low yields persist," DeGroot said.
The total from bondholders reinvesting proceeds of matured securities is expected to decrease to $55 billion in October and November from $61 billion in the previous two months, DeGroot said in an e-mail.


Miller Tabak Asset Management, LLC - In The News

www.millertabakcap.com [cached]

"The low default rate and fiscally responsible behavior on the part of state and local governments support the strong potential for municipal outperformance" as the supply of new bonds diminishes later this year, Peter DeGroot, a strategist at JPMorgan Chase & Co., wrote in a research note yesterday.

...
Yields on 30-year debt will increase by 21 basis points while 10-year rates will rise by 38 basis points in the fourth quarter of this year, Peter DeGroot, head of municipal research at JPMorgan Chase & Co., wrote in a Sept. 9 report. Higher issuance, along with less debt maturing in October and November than in earlier months, may have an effect on the market.
"Supply may begin to weigh on the market in October, given the current and expected uptick in refundings, with average weekly volume in the $6 billion to $7 billion bond range, as reinvestment capital declines and low yields persist," DeGroot said.
The total from bondholders reinvesting proceeds of matured securities is expected to decrease to $55 billion in October and November from $61 billion in the previous two months, DeGroot said in an e-mail.


The net negative supply in 2015 ...

www.telegram.com [cached]

The net negative supply in 2015 has really come to roost as we close out the year, said Peter DeGroot, a strategist at JPMorgan Chase & Co. Next year is still a highly supportive environment for municipal securities in terms of relative performance to taxable fixed-income counterparts. Individuals own the majority of the $3.7 trillion municipal market either through specific bonds or mutual funds. They usually invest in the bonds as part of a strategy to cut their tax burden, meaning theyre likely to reinvest their debt payments back into the asset class. The negative issuance figure is even larger when assuming individuals put all that cash back into munis, DeGroot said.

...
Without accounting for coupon reinvestment, net supply will be $50 billion in 2016, according to DeGroot at JPMorgan.


Some banks may have bought on ...

www.bloomberg.com [cached]

Some banks may have bought on the assumption the bonds would satisfy liquidity rules, Peter DeGroot, a strategist at JPMorgan in New York, said in an Oct. 25 report.

...
"The rule raises the yield at which this important group of counter-cyclical buyers would provide liquidity," DeGroot said in his report. "General-obligation bond spreads may experience some pressure over the near term as these assets may have been positioned with the assumption that they would be included" among eligible assets, he said.


Peter DeGroot at JPMorgan ...

www.bloomberg.com [cached]

Peter DeGroot at JPMorgan Chase & Co. says the yield spread has "further room to tighten" amid declining unemployment and climbing home sales.

...
"Given the significant improvements in housing and unemployment, we think there is room for Florida spreads to tighten," DeGroot, head of muni research at New York-based JPMorgan, wrote in a June 8 research report.
The fiscal 2012-2013 budget for the state of 18.8 million people bridges a deficit in part by cutting spending 4 percent, according to the report.
50 Percent
For 10-year general obligations of the state, the spread has narrowed by about 50 percent since mid-2009 to about 0.35 percentage point, DeGroot said in an e-mail.

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