Municipal Bond Risk Based on NAV Discount
Taking a look at the municipal bond market it appears that there is a still a lot of fear priced into these issues. Another way to look at this is to see which ETFs are carrying the largest price/NAV discount. See below.
1) -14.82% Seligman Select (SEL) - largest holdings in AL, CA, NY, NJ, AK
2) -14.67 MBIA/Claymore Managed Duration Investment Grade (MZF) - largest holdings in CA, MO, CO
3) -14.16 Blackrock Florida Insured (MFL)
4) -14.05 Delaware Investments Arizona (VAZ)
5) -13.98 DTF Tax Free Income (DTF) - utilities/public works
6) -13.97 Nuveen New York (NUN) - 100% AAA
7) -13.93 Putnam Municipal Opportunities (PMO) - 20% hospitals
-13.78 Nuveen Florida Investment Quality (NQF) - 80% AAA
9) -13.69 Eaton Vance Michigan - 54% AAA
10) -13.67 Nuveen Florida Quality Income (NUF) - 75% AAA