Bryan Taylor, Chief Economist, Finaeon
Global Financial Data has extended the histories for its corporate and muni bond indices. This includes not only the series covering the yields on corporate and municipal bonds, but the total return series and price series for each as well. Previously, GFD had data back to 1857 for its corporate and municipal bonds. This research has enabled the municipal bond index to begin in 1789 and the corporate bond index to begin in 1815. Yields on corporate bonds from 1815 to 2017 are illustrated below.
The municipal bond index was pushed back using data from Massachusetts notes from 1789 to 1815 and New York State bonds from then until 1856. The corporate bonds were extended back primarily by using bonds issued by the larger canal and railroad companies. This included the Chesapeake and Delaware Canal, the Baltimore and Ohio Railroad (the B&O to Monopoly fans), and the Philadelphia, Wilmington and Baltimore Railroad. The muni bond yields. can be found in the file MOMUNIW and the corporate bond yields in the file MOCAAAD. Yields on municipal bonds from 1789 to 2017 are illustrated below. Using these yields, both the total return and price indices for corporate bonds and municipal bonds were extended back 40 years and 65 years respectively. Subscribers to the GFDatabase can access any of these files. To get more information on these indices, call today to speak to one of our sales representatives at 877-DATA-999 or 949-542-4200.
