R. B. Davidson III

R. B. Davidson III

Director—Municipal Bond Management

24 Years at AB
33 Years of experience

R. B. Davidson III joined the firm as Director of Municipal Bonds in 1992. He is Chairman of the Tax-Exempt Fixed Income Investment Policy Group and a member of the Taxable Fixed Income Investment Policy Group. Davidson also serves on the partnership committee at AB. Before joining the firm, he was vice president and head of municipal strategies at J.P. Morgan Securities and an associate economist at Lehman Brothers. He is the author of “The Value of Tax Management for Bond Portfolios,” published in The Journal of Private Portfolio Management, Spring 1999; “Maximizing Expected After-Tax Returns,” published by Probus in 1994 in the Handbook of Municipal Bonds; and “Analyzing Quality Spreads,” published in The Municipal Finance Journal in 1991. Davidson was named to the Institutional Investor‘s All-America Research Team in 1992. He earned a BA with honors from Wesleyan University and an MBA from the New York University Stern School of Business. Location: New York

The Flexible Municipal Mandate: Be Like Bamboo
Five Ways to Keep Your Muni Portfolio Safe
After Trump Win, Muni Investors Rack Up Losses

After Trump Win, Muni Investors Rack Up Losses

by Guy Davidson

How to distill the market reaction to the Republican sweep? Maybe this: investors expect huge infrastructure spending, less regulation and much lower tax rates to mean big fiscal stimulus. It registered in a rally for equities and a sell-off in the bond markets, especially municipals, where tax rates matter—a lot.

Fixed Income


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Municipals: Safe Port in a Storm
Puerto Rico: Can Congress Provide Relief?
Puerto Rico Bonds: Restructure Needed
Muni Investors Want Liquidity Plus Diversity
Puerto Rico Bonds: Put Your Money Elsewhere

Municipals: A Glimpse of What’s to Come?

by Guy Davidson

Federal Reserve Chairman Bernanke reiterated today that a healthier economy would prompt the Fed to end its unprecedented bond-buying program, which has kept yields artificially low. Speculation on this question over the last several weeks has caused a sharp bond sell-off and rising yields. But we don’t see this as the start of a rout for most municipal bonds.

Fixed Income


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A Municipal Bond Cliffhanger

by Guy Davidson

Municipal bonds are popular because the interest they pay is exempt from federal taxation. But in its search for solutions to the fiscal cliff, the US federal government is looking under every rock for more revenue sources. This could put muni bonds’ tax-exempt status at risk.

Fixed Income


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