Municipals

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Municipal Bond Market Summary:
Week Ending 11/17/23

Our newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.

Top 10 Performers

Showcases the top 10 Muni Bond performers based on price movements between 11/10/23-11/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 UT TELECOM OPEN INFR 4.375% 06/01/40 8.45% 98.95 91.23 4
2 HIDALGO CNTY TX-A 4.000% 08/15/43 8.30% 92.69 85.59 8
3 PORT AUTH OF NEW YORK 4.000% 07/15/38 8.30% 98.88 91.31 6
4 PINE BLUFF SD #3 -A 4.250% 02/01/44 8.17% 96.19 88.92 4
5 CALIFORNIA ST 4.000% 10/01/44 8.06% 97.68 90.39 4
6 LAS VEGAS VLY WTR DT- 4.000% 06/01/51 7.80% 90.04 83.53 7
7 HUDSON YARDS INFRA-A 4.000% 02/15/44 7.76% 95.08 88.23 5
8 FULTON CNTY GA DEV AU 4.000% 07/01/36 7.74% 97.68 90.67 4
9 INDEP CITIES FIN AUTH 3.000% 05/15/56 7.34% 67.24 62.64 5
10 JACKSON CO-A-REV 4.375% 12/01/58 7.19% 93.02 86.78 3

Bottom 10 Performers

Showcases the bottom 10 Muni Bond performers based on price movements between 11/10/23-11/17/23

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W DEALERS
1 NY NYSHGR 1.95 03/15/2029 1.952% 03/15/29 -6.71% 78.65 84.31 6
2 TX CLCUTL 3.00 03/01/2032 3.000% 03/01/32 -5.85% 86.61 91.99 3
3 WA UWAHGR 3.13 07/01/2042 3.125% 07/01/42 -4.17% 77.32 80.69 5
4 CA SOLWTR 4.00 08/01/2051 4.000% 08/01/51 -3.94% 89.13 92.78 2
5 TX NHPFAC 7.00 01/01/2057 7.000% 01/01/57 -3.59% 60.07 62.31 4
6 TX HARUTL 3.63 09/01/2031 3.625% 09/01/31 -3.40% 93.25 96.53 2
7 HI HISGEN 3.25 01/01/2025 3.250% 01/01/25 -2.88% 68.01 70.03 3
8 TX HBRUTL 4.00 09/01/2044 4.000% 09/01/44 -2.80% 75.94 78.13 2
9 MA ROW 2.00 05/01/2038 2.000% 05/01/38 -2.75% 71.04 73.05 2
10 PA AVWSCD 4.00 03/15/2032 4.000% 03/15/32 -2.73% 97.27 100.00 2

Top 10 State Performers

Showcases the top 10 Muni State performers based on yield movements between 11/10/23-11/17/23

RANK STATE CHANGE YLD YLD-1W
1 AZ -36 bps 3.66% 4.02%
2 TN -36 bps 4.06% 4.42%
3 NC -29 bps 3.96% 4.25%
4 ME -28 bps 3.67% 3.95%
5 KS -27 bps 3.90% 4.17%
6 NJ -26 bps 4.27% 4.53%
7 UT -26 bps 3.88% 4.14%
8 AL -25 bps 3.98% 4.23%
9 IA -24 bps 4.31% 4.55%
10 IL -23 bps 4.36% 4.59%

Bottom 10 State Performers

Showcases the bottom 10 Muni State performers based on yield movements between 11/10/23-11/17/23

RANK STATE CHANGE YLD YLD-1W
1 MS 16 bps 4.34% 4.18%
2 NE 11 bps 4.25% 4.15%
3 AK 8 bps 4.15% 4.08%
4 FL 5 bps 4.25% 4.20%
5 OR 4 bps 4.25% 4.21%
6 DC 4 bps 4.12% 4.09%
7 NH 2 bps 3.90% 3.87%
8 HI 0 bps 4.42% 4.42%
9 NM -1 bps 3.53% 3.54%
10 SC -2 bps 4.15% 4.17%

10 Year Yield by State – All

Displays the average Muni 10 year yield by state between 11/10/23-11/17/23 (General Obligation and Revenue Bonds)

Results are based on 5 select states, however, we offer data across all 50 states and U.S. territories

10 Year Yield by State – GO Only

Displays the average Muni 10 year yield by state between 11/10/23-11/17/23 (General Obligation Bonds only)

Results are based on 5 select states, however, we offer data across all 50 states and U.S. territories

10 Year Yield by State – Rev Only

Displays the average Muni 10 year yield by state between 11/10/23-11/17/23 (Revenue Bonds only)

Results are based on 5 select states, however, we offer data across all 50 states and U.S. territories

Sentiment

Reveals the percent of Muni bonds increasing in price (advancers) vs. decreasing in price (decliners) between 11/10/23-11/17/23

Top Quote Volume Movers: This Week vs Last Week

Exhibits the Munis with the largest increase in quote volume for the week ending 11/10/23 vs. the week ending 11/17/23

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 MET TRANS AUTH-A-1 4.000% 11/15/44 6 72 66 1100%
2 TRIBOROUGH BRIDGE-A 4.000% 05/15/41 34 95 61 179%
3 ALAMO REGL MOBILITY 4.000% 06/15/47 8 68 60 750%
4 WHITE SETTLEMENT ISD 4.000% 08/15/52 10 70 60 600%
5 MECKLENBURG CO 5.000% 09/01/26 25 85 60 240%
6 S SAN FRANCISCO USD 4.000% 09/01/48 43 100 57 133%
7 MINNESOTA ST -A 5.000% 08/01/40 38 95 57 150%
8 UNIV OF ARKANSAS AR-A 5.000% 12/01/45 26 83 57 219%
9 EMPIRE ST DEV-A 5.000% 03/15/53 46 100 54 117%
10 NEW YORK CITY NY TRAN 5.000% 08/01/41 17 70 53 312%

Most Quoted Munis

Ranks the Munis that were quoted by the highest number of dealers between 11/10/23 – 11/17/23

RANK TRANCHE COUPON MATURITY DEALERS
1 MASSACHUSETTS CMNWLTH 5.000% 06/01/50 42
2 NYC MUNI WTR FIN-CC-1 5.000% 06/15/52 39
3 NEW YORK ST DORM AUTH 5.000% 07/01/39 37
4 SALT RIVER 5.000% 01/01/47 35
5 CALIFORNIA ST 5.000% 10/01/42 34
6 UNIV CONNECTICUT-A 5.500% 11/15/53 33
7 TRIBOROUGH BRIDGE-B-1 5.000% 05/15/56 33
8 SAN DIEGO ARPT-SER B 5.000% 07/01/48 32
9 NEW YORK CITY NY MUNI 5.000% 06/15/47 32
10 BUCKEYE OH TOBACCO-B2 5.000% 06/01/55 32

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    Some Investors Are Still Paying High Prices for Munis – Originally published in The Wall Street Journal

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    AI And The Municipal Bond Market: Solving The Pricing Problem – Originally published in Forbes

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