Municipal Bond Market Summary – Week Ending 8/22/25
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Municipal Bond Market Summary: Week Ending 8/22/25
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 8/15/25-8/22/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | PENNSYLVANIA ST HGR E | 3.000% | 08/15/47 | 4.57% | 73.97 | 70.74 | 5 |
| 2 | UPPER TRINITY REGL | 3.000% | 08/01/39 | 3.11% | 82.74 | 80.24 | 2 |
| 3 | LOWER PAXTON TWP | 5.000% | 04/01/43 | 3.01% | 105.48 | 102.40 | 3 |
| 4 | BROMLEY PARK MET#3 | 4.000% | 12/01/44 | 2.78% | 92.50 | 90.00 | 8 |
| 5 | UPPER SANTA CLARA-A | 3.875% | 08/01/48 | 2.65% | 77.69 | 75.68 | 2 |
| 6 | VA HSG DEV-C | 3.250% | 07/01/39 | 2.39% | 84.66 | 82.69 | 2 |
| 7 | MO DEV FIN BD-A-REF | 3.000% | 04/01/38 | 2.24% | 85.50 | 83.63 | 2 |
| 8 | OREGON HSG & CMNTY-A | 3.700% | 01/01/42 | 2.15% | 88.80 | 86.93 | 2 |
| 9 | TINLEY PK | 4.000% | 12/01/42 | 2.09% | 92.25 | 90.37 | 2 |
| 10 | LONG BEACH USD-REF | 3.000% | 08/01/32 | 1.78% | 99.40 | 97.66 | 2 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 8/15/25-8/22/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | NY NYCMFH 3.55 11/01/2044 | 3.550% | 11/01/44 | -3.70% | 90.53 | 94.00 | 7 |
| 2 | TX WRDRUTL 3.75 09/01/2036 | 3.750% | 09/01/36 | -3.30% | 92.47 | 95.63 | 2 |
| 3 | MD HOW 4.00 08/15/2043 | 4.000% | 08/15/43 | -3.07% | 94.41 | 97.40 | 3 |
| 4 | TX LUBPWR 4.00 04/15/2046 | 4.000% | 04/15/46 | -3.00% | 85.72 | 88.36 | 2 |
| 5 | IL ILSTRN 6.18 01/01/2034 | 6.184% | 01/01/34 | -2.92% | 103.22 | 106.32 | 4 |
| 6 | CA FOUSCD 3.38 08/01/2039 | 3.375% | 08/01/39 | -2.65% | 90.86 | 93.33 | 10 |
| 7 | MD CEC 4.50 08/01/2048 | 4.500% | 08/01/48 | -2.56% | 94.55 | 97.03 | 2 |
| 8 | TX KAUUTL 3.75 03/01/2039 | 3.750% | 03/01/39 | -2.52% | 87.82 | 90.09 | 2 |
| 9 | CA HMSSCD 0.00 08/01/2034 | 0.000% | 08/01/34 | -2.50% | 73.76 | 75.65 | 8 |
| 10 | CO COSMED 4.00 11/15/2050 | 4.000% | 11/15/50 | -2.23% | 83.88 | 85.79 | 3 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 8/15/25-8/22/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | VT | -13 bps | 3.97% | 4.11% |
| 2 | WY | -12 bps | 4.01% | 4.13% |
| 3 | ND | -9 bps | 4.02% | 4.11% |
| 4 | LA | -6 bps | 4.13% | 4.19% |
| 5 | VA | -6 bps | 3.93% | 3.98% |
| 6 | OH | -5 bps | 4.03% | 4.08% |
| 7 | OR | -5 bps | 4.05% | 4.09% |
| 8 | NC | -4 bps | 3.88% | 3.92% |
| 9 | IN | -4 bps | 4.05% | 4.09% |
| 10 | MS | -4 bps | 4.23% | 4.27% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 8/15/25-8/22/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | ID | 14 bps | 4.19% | 4.06% |
| 2 | SD | 13 bps | 4.31% | 4.17% |
| 3 | RI | 12 bps | 4.17% | 4.05% |
| 4 | TN | 11 bps | 4.08% | 3.98% |
| 5 | AK | 8 bps | 3.96% | 3.87% |
| 6 | NM | 6 bps | 3.91% | 3.85% |
| 7 | WI | 6 bps | 3.97% | 3.91% |
| 8 | TX | 5 bps | 4.22% | 4.17% |
| 9 | AR | 5 bps | 4.11% | 4.06% |
| 10 | NH | 5 bps | 4.05% | 3.99% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 8/15/25-8/22/25 (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 8/15/25-8/22/25 (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 8/15/25-8/22/25 (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 8/15/25-8/22/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 8/15/25 vs. the week ending 8/22/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | SOUTH CAROLINA ST PUB | 5.000% | 12/01/51 | 35 | 145 | 110 | 314% |
| 2 | NY ST TWY AUTH-A | 5.000% | 03/15/44 | 46 | 128 | 82 | 178% |
| 3 | TERRELL ISD | 5.250% | 08/01/55 | 64 | 145 | 81 | 127% |
| 4 | PA HSG FIN AGY-149A | 5.150% | 10/01/50 | 35 | 112 | 77 | 220% |
| 5 | SHAKER HEIGHTS CSD | 5.250% | 12/15/59 | 14 | 91 | 77 | 550% |
| 6 | CA UNIV REGENTS-CC | 5.250% | 05/15/55 | 67 | 143 | 76 | 113% |
| 7 | LOS ANGELES -SER A | 5.000% | 07/01/48 | 1 | 74 | 73 | 7300% |
| 8 | MET WASHINGTON DC ARP | 5.000% | 10/01/46 | 22 | 89 | 67 | 305% |
| 9 | ILLINOIS ST FIN AUTH | 4.000% | 07/01/39 | 36 | 102 | 66 | 183% |
| 10 | CLEVELAND-UNREFUNDED | 2.000% | 12/01/37 | 19 | 82 | 63 | 332% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 8/15/25-8/22/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | SAN FRANCISCO PUB-D | 5.000% | 11/01/55 | 61 |
| 2 | NY ST TWY AUTH-A | 5.000% | 03/15/49 | 52 |
| 3 | WA MET AREA TRANSIT-A | 5.000% | 07/15/60 | 52 |
| 4 | GLENDALE | 5.000% | 02/01/52 | 50 |
| 5 | MA ST BAY AUTH-SER B | 4.750% | 07/01/55 | 50 |
| 6 | MA ST BAY AUTH-SER B | 5.250% | 07/01/55 | 50 |
| 7 | CA ST UNIV-A-REF | 5.250% | 11/01/50 | 48 |
| 8 | MARYLAND HLTH HGR-REF | 5.000% | 07/01/55 | 47 |
| 9 | CA ST UNIV-A-REF | 5.000% | 11/01/42 | 47 |
| 10 | WALLER ISD | 5.250% | 02/15/56 | 46 |
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