Municipals
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Municipal Bond Market Summary:
Week Ending 9/12/25
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 9/5/25-9/12/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | FORT BEND CO MMD#1 | 3.500% | 09/01/49 | 11.98% | 86.13 | 76.91 | 10 |
| 2 | HARRIS CO MUD #55 | 3.000% | 02/01/42 | 11.42% | 87.25 | 78.31 | 11 |
| 3 | WI HLTH & EDU FAC-REF | 4.000% | 08/15/47 | 11.13% | 97.83 | 88.03 | 12 |
| 4 | N FORT BEND TX WTR AU | 4.000% | 12/15/58 | 9.70% | 87.94 | 80.17 | 5 |
| 5 | MICHIGAN FIN AUTH-REV | 4.375% | 02/28/54 | 8.95% | 98.00 | 89.95 | 12 |
| 6 | NEW YORK ST THRUWAY-A | 4.000% | 03/15/57 | 8.90% | 90.37 | 82.98 | 19 |
| 7 | INDIANA ST FIN AUTH R | 3.630% | 03/01/39 | 8.51% | 88.24 | 81.32 | 5 |
| 8 | MELISSA ISD | 4.000% | 02/01/49 | 8.39% | 96.31 | 88.86 | 9 |
| 9 | INDEPENDENT CITIES-A | 3.000% | 09/15/36 | 8.35% | 97.89 | 90.35 | 12 |
| 10 | ARLINGTON HGR EDU FIN | 4.000% | 02/15/54 | 8.33% | 92.02 | 84.94 | 14 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 9/5/25-9/12/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | AZ TUCSFH 6.00 07/01/2055 | 6.000% | 07/01/55 | -6.77% | 111.25 | 119.33 | 9 |
| 2 | CA SEBSCD 5.00 08/01/2053 | 5.000% | 08/01/53 | -1.47% | 105.27 | 106.84 | 7 |
| 3 | NY NYCHSG 3.95 11/01/2036 | 3.950% | 11/01/36 | -1.09% | 99.78 | 100.89 | 2 |
| 4 | IN INSFIN 3.43 09/15/2032 | 3.426% | 09/15/32 | -1.01% | 89.62 | 90.53 | 2 |
| 5 | OK OKSWTR 3.38 10/01/2033 | 3.375% | 10/01/33 | -0.76% | 99.81 | 100.57 | 2 |
| 6 | PA FRZSCD 3.25 04/01/2032 | 3.250% | 04/01/32 | -0.69% | 99.87 | 100.56 | 2 |
| 7 | WA PTV 4.69 12/01/2047 | 4.693% | 12/01/47 | -0.64% | 88.53 | 89.11 | 2 |
| 8 | MI WATSCD 3.00 05/01/2031 | 3.000% | 05/01/31 | -0.60% | 99.85 | 100.45 | 2 |
| 9 | CO ARASCD 5.00 12/01/2042 | 5.000% | 12/01/42 | -0.58% | 100.85 | 101.44 | 4 |
| 10 | AL BIRFAC 3.38 07/01/2030 | 3.375% | 07/01/30 | -0.53% | 99.60 | 100.13 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 9/5/25-9/12/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
| 1 | VT | -61 bps | 3.35% | 3.96% |
| 2 | DC | -35 bps | 3.86% | 4.21% |
| 3 | NE | -31 bps | 3.59% | 3.90% |
| 4 | IL | -31 bps | 3.81% | 4.11% |
| 5 | WA | -31 bps | 3.74% | 4.05% |
| 6 | ME | -31 bps | 3.50% | 3.81% |
| 7 | NC | -31 bps | 3.63% | 3.93% |
| 8 | MT | -30 bps | 3.87% | 4.16% |
| 9 | IN | -30 bps | 3.72% | 4.02% |
| 10 | SD | -29 bps | 3.67% | 3.97% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 9/5/25-9/12/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
| 1 | WY | 10 bps | 3.82% | 3.72% |
| 2 | NH | 0 bps | 3.97% | 3.98% |
| 3 | LA | -8 bps | 3.99% | 4.07% |
| 4 | GA | -9 bps | 3.99% | 4.07% |
| 5 | WV | -10 bps | 4.03% | 4.13% |
| 6 | NV | -10 bps | 3.67% | 3.77% |
| 7 | WI | -14 bps | 3.65% | 3.78% |
| 8 | ND | -15 bps | 3.75% | 3.90% |
| 9 | IA | -15 bps | 3.78% | 3.93% |
| 10 | HI | -15 bps | 3.98% | 4.13% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 9/5/25-9/12/25 (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 9/5/25-9/12/25 (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 9/5/25-9/12/25 (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 9/5/25-9/12/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 9/5/25 vs. the week ending 9/12/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | SAN ANTONIO-D-REF-REV | 5.250% | 02/01/49 | 64 | 187 | 123 | 192% |
| 2 | FAIRFIELD ISD | 5.250% | 08/15/55 | 86 | 177 | 91 | 106% |
| 3 | LOS ANGELES UNIF-A-1 | 5.000% | 07/01/49 | 144 | 224 | 80 | 56% |
| 4 | MIAMI-DADE CO-A | 4.000% | 07/01/49 | 61 | 140 | 79 | 130% |
| 5 | CALIFORNIA ST HLTH FA | 4.000% | 08/15/50 | 50 | 129 | 79 | 158% |
| 6 | NYC TRANSIT FIN-F-1 | 5.000% | 02/01/48 | 113 | 189 | 76 | 67% |
| 7 | MIDLOTHIAN | 5.000% | 08/15/36 | 18 | 89 | 71 | 394% |
| 8 | MIDLOTHIAN | 5.000% | 08/15/35 | 17 | 86 | 69 | 406% |
| 9 | GRAND PRAIRIE-A | 5.000% | 02/15/37 | 27 | 94 | 67 | 248% |
| 10 | GRAND PRAIRIE-A | 5.000% | 02/15/36 | 27 | 93 | 66 | 244% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 9/5/25-9/12/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | SAN ANGELO ISD | 5.000% | 02/15/43 | 6 |
| 2 | NEW YORK ST THRUWAY-A | 4.000% | 03/15/57 | 28 |
| 3 | NJ TRANSPRTN TRUST-AA | 4.000% | 06/15/45 | 10 |
| 4 | ARLINGTON -A | 2.000% | 08/15/36 | 30 |
| 5 | HAWAII ST-B | 5.000% | 07/01/49 | 55 |
| 6 | DEKALB CO-A-REV | 5.000% | 10/01/55 | 67 |
| 7 | COLLIN & HUNT CO CMNT | 5.000% | 02/15/48 | 5 |
| 8 | AZ INDL DEV AUTH | 7.625% | 05/01/54 | 2 |
| 9 | CENTRAL ARKANSAS WTR | 2.000% | 10/01/35 | 14 |
| 10 | MA CMNWLTH-F | 5.000% | 08/01/50 | 47 |
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