Municipals
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Municipal Bond Market Summary:
Week Ending 9/26/25
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 9/19/25-9/26/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | NYC TRANSITIONAL | 4.000% | 05/01/53 | 9.67% | 92.25 | 84.11 | 4 |
| 2 | MIAMI-DADE CNTY WTR-A | 4.125% | 10/01/50 | 9.64% | 94.38 | 86.08 | 4 |
| 3 | RD 17 LEVEE AREA | 4.000% | 09/01/40 | 9.31% | 94.75 | 86.68 | 2 |
| 4 | IRVINE SPL TAX | 4.000% | 09/01/58 | 9.01% | 91.48 | 83.92 | 2 |
| 5 | UPPER DARBY SD-A | 4.000% | 04/01/51 | 8.61% | 91.91 | 84.63 | 2 |
| 6 | MD CMNTY DEV ADMIN-B | 4.500% | 07/01/57 | 8.44% | 97.44 | 89.86 | 3 |
| 7 | NORTHEASTERN YORK-A | 3.000% | 03/01/44 | 8.36% | 80.51 | 74.30 | 2 |
| 8 | SAN LEANDRO USD-D | 4.000% | 08/01/48 | 8.26% | 96.36 | 89.01 | 4 |
| 9 | NASSAU CO -A | 4.000% | 04/01/48 | 8.11% | 95.45 | 88.29 | 2 |
| 10 | MADISON BOE | 4.500% | 02/01/48 | 7.56% | 99.67 | 92.67 | 3 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 9/19/25-9/26/25
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PRC | PRC-1W | DEALERS |
| 1 | MA MASWTR 2.82 08/01/2041 | 2.823% | 08/01/41 | -5.18% | 78.35 | 82.63 | 3 |
| 2 | TN MEMDEV 2.91 12/01/2041 | 2.907% | 12/01/41 | -5.05% | 76.91 | 81.00 | 7 |
| 3 | TX GARPWR 4.25 03/01/2055 | 4.250% | 03/01/55 | -4.46% | 94.08 | 98.47 | 23 |
| 4 | CA ALAUTL 7.05 12/01/2044 | 7.046% | 12/01/44 | -4.37% | 114.86 | 120.12 | 8 |
| 5 | AL CULEDU 2.50 03/01/2042 | 2.500% | 03/01/42 | -4.31% | 72.20 | 75.45 | 2 |
| 6 | NY NYCDEV 6.03 01/01/2046 | 6.027% | 01/01/46 | -4.21% | 97.44 | 101.73 | 20 |
| 7 | AR ARSHGR 2.00 05/01/2039 | 2.000% | 05/01/39 | -3.91% | 74.18 | 77.20 | 2 |
| 8 | TX KFMWTR 3.38 03/01/2041 | 3.375% | 03/01/41 | -3.84% | 84.11 | 87.47 | 2 |
| 9 | TX LMQ 3.00 12/01/2041 | 3.000% | 12/01/41 | -3.70% | 78.35 | 81.37 | 3 |
| 10 | TX TX RVPUTL 4 09/01/2031 2.75 09/01/2042 | 2.750% | 09/01/42 | -3.66% | 75.14 | 77.99 | 3 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 9/19/25-9/26/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
| 1 | HI | -3 bps | 3.91% | 3.94% |
| 2 | IA | -2 bps | 3.71% | 3.72% |
| 3 | DE | 0 bps | 3.48% | 3.49% |
| 4 | NM | 0 bps | 3.63% | 3.63% |
| 5 | MI | 0 bps | 3.72% | 3.72% |
| 6 | WA | 1 bps | 3.70% | 3.69% |
| 7 | RI | 1 bps | 3.83% | 3.82% |
| 8 | SD | 1 bps | 3.70% | 3.69% |
| 9 | MD | 1 bps | 3.69% | 3.68% |
| 10 | VA | 3 bps | 3.62% | 3.59% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 9/19/25-9/26/25
| RANK | STATE | CHANGE | YLD | YLD-1W |
| 1 | WY | 18 bps | 4.12% | 3.94% |
| 2 | VT | 18 bps | 3.61% | 3.43% |
| 3 | MS | 13 bps | 3.83% | 3.70% |
| 4 | WI | 12 bps | 3.74% | 3.62% |
| 5 | CT | 12 bps | 3.57% | 3.45% |
| 6 | MA | 12 bps | 3.68% | 3.56% |
| 7 | OH | 11 bps | 3.80% | 3.68% |
| 8 | AZ | 11 bps | 3.77% | 3.66% |
| 9 | MT | 11 bps | 3.75% | 3.64% |
| 10 | KS | 11 bps | 3.81% | 3.70% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 9/19/25-9/26/25 (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 9/19/25-9/26/25 (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 9/19/25-9/26/25 (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 9/19/25-9/26/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 9/19/25 vs. the week ending 9/26/25
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
| 1 | CA UNIV REGENTS-CC | 5.000% | 05/15/46 | 30 | 133 | 103 | 343% |
| 2 | NY ST TWY AUTH-A | 5.000% | 03/15/47 | 30 | 130 | 100 | 333% |
| 3 | SAN RAMON VLY | 4.000% | 08/01/45 | 8 | 95 | 87 | 1088% |
| 4 | INTERMOUNTAIN PWR AGY | 5.000% | 07/01/42 | 10 | 94 | 84 | 840% |
| 5 | GILROY USD | 4.000% | 08/01/46 | 25 | 106 | 81 | 324% |
| 6 | NYC TRANSITIONAL FIN | 4.000% | 07/15/42 | 1 | 82 | 81 | 8100% |
| 7 | NYC TRANSITIONAL FIN | 4.000% | 05/01/40 | 9 | 87 | 78 | 867% |
| 8 | NYC TRANSITIONAL-A-1 | 5.000% | 05/01/43 | 5 | 82 | 77 | 1540% |
| 9 | FONTANA PUB FIN AUTH | 4.000% | 11/01/41 | 22 | 98 | 76 | 345% |
| 10 | NEW YORK-D | 5.000% | 04/01/43 | 19 | 95 | 76 | 400% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 9/19/25-9/26/25
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
| 1 | PARKER CO JUNIOR CLG | 5.000% | 08/01/55 | 56 |
| 2 | PARKER CO JUNIOR CLG | 5.250% | 08/01/50 | 53 |
| 3 | DEKALB CO-A-REV | 5.000% | 10/01/55 | 52 |
| 4 | CA ST UNIV-A-REF | 5.250% | 11/01/50 | 50 |
| 5 | MIAMI-DADE CO-A | 4.000% | 07/01/49 | 49 |
| 6 | LOS ANGELES UNIF-A-1 | 5.000% | 07/01/49 | 49 |
| 7 | NEW YORK A-1 | 5.000% | 08/01/50 | 48 |
| 8 | NYC MUNI WTR FIN-AA1 | 5.250% | 06/15/53 | 47 |
| 9 | TRIB BRIDGE-A-1 | 5.000% | 11/15/47 | 46 |
| 10 | EUREKA PUB FING AUTH | 5.250% | 11/01/55 | 45 |
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