Municipals

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Municipal Bond Market Summary:
Week Ending 3/25/22

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

Top 10 Winners

Showcases the top 10 Muni Bond “Winners” based on price movements between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 CA IDCGEN 1.75 12/15/2026 1.75% 12/15/26 2.26% 91.20 89.19
2 AL UABGEN 3.12 09/01/2031 3.13% 09/01/31 2.01% 96.57 94.67
3 TX TXSTRN 3.92 12/31/2049 3.92% 12/31/49 1.59% 99.02 97.46
4 MI MISHGR 4.17 08/15/2122 4.17% 08/15/22 1.40% 95.47 94.15
5 NV CLAAPT 6.82 07/01/2045 6.82% 07/01/45 1.38% 144.83 142.86
6 PA MONHGR 4 05/01/2038 4.00% 05/01/38 0.95% 107.79 106.77
7 CO COSMED 3.25 08/01/2049 3.25% 08/01/49 0.89% 93.15 92.32
8 TX ARLSCD 5 02/15/2030 5.00% 02/15/30 0.77% 119.86 118.94
9 TX BRYPWR 3 07/01/2041 3.00% 07/01/41 0.77% 98.96 98.21
10 NY NYSHGR 2.25 07/01/2041 2.25% 07/01/41 0.68% 86.05 85.47

Top 10 Losers

Showcases the top 10 Muni Bond “Losers” based on price movements between 3/18/22 – 3/25/22

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 NY NYS 2.95 02/15/2034 2.95% 02/15/34 -7.82% 92.31 100.15
2 CA RIOSCD 0 08/01/2046 0.00% 08/01/46 -7.24% 38.13 41.11
3 NY MTATRN 0 11/15/2040 0.00% 11/15/40 -7.01% 52.40 56.35
4 CA TUSEDU 2.65 08/01/2042 2.65% 08/01/42 -6.93% 83.58 89.80
5 NY NYSTRN 3 01/01/2050 3.00% 01/01/50 -6.72% 89.47 95.91
6 FL SOUMED 3 05/01/2040 3.00% 05/01/40 -6.66% 90.69 97.16
7 CA SJHTRN 3.22 01/15/2035 3.22% 01/15/35 -6.53% 93.83 100.38
8 CA IDCGEN 3.2 06/15/2041 3.20% 06/15/41 -6.36% 86.70 92.59
9 CA DOWGEN 2.05 06/01/2032 2.05% 06/01/32 -6.34% 84.66 90.39
10 VA VASHSG 3 02/01/2047 3.00% 02/01/47 -6.33% 85.29 91.05

Top 10 State Winners

Showcases the top 10 Muni State “Winners” based on yield movements between 3/18/22 – 3/25/22

RANK STATE CHANGE YLD YLD-1W
1 CO -8 bps 2.74% 2.82%
2 AZ -7 bps 2.60% 2.67%
3 MN 1 bps 2.70% 2.69%
4 WI 3 bps 2.69% 2.66%
5 IA 7 bps 2.71% 2.64%
6 FL 9 bps 2.64% 2.55%
7 MI 10 bps 2.89% 2.79%
8 UT 10 bps 2.39% 2.29%
9 MD 10 bps 2.55% 2.44%
10 IL 10 bps 3.46% 3.36%

Top 10 State Losers

Showcases the top 10 Muni State “Losers” based on yield movements between 3/18/22 – 3/25/22

RANK STATE CHANGE YLD YLD-1W
1 OH 43 bps 2.98% 2.55%
2 DC 41 bps 3.03% 2.62%
3 NE 36 bps 2.72% 2.36%
4 AL 34 bps 2.76% 2.41%
5 MS 30 bps 2.82% 2.52%
6 TN 30 bps 2.57% 2.27%
7 GA 29 bps 2.75% 2.46%
8 NJ 28 bps 3.19% 2.91%
9 NV 28 bps 2.62% 2.35%
10 CT 24 bps 2.85% 2.61%

10 Year Yield by State – All

Displays the average Muni 10 year yield by state between 3/18/22 – 3/25/22 (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 3/18/22 – 3/25/22 (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 3/18/22 – 3/25/22 (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 3/18/22 – 3/25/22

Top Quote Volume Movers: This Week vs Last Week

Exhibits the Munis with the largest increase in quote volume for the week ending 3/18/22 vs. the week ending 3/25/22

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 VA FAIUTL 4 07/15/2051 4.00% 07/15/51 20 78 58 290%
2 MD MDS 4 06/01/2028 4.00% 06/01/28 1 57 56 5600%
3 CA OCESCD 4 08/01/2040 4.00% 08/01/40 11 62 51 464%
4 UT UTSMED 5 05/15/2050 5.00% 05/15/50 25 76 51 204%
5 CA STOSCD 4 08/01/2037 4.00% 08/01/37 11 57 46 418%
6 CA STOSCD 4 08/01/2038 4.00% 08/01/38 11 57 46 418%
7 CA VVDSCD 4 08/01/2039 4.00% 08/01/39 11 57 46 418%
8 CA MVYSCD 4 08/01/2041 4.00% 08/01/41 11 57 46 418%
9 CA CAS 5 09/01/2030 5.00% 09/01/30 61 105 44 72%
10 UT SALAPT 5 07/01/2051 5.00% 07/01/51 33 72 39 118%

Most Quoted Munis

Ranks the Munis that were quoted by the highest number of dealers between 3/18/22 – 3/25/22

RANK TRANCHE COUPON MATURITY DEALERS
1 NY TRBTRN 4 05/15/2051 4.00% 05/15/51 31
2 FL ORAMED 4 10/01/2052 4.00% 10/01/52 31
3 NY NYCUTL 5 06/15/2052 5.00% 06/15/52 30
4 NY NYCGEN 4 02/01/2046 4.00% 02/01/46 29
5 TX WACSCD 4 08/15/2047 4.00% 08/15/47 26
6 CO COSMED 4 01/01/2040 4.00% 01/01/40 25
7 CA SFOTRN 3 08/01/2050 3.00% 08/01/50 25
8 WA WAS 5 02/01/2045 5.00% 02/01/45 24
9 AL BBEUTL 10/01/2052 4.00% 10/01/52 23
10 CA CAS 5 09/01/2030 5.00% 09/01/30 23

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  • NEWS ROOM

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

    Some muni market investors are paying far more than others for the same bond on the same day, even after a 2018 rule improved the situation somewhat.

  • NEWS ROOM

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

    Four fintech start-ups, using AI and data, are solving the pricing problem in the municipal bond market, upending entrenched incumbents along the way.