Municipal Bond Market Summary – Week Ending 10/3/25
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 9/26/25-10/3/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | PORT AUTH OF NEW YORK | 4.000% | 07/15/40 | ▲ 7.25% | 96.54 | 90.01 | 2 |
| 2 | SOUTH CAROLINA ST JOB | 4.000% | 11/01/48 | ▲ 6.66% | 98.75 | 92.58 | 2 |
| 3 | CA ST MUNI FIN AUTH-A | 4.000% | 07/01/51 | ▲ 6.26% | 82.19 | 77.34 | 4 |
| 4 | MS UNIV EDU BLDG-C | 3.750% | 11/01/40 | ▲ 5.86% | 95.28 | 90.01 | 2 |
| 5 | BAY AREA TOLL-F-1 | 5.000% | 04/01/42 | ▲ 5.75% | 113.33 | 107.17 | 4 |
| 6 | GTR TEXOMA UTILITY-A | 4.250% | 10/01/54 | ▲ 5.35% | 94.38 | 89.58 | 4 |
| 7 | LINCOLN ARPT AUTH-A | 4.000% | 07/01/45 | ▲ 5.22% | 93.87 | 89.22 | 2 |
| 8 | WACO-A-CTFS OBLIG | 5.000% | 02/01/44 | ▲ 5.08% | 107.21 | 102.03 | 2 |
| 9 | OAKDALE CA IRR DIST W | 3.000% | 08/01/38 | ▲ 4.71% | 87.77 | 83.82 | 2 |
| 10 | NORTHAMPTON ASD | 4.000% | 04/01/41 | ▲ 4.70% | 100.25 | 95.76 | 4 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 9/26/25-10/3/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | TX FORUTL 3.00 09/01/2041 | 3.000% | 09/01/41 | ▼ -5.04% | 77.54 | 81.66 | 2 |
| 2 | TX CHMGEN 3.00 12/01/2042 | 3.000% | 12/01/42 | ▼ -5.01% | 76.68 | 80.73 | 2 |
| 3 | PA PAS 5.00 09/01/2036 | 5.000% | 09/01/36 | ▼ -4.39% | 106.90 | 111.82 | 3 |
| 4 | WA KINSCD 4.00 12/01/2029 | 4.000% | 12/01/29 | ▼ -4.13% | 101.85 | 106.24 | 3 |
| 5 | IN INSFIN 5.00 02/01/2033 | 5.000% | 02/01/33 | ▼ -4.06% | 107.48 | 112.03 | 3 |
| 6 | CA CLGFAC 3.00 08/01/2050 | 3.000% | 08/01/50 | ▼ -4.02% | 75.52 | 78.68 | 14 |
| 7 | AR BENUTL 3.05 09/01/2036 | 3.050% | 09/01/36 | ▼ -3.90% | 82.74 | 86.10 | 8 |
| 8 | NY NYCGEN 5.00 11/01/2030 | 5.000% | 11/01/30 | ▼ -3.52% | 108.64 | 112.60 | 4 |
| 9 | UT UNIHGR 5.00 08/01/2031 | 5.000% | 08/01/31 | ▼ -3.41% | 109.96 | 113.85 | 9 |
| 10 | TX NVS 2.38 11/15/2040 | 2.375% | 11/15/40 | ▼ -3.36% | 71.55 | 74.04 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 9/26/25-10/3/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | GA | -29 bps | 3.52% | 3.81% |
| 2 | KY | -28 bps | 3.55% | 3.83% |
| 3 | AR | -22 bps | 3.76% | 3.98% |
| 4 | DC | -18 bps | 3.39% | 3.57% |
| 5 | KS | -16 bps | 3.68% | 3.84% |
| 6 | MN | -15 bps | 3.42% | 3.57% |
| 7 | AK | -15 bps | 3.12% | 3.27% |
| 8 | WV | -13 bps | 3.33% | 3.46% |
| 9 | LA | -13 bps | 3.78% | 3.91% |
| 10 | TN | -9 bps | 3.46% | 3.55% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 9/26/25-10/3/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | DE | 14 bps | 3.22% | 3.08% |
| 2 | NM | 12 bps | 3.39% | 3.27% |
| 3 | NC | 9 bps | 3.40% | 3.30% |
| 4 | NH | 8 bps | 3.42% | 3.34% |
| 5 | OH | 7 bps | 3.77% | 3.70% |
| 6 | ND | 4 bps | 3.69% | 3.65% |
| 7 | IA | 4 bps | 3.68% | 3.64% |
| 8 | NJ | 2 bps | 3.66% | 3.64% |
| 9 | ME | 1 bps | 3.43% | 3.42% |
| 10 | CT | 1 bps | 3.51% | 3.50% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 9/26/25-10/3/25 (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 9/26/25-10/3/25 (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 9/26/25-10/3/25 (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 9/26/25-10/3/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 9/26/25 vs. the week ending 10/3/25
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | SALT LAKE CITY-REV | 5.000% | 02/01/52 | 69 | 167 | 98 | 142% |
| 2 | ROCHESTER HLTH CARE | 4.000% | 11/15/48 | 66 | 133 | 67 | 102% |
| 3 | LEANDER ISD-A-REF | 5.000% | 08/15/55 | 31 | 98 | 67 | 216% |
| 4 | PHILADELPHIA HSG-A | 5.000% | 03/01/45 | 28 | 93 | 65 | 232% |
| 5 | OKLAHOMA ST DEPT OF T | 5.000% | 09/01/31 | 5 | 70 | 65 | 1300% |
| 6 | PHILADELPHIA HSG-A | 5.250% | 03/01/45 | 28 | 93 | 65 | 232% |
| 7 | N TEXAS MUNI WTR DT | 5.000% | 06/01/38 | 3 | 67 | 64 | 2133% |
| 8 | TOBACCO SETTLEMENT FI | 4.000% | 06/01/37 | 32 | 96 | 64 | 200% |
| 9 | NYC TRANSITIONAL-I-1 | 5.000% | 05/01/50 | 7 | 71 | 64 | 914% |
| 10 | ROOSEVELT ISD | 5.000% | 02/15/50 | 39 | 102 | 63 | 162% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 9/26/25-10/3/25
| 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 | LOS ANGELES UNIF-A-1 | 5.000% | 07/01/49 | 51 |
| 5 | MIAMI-DADE CO-A | 4.000% | 07/01/49 | 49 |
| 6 | CA ST UNIV-A-REF | 5.250% | 11/01/50 | 49 |
| 7 | NEW YORK A-1 | 5.000% | 08/01/50 | 46 |
| 8 | NYC MUNI WTR FIN-AA1 | 5.250% | 06/15/53 | 45 |
| 9 | NYC TRANSIT FIN-F-1 | 5.000% | 02/01/48 | 45 |
| 10 | PUB FIN AUTH-AMT | 5.750% | 06/30/60 | 45 |
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