Municipal Bond Market Summary – Week Ending 10/31/25
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 10/24/25-10/31/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | LOS ANGELES CO PUB-J | 5.000% | 12/01/39 | ▲ 4.03% | 116.99 | 112.46 | 2 |
| 2 | HARRIS CNTY TOLL ROAD | 4.000% | 08/15/48 | ▲ 3.69% | 95.64 | 92.24 | 2 |
| 3 | NORTHAMPTON CNTY PA G | 4.000% | 08/15/40 | ▲ 2.93% | 95.99 | 93.26 | 2 |
| 4 | MICHIGAN ST FIN AUTH | 4.000% | 12/01/49 | ▲ 2.84% | 91.16 | 88.64 | 2 |
| 5 | HAWAII ST-TXBL-GM | 5.250% | 10/01/29 | ▲ 2.80% | 108.83 | 105.86 | 3 |
| 6 | AR DEV FIN AUTH | 3.750% | 02/01/48 | ▲ 2.64% | 76.21 | 74.25 | 2 |
| 7 | MA ST DEV-FF | 4.000% | 10/01/46 | ▲ 2.60% | 97.69 | 95.21 | 4 |
| 8 | WOODRUFF FACS CORP | 4.125% | 04/01/43 | ▲ 2.49% | 100.06 | 97.63 | 3 |
| 9 | N TX TOLLWAY AUTH REV | 5.250% | 01/01/38 | ▲ 2.40% | 111.68 | 109.06 | 4 |
| 10 | HESS RANCH MET DIST#6 | 5.000% | 12/01/49 | ▲ 2.16% | 98.01 | 95.94 | 3 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 10/24/25-10/31/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | LA LASGEN 1.54 09/01/2028 | 1.543% | 09/01/28 | ▼ -4.30% | 93.85 | 98.07 | 4 |
| 2 | MO MOSDEV 3.00 04/01/2038 | 3.000% | 04/01/38 | ▼ -3.81% | 87.93 | 91.42 | 2 |
| 3 | MI SAGMED 3.26 07/01/2040 | 3.255% | 07/01/40 | ▼ -3.77% | 83.65 | 86.93 | 8 |
| 4 | OH MOUDEV 4.00 02/01/2052 | 4.000% | 02/01/52 | ▼ -3.57% | 79.82 | 82.77 | 2 |
| 5 | OH OHSTRN 3.22 02/15/2048 | 3.216% | 02/15/48 | ▼ -2.98% | 74.73 | 77.02 | 18 |
| 6 | ND HOR 3.00 05/01/2045 | 3.000% | 05/01/45 | ▼ -2.80% | 69.53 | 71.53 | 2 |
| 7 | TX LKEUTL 2.75 09/01/2036 | 2.750% | 09/01/36 | ▼ -2.77% | 87.12 | 89.60 | 2 |
| 8 | AL GNV 4.00 08/01/2043 | 4.000% | 08/01/43 | ▼ -2.72% | 97.27 | 100.00 | 2 |
| 9 | KY MAREDU 2.50 02/01/2042 | 2.500% | 02/01/42 | ▼ -2.63% | 73.00 | 74.97 | 2 |
| 10 | IN SOUGEN 2.50 08/01/2035 | 2.500% | 08/01/35 | ▼ -2.60% | 80.46 | 82.60 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 10/24/25-10/31/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | CO | -19 bps | 3.41% | 3.59% |
| 2 | LA | -15 bps | 3.44% | 3.59% |
| 3 | MS | -14 bps | 3.51% | 3.65% |
| 4 | SD | -11 bps | 3.16% | 3.28% |
| 5 | RI | -10 bps | 3.15% | 3.25% |
| 6 | CT | -5 bps | 3.31% | 3.36% |
| 7 | ND | -4 bps | 3.36% | 3.40% |
| 8 | VT | -4 bps | 3.15% | 3.19% |
| 9 | AL | -4 bps | 3.82% | 3.87% |
| 10 | NC | -3 bps | 3.21% | 3.24% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 10/24/25-10/31/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | HI | 29 bps | 3.61% | 3.32% |
| 2 | NH | 27 bps | 3.39% | 3.12% |
| 3 | AK | 20 bps | 3.14% | 2.95% |
| 4 | IL | 19 bps | 3.89% | 3.69% |
| 5 | OR | 16 bps | 3.59% | 3.43% |
| 6 | KY | 15 bps | 3.61% | 3.45% |
| 7 | SC | 14 bps | 3.35% | 3.21% |
| 8 | MD | 14 bps | 3.32% | 3.18% |
| 9 | WV | 14 bps | 3.35% | 3.20% |
| 10 | IN | 11 bps | 3.46% | 3.35% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 10/24/25-10/31/25 (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 10/24/25-10/31/25 (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 10/24/25-10/31/25 (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 10/24/25-10/31/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 10/24/25 vs. the week ending 10/31/25
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | NEW ALBANY-PLAIN LSD | 5.250% | 12/01/59 | 18 | 100 | 82 | 456% |
| 2 | MIAMI-C-REV | 5.250% | 01/01/49 | 18 | 95 | 77 | 428% |
| 3 | TUALATIN VLY WTR | 5.000% | 06/01/54 | 48 | 125 | 77 | 160% |
| 4 | RI HLTH & EDUCTNL-F | 5.250% | 05/15/49 | 18 | 95 | 77 | 428% |
| 5 | TACOMA ELEC SYS REV-A | 5.250% | 01/01/50 | 18 | 95 | 77 | 428% |
| 6 | ARVADA-REV | 5.000% | 12/01/54 | 18 | 95 | 77 | 428% |
| 7 | CENTRL PLAINS ENERGY | 5.000% | 09/01/42 | 27 | 103 | 76 | 281% |
| 8 | ALLEGHENY CO-C-80 | 5.000% | 12/01/54 | 75 | 151 | 76 | 101% |
| 9 | SOUTH CAROLINA JOBS | 5.000% | 04/01/54 | 16 | 91 | 75 | 469% |
| 10 | UNIV OF MICHIGAN MI | 5.000% | 04/01/48 | 11 | 86 | 75 | 682% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 10/24/25-10/31/25
| Rank | Tranche | Coupon | Maturity | Dealers |
| 1 | NEW YORK-D | 5.250% | 10/01/51 | 60 |
| 2 | TX WTR DEV BRD | 4.750% | 10/15/55 | 60 |
| 3 | CLARK CO SCH DT-B-REF | 5.000% | 06/15/43 | 52 |
| 4 | CA HLTH FACS-A2-BAM | 4.000% | 11/01/44 | 46 |
| 5 | CALIFORNIA ST | 5.000% | 08/01/41 | 45 |
| 6 | MA SCH BLDG AUTH-A | 5.000% | 02/15/50 | 45 |
| 7 | BLACK BELT GAS DT-B | 5.000% | 10/01/35 | 45 |
| 8 | SEQUOIA UNION HIGH SD | 5.000% | 07/01/54 | 44 |
| 9 | CALIFORNIA ST | 5.250% | 08/01/55 | 44 |
| 10 | NY TRANSITIONAL FIN-B | 5.000% | 05/01/51 | 42 |
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