Municipal Bond Market Summary – Week Ending 11/7/25
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 10/31/25-11/7/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | NEW YORK ST DORM AUTH | 3.000% | 07/01/42 | ▲ 4.82% | 85.85 | 81.90 | 10 |
| 2 | DENVER CO CITY & CNTY | 4.000% | 08/01/51 | ▲ 4.01% | 96.77 | 93.04 | 12 |
| 3 | HOKE CO -REV-REF | 3.000% | 06/01/38 | ▲ 3.63% | 92.88 | 89.63 | 8 |
| 4 | MIDDLE TWP-REF | 3.000% | 08/15/41 | ▲ 3.04% | 89.64 | 87.00 | 2 |
| 5 | IRVINE FACS FING AUTH | 4.250% | 05/01/53 | ▲ 2.89% | 99.46 | 96.67 | 5 |
| 6 | GREAT LAKES WTR-A | 5.000% | 07/01/38 | ▲ 2.81% | 114.18 | 111.06 | 5 |
| 7 | WESTFIELD WA MULTI-B | 5.000% | 07/15/38 | ▲ 2.78% | 115.23 | 112.11 | 9 |
| 8 | MITCHELL SD SALES TAX | 3.000% | 12/01/38 | ▲ 2.75% | 93.08 | 90.59 | 2 |
| 9 | ROYSE CITY ISD-REF | 3.000% | 02/15/38 | ▲ 2.67% | 93.49 | 91.05 | 9 |
| 10 | BUILD NYC RESOURCE CO | 4.000% | 09/01/43 | ▲ 2.66% | 97.57 | 95.04 | 7 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 10/31/25-11/7/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | MD BALGEN 2.81 07/01/2040 | 2.814% | 07/01/40 | ▼ -3.14% | 78.00 | 80.53 | 14 |
| 2 | TX PTBTRN 3.00 01/01/2050 | 3.000% | 01/01/50 | ▼ -3.04% | 67.28 | 69.39 | 10 |
| 3 | PR PRCPWR 5.00 07/01/2027 | 5.000% | 07/01/27 | ▼ -3.00% | 64.81 | 66.81 | 2 |
| 4 | NY PORTRN 4.93 10/01/2051 | 4.926% | 10/01/51 | ▼ -2.81% | 94.47 | 97.20 | 6 |
| 5 | MI GRTWTR 3.06 07/01/2039 | 3.056% | 07/01/39 | ▼ -2.66% | 82.48 | 84.74 | 3 |
| 6 | NY NYCUTL 5.95 06/15/2042 | 5.952% | 06/15/42 | ▼ -2.52% | 103.22 | 105.89 | 5 |
| 7 | CA RIVOBG 3.86 06/01/2045 | 3.857% | 06/01/45 | ▼ -2.27% | 87.13 | 89.15 | 2 |
| 8 | TX NORUTL 2.50 10/01/2042 | 2.500% | 10/01/42 | ▼ -2.17% | 71.73 | 73.32 | 3 |
| 9 | OH HIGSCD 3.29 12/01/2054 | 3.288% | 12/01/54 | ▼ -2.16% | 70.59 | 72.15 | 6 |
| 10 | FL BONDEV 4.13 05/01/2047 | 4.125% | 05/01/47 | ▼ -2.05% | 91.65 | 93.57 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 10/31/25-11/7/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | MT | -28 bps | 3.14% | 3.42% |
| 2 | GA | -23 bps | 3.32% | 3.54% |
| 3 | NV | -16 bps | 3.30% | 3.46% |
| 4 | KY | -15 bps | 3.44% | 3.59% |
| 5 | MN | -13 bps | 3.27% | 3.40% |
| 6 | OR | -13 bps | 3.46% | 3.59% |
| 7 | UT | -13 bps | 3.25% | 3.38% |
| 8 | TN | -11 bps | 3.43% | 3.54% |
| 9 | IA | -11 bps | 3.49% | 3.59% |
| 10 | FL | -10 bps | 3.45% | 3.55% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 10/31/25-11/7/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | NJ | 15 bps | 3.54% | 3.40% |
| 2 | WV | 13 bps | 3.34% | 3.21% |
| 3 | ME | 11 bps | 3.51% | 3.40% |
| 4 | MD | 10 bps | 3.42% | 3.32% |
| 5 | HI | 9 bps | 3.70% | 3.61% |
| 6 | VA | 7 bps | 3.49% | 3.42% |
| 7 | MO | 4 bps | 3.56% | 3.51% |
| 8 | RI | 3 bps | 3.18% | 3.15% |
| 9 | AZ | 3 bps | 3.48% | 3.45% |
| 10 | CA | 2 bps | 3.63% | 3.60% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 10/31/25-11/7/25 (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 10/31/25-11/7/25 (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 10/31/25-11/7/25 (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 10/31/25-11/7/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 10/31/25 vs. the week ending 11/7/25
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | MA CMNWLTH-F | 5.000% | 08/01/49 | 78 | 194 | 116 | 149% |
| 2 | CELINA-CTFS OBLIG | 4.125% | 09/01/48 | 15 | 116 | 101 | 673% |
| 3 | DESOTO ISD | 5.000% | 08/15/38 | 12 | 97 | 85 | 708% |
| 4 | CENTRL PLAINS ENERGY | 5.000% | 09/01/42 | 103 | 185 | 82 | 80% |
| 5 | COLUMBUS-A | 5.000% | 10/01/39 | 115 | 196 | 81 | 70% |
| 6 | DENVER WTR-A-GREEN | 5.000% | 09/15/47 | 20 | 99 | 79 | 395% |
| 7 | CA HLTH FACS FING-BAM | 4.000% | 08/15/48 | 69 | 146 | 77 | 112% |
| 8 | N TEXAS MUNI WTR DIST | 5.000% | 06/01/53 | 95 | 170 | 75 | 79% |
| 9 | ILLINOIS ST-A | 5.000% | 03/01/46 | 5 | 79 | 74 | 1480% |
| 10 | SAN FRANCISCO CA BAY | 4.000% | 08/01/45 | 20 | 90 | 70 | 350% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 10/31/25-11/7/25
| Rank | Tranche | Coupon | Maturity | Dealers |
| 1 | NEW YORK-D | 5.250% | 10/01/51 | 64 |
| 2 | TX WTR DEV BRD | 4.750% | 10/15/55 | 63 |
| 3 | CLARK CO SCH DT-B-REF | 5.000% | 06/15/43 | 50 |
| 4 | NY TRANSITIONAL FIN-B | 5.000% | 05/01/51 | 50 |
| 5 | NY TRANSITIONAL FIN-B | 5.250% | 05/01/55 | 47 |
| 6 | SEQUOIA UNION HIGH SD | 5.000% | 07/01/54 | 47 |
| 7 | CALIFORNIA ST | 5.000% | 08/01/41 | 47 |
| 8 | CALIFORNIA ST | 5.250% | 08/01/55 | 47 |
| 9 | CA HLTH FACS-A2-BAM | 4.000% | 11/01/44 | 47 |
| 10 | SALT RIVER PROJ-C | 5.250% | 01/01/55 | 45 |
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