Municipal Bond Market Summary – Week Ending 12/12/25
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 12/5/25-12/12/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | CAPITAL TRUST AUTH-A | 5.000% | 06/01/64 | ▲ 3.37% | 90.56 | 87.61 | 8 |
| 2 | CALIFORNIA ST UNIV-C | 3.000% | 11/01/35 | ▲ 3.24% | 99.88 | 96.74 | 2 |
| 3 | RIVER ISLANDS CA PUBL | 4.000% | 09/01/45 | ▲ 2.63% | 88.34 | 86.07 | 2 |
| 4 | ERNEST N ORLEANS AUTH | 5.500% | 07/15/53 | ▲ 2.56% | 109.19 | 106.46 | 2 |
| 5 | LANCASTER CNTY PA HOS | 4.000% | 08/15/45 | ▲ 2.50% | 96.43 | 94.07 | 2 |
| 6 | FL ST DOT -C | 3.000% | 07/01/46 | ▲ 2.44% | 82.31 | 80.35 | 15 |
| 7 | IPS MULTI-SCH BLDG | 5.000% | 07/15/42 | ▲ 2.40% | 111.43 | 108.82 | 31 |
| 8 | LITTLESTOWN AREA SD-A | 5.000% | 10/01/43 | ▲ 2.37% | 106.97 | 104.49 | 2 |
| 9 | PITTSBURGH SD | 4.000% | 09/01/38 | ▲ 2.01% | 102.52 | 100.50 | 2 |
| 10 | WASHINGTON ST-A | 5.000% | 08/01/30 | ▲ 1.96% | 113.17 | 110.99 | 2 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 12/5/25-12/12/25
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | TX ARLEDU 4.00 02/15/2054 | 4.000% | 02/15/54 | ▼ -4.02% | 92.06 | 95.91 | 11 |
| 2 | TX HARGEN 3.50 09/01/2048 | 3.500% | 09/01/48 | ▼ -3.77% | 82.98 | 86.24 | 12 |
| 3 | CA CHFHGR 5.12 06/01/2042 | 5.122% | 06/01/42 | ▼ -3.03% | 98.29 | 101.36 | 3 |
| 4 | NM NMSHSG 3.35 07/01/2039 | 3.350% | 07/01/39 | ▼ -2.89% | 92.13 | 94.87 | 2 |
| 5 | NY NYSHSG 4.00 11/01/2042 | 4.000% | 11/01/42 | ▼ -2.83% | 96.58 | 99.39 | 2 |
| 6 | CT BRO 4.50 11/15/2038 | 4.500% | 11/15/38 | ▼ -2.74% | 96.53 | 99.24 | 2 |
| 7 | CA LOSGEN 2.86 11/01/2041 | 2.863% | 11/01/41 | ▼ -2.70% | 71.25 | 73.22 | 2 |
| 8 | MA LON 4.00 01/15/2054 | 4.000% | 01/15/54 | ▼ -2.69% | 93.12 | 95.69 | 2 |
| 9 | AR ARSHGR 3.25 06/01/2037 | 3.250% | 06/01/37 | ▼ -2.67% | 95.42 | 98.04 | 2 |
| 10 | MT BROSCD 3.00 07/01/2037 | 3.000% | 07/01/37 | ▼ -2.62% | 91.13 | 93.58 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 12/5/25-12/12/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | VT | -10 bps | 3.27% | 3.37% |
| 2 | NM | -8 bps | 3.37% | 3.45% |
| 3 | NY | -7 bps | 3.56% | 3.63% |
| 4 | ME | -6 bps | 3.48% | 3.54% |
| 5 | MO | -5 bps | 3.54% | 3.59% |
| 6 | IL | -5 bps | 3.66% | 3.71% |
| 7 | NJ | -5 bps | 3.44% | 3.49% |
| 8 | UT | -4 bps | 3.31% | 3.35% |
| 9 | WV | -4 bps | 3.72% | 3.76% |
| 10 | NC | -3 bps | 3.27% | 3.30% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 12/5/25-12/12/25
| Rank | State | Change | YLD | YLD-1W |
| 1 | NE | 18 bps | 3.47% | 3.30% |
| 2 | HI | 17 bps | 3.44% | 3.27% |
| 3 | SD | 13 bps | 3.65% | 3.52% |
| 4 | CT | 12 bps | 3.41% | 3.29% |
| 5 | SC | 12 bps | 3.45% | 3.33% |
| 6 | MD | 11 bps | 3.48% | 3.37% |
| 7 | DE | 11 bps | 3.23% | 3.12% |
| 8 | MA | 8 bps | 3.49% | 3.41% |
| 9 | KY | 8 bps | 3.48% | 3.40% |
| 10 | TN | 6 bps | 3.49% | 3.42% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 12/5/25-12/12/25 (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 12/5/25-12/12/25 (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 12/5/25-12/12/25 (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 12/5/25-12/12/25
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 12/5/25 vs. the week ending 12/12/25
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | VA PUB BLDG AUTH-A-2 | 4.000% | 08/01/38 | 31 | 109 | 78 | 252% |
| 2 | NEW YORK A-1 | 5.000% | 08/01/53 | 45 | 114 | 69 | 153% |
| 3 | TX WTR DEV BRD-A -REV | 5.250% | 10/15/51 | 5 | 69 | 64 | 1280% |
| 4 | GTR ORLANDO AVIATION | 5.250% | 10/01/51 | 30 | 93 | 63 | 210% |
| 5 | VA CMWLTH TRANSPRTN B | 4.000% | 05/15/45 | 37 | 100 | 63 | 170% |
| 6 | DASNY-A-REF | 5.000% | 03/15/35 | 19 | 81 | 62 | 326% |
| 7 | KS DEPT TRANSPRTN-A | 5.000% | 09/01/37 | 17 | 75 | 58 | 341% |
| 8 | EAGLE ISD-A-REF | 5.000% | 08/15/37 | 2 | 58 | 56 | 2800% |
| 9 | KINDRED SD #2-TXB-QSC | 6.000% | 08/01/27 | 10 | 66 | 56 | 560% |
| 10 | CAPITAL TRUST AUTH-A1 | 5.000% | 12/01/35 | 29 | 85 | 56 | 193% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 12/5/25-12/12/25
| Rank | Tranche | Coupon | Maturity | Dealers |
| 1 | NY TRANSITIONAL FIN-B | 5.000% | 05/01/51 | 65 |
| 2 | TX WTR DEV BRD | 4.750% | 10/15/55 | 55 |
| 3 | MIAMI-DADE CO-A | 4.500% | 10/01/51 | 52 |
| 4 | SAN DIEGO UNIF SD-C-3 | 5.000% | 07/01/50 | 51 |
| 5 | NEW YORK-D | 5.250% | 10/01/51 | 49 |
| 6 | CHICAGO-E-REV-AMT | 5.000% | 01/01/60 | 49 |
| 7 | SER C-REF | 5.000% | 06/01/34 | 48 |
| 8 | MIAMI-DADE CO-A | 5.000% | 10/01/55 | 47 |
| 9 | SALT RIVER PROJ-C | 5.250% | 01/01/55 | 47 |
| 10 | MD HLTH HGR EDL-C-REF | 5.250% | 07/01/50 | 47 |
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