Municipal Bond Market Summary – Week Ending 1/2/26
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 12/26/25-1/2/26
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | EDINBURG-CTFS OBLIG | 3.375% | 03/01/36 | ▲ 2.72% | 98.68 | 96.07 | 2 |
| 2 | ORCUTT SD-A | 3.500% | 08/01/42 | ▲ 2.36% | 92.72 | 90.58 | 2 |
| 3 | PICKENS BRD OF EDU | 3.000% | 08/01/41 | ▲ 2.24% | 84.81 | 82.95 | 2 |
| 4 | BESSEMER WTR-WTS-REF | 3.375% | 01/01/37 | ▲ 1.90% | 97.84 | 96.02 | 2 |
| 5 | NEW MEXICO-D | 2.625% | 07/01/51 | ▲ 1.81% | 71.08 | 69.82 | 2 |
| 6 | S BROWARD HOSP DT-REF | 4.000% | 05/01/45 | ▲ 1.77% | 93.86 | 92.23 | 2 |
| 7 | FULTON CNTY GA | 3.250% | 07/01/36 | ▲ 1.75% | 99.21 | 97.50 | 2 |
| 8 | LE SUEUR CO-A-REF | 3.000% | 02/01/39 | ▲ 1.66% | 91.27 | 89.79 | 2 |
| 9 | WALPOLE-MUNI PURP LN | 3.125% | 04/15/37 | ▲ 1.64% | 97.87 | 96.30 | 2 |
| 10 | GA HSG & FIN AUTH -A | 3.850% | 12/01/42 | ▲ 1.61% | 98.81 | 97.24 | 2 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 12/26/25-1/2/26
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | BRAZORIA CO MUD #25 | 3.250% | 09/01/35 | ▼ -2.82% | 95.67 | 98.45 | 2 |
| 2 | LAKE ELSINORE FAC FIN | 3.500% | 09/01/37 | ▼ -2.75% | 89.39 | 91.92 | 2 |
| 3 | SAINT PAUL ISD #625 | 3.000% | 02/01/36 | ▼ -2.59% | 95.89 | 98.45 | 3 |
| 4 | CASCADE CNTY MT HIGH | 3.625% | 07/01/37 | ▼ -2.11% | 97.15 | 99.24 | 2 |
| 5 | UPPER ARLINGTON OH | 3.000% | 12/01/44 | ▼ -1.64% | 79.68 | 81.01 | 2 |
| 6 | ROCKDALE CNTY GA DEV | 4.000% | 07/01/44 | ▼ -1.59% | 94.70 | 96.23 | 3 |
| 7 | ANDOVER TWN | 4.000% | 10/01/43 | ▼ -1.38% | 99.34 | 100.73 | 3 |
| 8 | PUEBLO CO-A | 5.000% | 07/01/49 | ▼ -1.38% | 103.64 | 105.09 | 2 |
| 9 | N TEXAS ST MUNI WTR | 3.000% | 09/01/40 | ▼ -1.37% | 87.37 | 88.58 | 2 |
| 10 | UTAH HOUSING CORP-J | 4.125% | 07/01/40 | ▼ -1.32% | 100.03 | 101.37 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 12/26/25-1/2/26
| Rank | State | Change | YLD | YLD-1W |
| 1 | IN | -14 bps | 3.32% | 3.45% |
| 2 | GA | -11 bps | 3.15% | 3.26% |
| 3 | KY | -9 bps | 3.41% | 3.51% |
| 4 | WV | -9 bps | 3.71% | 3.80% |
| 5 | NE | -9 bps | 3.52% | 3.61% |
| 6 | MD | -9 bps | 3.31% | 3.40% |
| 7 | CO | -8 bps | 3.37% | 3.45% |
| 8 | NH | -8 bps | 3.20% | 3.28% |
| 9 | NY | -8 bps | 3.50% | 3.57% |
| 10 | UT | -7 bps | 3.24% | 3.32% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 12/26/25-1/2/26
| Rank | State | Change | YLD | YLD-1W |
| 1 | MT | 13 bps | 3.68% | 3.55% |
| 2 | MS | 12 bps | 3.56% | 3.43% |
| 3 | DC | 9 bps | 3.53% | 3.43% |
| 4 | NJ | 4 bps | 3.51% | 3.47% |
| 5 | IL | 3 bps | 3.70% | 3.66% |
| 6 | AK | 1 bps | 3.37% | 3.36% |
| 7 | NC | 1 bps | 3.29% | 3.28% |
| 8 | AZ | 0 bps | 3.49% | 3.49% |
| 9 | HI | -1 bps | 3.15% | 3.15% |
| 10 | CA | -1 bps | 3.57% | 3.57% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 12/26/25-1/2/26 (General Obligation and Revenue Bonds). Results are based on 6 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 12/26/25-1/2/26 (General Obligation Bonds only). Results are based on 6 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 12/26/25-1/2/26 (Revenue Bonds only). Results are based on 6 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 12/26/25-1/2/26
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 12/26/25 vs. the week ending 1/2/26
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | LOS ANGELES CO PUB-J | 5.250% | 12/01/50 | 55 | 139 | 84 | 153% |
| 2 | WASHINGTON ST-A | 5.000% | 08/01/44 | 15 | 75 | 60 | 400% |
| 3 | LOS ANGELES DEPT ARPT | 4.000% | 05/15/51 | 25 | 80 | 55 | 220% |
| 4 | UNIV OF WASHINGTON-C | 4.000% | 12/01/40 | 34 | 84 | 50 | 147% |
| 5 | ALLEN INDPT SD-A-REF | 5.000% | 02/15/32 | 14 | 58 | 44 | 314% |
| 6 | PA HGR EDU FACS-B1 | 5.250% | 11/01/48 | 37 | 78 | 41 | 111% |
| 7 | CO HLTH FACS A-A-REF | 5.250% | 12/01/54 | 4 | 44 | 40 | 1000% |
| 8 | LA MESA-SPRING VLY-C | 4.000% | 08/01/48 | 4 | 43 | 39 | 975% |
| 9 | HARRIS CO MUD#152 | 4.000% | 08/01/46 | 5 | 43 | 38 | 760% |
| 10 | PRIV CLGS & UNIV AUTH | 5.250% | 10/01/51 | 5 | 43 | 38 | 760% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 12/26/25-1/2/26
| Rank | Tranche | Coupon | Maturity | Dealers |
| 1 | MIAMI-DADE CO-A | 4.500% | 10/01/51 | 53 |
| 2 | MIAMI-DADE CO-A | 5.000% | 10/01/55 | 51 |
| 3 | SER C-REF | 5.000% | 06/01/34 | 49 |
| 4 | TX WTR DEV BRD | 4.750% | 10/15/55 | 46 |
| 5 | NY TRANSITIONAL FIN-B | 5.000% | 05/01/51 | 45 |
| 6 | SAN ANTONIO-A-REV-REF | 5.000% | 02/01/38 | 44 |
| 7 | BATTERY PARK-REF | 5.250% | 11/01/55 | 44 |
| 8 | JARRELL ISD | 5.250% | 02/15/55 | 43 |
| 9 | OK WTR RESOURCES-C | 4.500% | 10/01/55 | 43 |
| 10 | NEW YORK MUNI-AA-1 | 5.000% | 06/15/55 | 42 |
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