Market Summary
January 2026

Municipal Bond Market Summary – Week Ending 1/9/26

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 1/2/26-1/9/26

Rank Bond Name Coupon Maturity Change PRC PRC-1W Dealers
1 HARRIS CO TX CULT ED 4.000% 12/01/45 ▲ 3.82% 97.74 94.15 16
2 HARRIS CO MUD 374-REF 3.000% 09/01/37 ▲ 3.64% 94.10 90.79 3
3 LUNENBURG 3.500% 05/01/47 ▲ 3.53% 89.02 85.98 2
4 MONTGOMERY CNTY MD HS 3.950% 07/01/54 ▲ 3.46% 92.03 88.95 2
5 SEATTLE WA HSG AUTH P 3.750% 12/01/47 ▲ 3.45% 88.18 85.24 3
6 NEW KENSINGTON MUNI 3.625% 12/01/45 ▲ 3.41% 88.03 85.13 2
7 MARYLAND ST CMNTY DEV 4.200% 01/01/61 ▲ 3.33% 96.49 93.37 2
8 BETHLEHEM PA PKG AUTH 3.000% 10/01/36 ▲ 3.31% 97.26 94.14 2
9 S BUDA TX WC&ID #1 3.750% 08/01/42 ▲ 3.26% 91.20 88.32 2
10 NY CITY HSG MF REV-A1 4.050% 11/01/52 ▲ 3.22% 93.34 90.43 2

Bottom 10 Performers

Showcases the bottom 10 Muni Bond performers based on price movements between 1/2/26-1/9/26

Rank Bond Name Coupon Maturity Change PRC PRC-1W Dealers
1 AUSTIN CMNTY CLG DIST 4.136% 08/01/42 ▼ -3.26% 84.44 87.28 6
2 UNIV OF CALIFORNIA CA 3.706% 05/15/20 ▼ -3.04% 62.21 64.16 7
3 ROCKWALL CO MUD#8 2.375% 10/01/40 ▼ -2.83% 74.07 76.23 2
4 BETHEL 5.000% 07/01/59 ▼ -2.34% 91.68 93.87 2
5 KNOX CNTY TN HLTH EDU 4.000% 11/15/48 ▼ -2.33% 88.55 90.66 7
6 CAPITAL TRUST AUTH-A 5.375% 07/01/65 ▼ -1.99% 96.04 97.99 7
7 ANDERSON CNTY 3.000% 04/01/35 ▼ -1.67% 95.14 96.75 3
8 VT UNIV & ST AGRIC 4.000% 10/01/43 ▼ -1.66% 97.61 99.26 3
9 CA PUB FIN AUTH-A 6.375% 06/01/59 ▼ -1.63% 95.36 96.94 5
10 CROSSVILLE SPRT AUT-A 4.250% 06/01/49 ▼ -1.42% 96.00 97.39 2

Top 10 State Performers

Showcases the top 10 Muni State performers based on yield movements between 1/2/26-1/9/26

Rank State Change YLD YLD-1W
1 MD -19 bps 3.13% 3.31%
2 NC -17 bps 3.12% 3.29%
3 NE -16 bps 3.37% 3.53%
4 IN -16 bps 3.16% 3.32%
5 OR -14 bps 3.37% 3.51%
6 DE -13 bps 3.06% 3.19%
7 AR -12 bps 3.61% 3.73%
8 AZ -12 bps 3.37% 3.49%
9 MN -12 bps 3.31% 3.43%
10 NJ -12 bps 3.39% 3.51%

Bottom 10 State Performers

Showcases the bottom 10 Muni State performers based on yield movements between 1/2/26-1/9/26

Rank State Change YLD YLD-1W
1 GA 3 bps 3.18% 3.16%
2 VT 1 bps 3.21% 3.20%
3 CO 0 bps 3.37% 3.37%
4 SC 0 bps 3.43% 3.43%
5 VA -1 bps 3.32% 3.33%
6 MS -1 bps 3.55% 3.56%
7 WA -1 bps 3.50% 3.51%
8 CA -1 bps 3.56% 3.57%
9 AL -2 bps 3.64% 3.66%
10 ME -2 bps 3.40% 3.43%

10 Year Yield by State – All

Displays the average Muni 10 year yield by state between 1/2/26-1/9/26 (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 1/2/26-1/9/26 (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 1/2/26-1/9/26 (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 1/2/26-1/9/26

Top Quote Volume Movers: This Week vs Last Week

Exhibits the Munis with the largest increase in quote volume for the week ending 1/2/26 vs. the week ending 1/9/26

Rank Tranche Coupon Maturity Prior Week This Week Increase % Increase
1 SAN FRANCISCO REDEV-C 4.887% 08/01/36 5 116 111 2220%
2 BATTERY PARK-REF 5.000% 11/01/43 51 141 90 176%
3 NY TRANS FIN AUTH-E 5.500% 11/01/49 36 114 78 217%
4 SAN ANTONIO-SER B 5.000% 05/15/38 30 95 65 217%
5 OHIO STATE-D-REF 5.000% 11/01/34 33 97 64 194%
6 EL PASO CO SD #3-B 5.250% 12/01/55 69 132 63 91%
7 NEW YORK-A-REF 5.000% 08/01/36 14 75 61 436%
8 RAPID CITY-REV 5.000% 11/01/33 11 72 61 555%
9 KY PUB ENERGY AUTH-C 5.000% 05/01/36 84 145 61 73%
10 PROSPER ISD-REF 5.250% 02/15/55 152 212 60 39%

Most Quoted Munis

Ranks the Munis that were quoted by the highest number of dealers between 1/2/26-1/9/26

Rank Tranche Coupon Maturity Dealers
1 TX WTR DEV BRD 4.750% 10/15/55 59
2 MIAMI-DADE CO-A 5.000% 10/01/55 55
3 MIAMI-DADE CO-A 4.500% 10/01/51 51
4 NY TRANSITIONAL FIN-B 5.000% 05/01/51 51
5 SER C-REF 5.000% 06/01/34 50
6 OK WTR RESOURCES-C 4.500% 10/01/55 49
7 CHICAGO-E-REV-AMT 5.000% 01/01/60 45
8 AUSTIN ELEC UTIL-REF 5.000% 11/15/55 45
9 BATTERY PARK-REF 5.250% 11/01/55 45
10 BATTERY PARK-REF 5.000% 11/01/50 44

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