Municipal Bond Market Summary – Week Ending 1/23/26
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 1/16/26-1/23/26
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | MONTGOMERY HOSP-FACS | 4.000% | 08/01/47 | ▲ 3.95% | 92.92 | 89.39 | 2 |
| 2 | AMARILLO HOTEL-TXBL | 4.400% | 08/15/48 | ▲ 3.89% | 88.61 | 85.29 | 7 |
| 3 | FL BRD OF EDU-E-UNRFD | 2.750% | 06/01/37 | ▲ 3.44% | 95.25 | 92.08 | 8 |
| 4 | OREGON ST -H -TXBL | 5.152% | 08/01/53 | ▲ 3.38% | 99.38 | 96.13 | 8 |
| 5 | NYS HSG FIN AGY -N | 3.050% | 11/01/52 | ▲ 3.33% | 74.60 | 72.20 | 2 |
| 6 | HARRIS CO MUD #500 | 3.500% | 12/01/42 | ▲ 2.90% | 88.50 | 86.01 | 2 |
| 7 | DENTON-CTFS | 4.000% | 02/15/47 | ▲ 2.56% | 95.16 | 92.78 | 2 |
| 8 | ARLINGTON HGR EDU FIN | 4.000% | 02/15/54 | ▲ 2.48% | 94.36 | 92.07 | 13 |
| 9 | BURLINGTON-MUNI LN | 3.500% | 07/15/47 | ▲ 2.18% | 88.23 | 86.35 | 2 |
| 10 | URBAN REDEV AGY -A -R | 4.000% | 01/01/47 | ▲ 2.13% | 97.10 | 95.07 | 3 |
Bottom 10 Performers
Showcases the bottom 10 Muni Bond performers based on price movements between 1/16/26-1/23/26
| Rank | Bond Name | Coupon | Maturity | Change | PRC | PRC-1W | Dealers |
| 1 | HARRIS CO MUD #166 | 2.250% | 09/01/39 | ▼ -4.31% | 95.46 | 99.75 | 12 |
| 2 | FT BEND CO MUD #182 | 3.625% | 09/01/42 | ▼ -4.24% | 87.20 | 91.06 | 2 |
| 3 | OHIO HGR EDU FAC-REF | 5.250% | 05/01/49 | ▼ -3.54% | 98.42 | 102.03 | 4 |
| 4 | PITTSBURGH WTR & SWR | 4.000% | 09/01/50 | ▼ -3.73% | 91.26 | 94.80 | 2 |
| 5 | MONTGOMERY CO MUD#92 | 4.000% | 04/01/43 | ▼ -3.58% | 95.19 | 98.73 | 8 |
| 6 | SANTA MONICA CA PUB | 2.250% | 07/01/51 | ▼ -3.50% | 60.37 | 62.57 | 8 |
| 7 | HIGHWAY 380 MUNI MGMT | 2.750% | 05/01/44 | ▼ -3.30% | 74.94 | 77.50 | 22 |
| 8 | NY ST HSG FIN AGY-H | 4.200% | 11/01/48 | ▼ -3.20% | 94.71 | 97.85 | 2 |
| 9 | NC TURNPIKE AUTH-CABS | 0.000% | 01/01/45 | ▼ -3.15% | 41.06 | 42.39 | 12 |
| 10 | ESTRN ADAMS MET-REF | 3.000% | 12/01/49 | ▼ -3.11% | 73.22 | 75.57 | 2 |
Top 10 State Performers
Showcases the top 10 Muni State performers based on yield movements between 1/16/26-1/23/26
| Rank | State | Change | YLD | YLD-1W |
| 1 | VT | ▲ 23 bps | 3.40% | 3.17% |
| 2 | CO | ▲ 19 bps | 3.51% | 3.32% |
| 3 | HI | ▲ 18 bps | 3.39% | 3.21% |
| 4 | IN | ▲ 15 bps | 3.35% | 3.20% |
| 5 | OK | ▲ 13 bps | 3.58% | 3.45% |
| 6 | DC | ▲ 11 bps | 3.41% | 3.30% |
| 7 | MS | ▲ 10 bps | 3.62% | 3.51% |
| 8 | RI | ▲ 9 bps | 3.21% | 3.13% |
| 9 | NH | ▲ 8 bps | 3.18% | 3.10% |
| 10 | UT | ▲ 7 bps | 3.22% | 3.14% |
Bottom 10 State Performers
Showcases the bottom 10 Muni State performers based on yield movements between 1/16/26-1/23/26
| Rank | State | Change | YLD | YLD-1W |
| 1 | KY | ▲ 11 bps | 3.50% | 3.39% |
| 2 | NM | ▲ 9 bps | 3.38% | 3.28% |
| 3 | NY | ▲ 9 bps | 3.48% | 3.39% |
| 4 | DC | ▲ 6 bps | 3.31% | 3.24% |
| 5 | IL | ▲ 5 bps | 3.64% | 3.59% |
| 6 | MA | ▲ 5 bps | 3.44% | 3.39% |
| 7 | NH | ▲ 4 bps | 3.18% | 3.14% |
| 8 | IN | ▲ 4 bps | 3.20% | 3.16% |
| 9 | AL | ▲ 4 bps | 3.68% | 3.63% |
| 10 | CT | ▲ 3 bps | 3.30% | 3.27% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 1/16/26-1/23/26 (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 1/16/26-1/23/26 (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 1/16/26-1/23/26 (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 1/16/26-1/23/26
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 1/16/26 vs. the week ending 1/23/26
| Rank | Tranche | Coupon | Maturity | Prior Week | This Week | Increase | % Increase |
| 1 | DIST OF COLUMBIA -A | 5.000% | 10/01/35 | 18 | 99 | 81 | 450% |
| 2 | DENVER CITY & CO -A | 5.000% | 11/15/36 | 33 | 102 | 69 | 209% |
| 3 | NEW YORK CITY NY TRAN | 4.000% | 11/01/43 | 100 | 169 | 69 | 69% |
| 4 | LEMONT FIRE PROT DT | 4.000% | 12/30/44 | 14 | 79 | 65 | 464% |
| 5 | BOERNE ISD-REF | 5.000% | 02/01/39 | 57 | 122 | 65 | 114% |
| 6 | SAN LUIS COASTAL USD | 4.000% | 08/01/46 | 89 | 153 | 64 | 72% |
| 7 | WASHINGTON ST | 5.000% | 08/01/33 | 43 | 107 | 64 | 149% |
| 8 | SALT RIVER PROJ-B | 5.000% | 01/01/35 | 22 | 85 | 63 | 286% |
| 9 | UNIV OF MICHIGAN-A | 5.000% | 04/01/50 | 26 | 89 | 63 | 242% |
| 10 | OHIO HSG FIN AGY-C | 4.500% | 09/01/44 | 25 | 87 | 62 | 248% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 1/16/26-1/23/26
| Rank | Tranche | Coupon | Maturity | Dealers |
| 1 | TX WTR DEV BRD | 4.750% | 10/15/55 | 63 |
| 2 | SAN DIEGO UNIF SD-C-3 | 5.000% | 07/01/50 | 51 |
| 3 | NY TRANS FIN AUTH-D-1 | 5.000% | 11/01/38 | 50 |
| 4 | OHIO ST UNIV-A-REF | 5.000% | 06/01/35 | 49 |
| 5 | MIAMI-DADE CO-A | 5.000% | 10/01/55 | 48 |
| 6 | BATTERY PARK-REF | 5.000% | 11/01/50 | 47 |
| 7 | OK WTR RESOURCES-C | 4.500% | 10/01/55 | 46 |
| 8 | PROSPER ISD-REF | 5.250% | 02/15/55 | 46 |
| 9 | NY TRANS FIN AUTH-D-1 | 5.000% | 11/01/35 | 45 |
| 10 | CA REGENTS UNIV-CD | 5.000% | 05/15/36 | 45 |
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