Municipal Bond Market Summary – Week Ending 1/8/21
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Municipal Bond Market Summary: Week Ending 1/8/21
Our newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.
Top 10 Winners
Showcases the top 10 Muni Bond “Winners” based on price movements between 12/31/20 – 1/8/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | BALTIMORE CONVTN-REF | 5.00% | 09/01/46 | 5.92% | 99.57 | 94.00 |
| 2 | PR ELEC-WW | 5.25% | 07/01/33 | 5.92% | 76.36 | 72.09 |
| 3 | PR-REF-A | 5.13% | 07/01/37 | 4.84% | 75.62 | 72.13 |
| 4 | DUTCHESS CNTY NY LOCA | 5.00% | 07/01/45 | 3.51% | 113.36 | 109.51 |
| 5 | MET TRANSPRTN AUTH NY | 5.00% | 11/15/28 | 3.47% | 117.59 | 113.64 |
| 6 | GDB DEBT RECOVERY AUT | 7.50% | 08/20/40 | 3.40% | 80.09 | 77.46 |
| 7 | CA EDU FACS AUTH -A | 3.56% | 04/01/31 | 2.94% | 113.74 | 110.49 |
| 8 | DAUPHIN CO GEN AUTH | 5.13% | 10/15/41 | 2.78% | 97.13 | 94.50 |
| 9 | CITRUS CMNTY CLG DT-A | 1.45% | 08/01/28 | 2.55% | 102.55 | 100.00 |
| 10 | WESTCHESTER LOCAL-A | 6.25% | 06/01/50 | 2.47% | 117.70 | 114.86 |
Top 10 Losers
Showcases the top 10 Muni Bond “Losers” based on price movements between 12/31/20 – 1/8/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | INDIANA UNIV TRUSTEES | 3.07% | 06/01/60 | -4.24% | 108.93 | 113.76 |
| 2 | PA TPK-BABS-B | 5.56% | 12/01/49 | -4.00% | 140.93 | 146.80 |
| 3 | UNIV OF TEXAS SYS BRD | 3.35% | 08/15/47 | -3.95% | 116.27 | 121.05 |
| 4 | LITCHFIELD PUB SCHS | 5.00% | 02/01/24 | -3.59% | 114.52 | 118.79 |
| 5 | AMHERST DEV CORP-REF | 5.00% | 10/01/43 | -3.19% | 108.11 | 111.66 |
| 6 | PORT AUTH NY/NJ #168 | 4.93% | 10/01/51 | -2.83% | 135.83 | 139.78 |
| 7 | BAY AREA TOLL-F-2 | 6.26% | 04/01/49 | -2.80% | 168.10 | 172.94 |
| 8 | ESCAMBIA HSG SFM-A | 3.65% | 10/01/44 | -2.52% | 107.81 | 110.60 |
| 9 | MCHENRY ETC SD #55 | 1.70% | 12/30/33 | -2.49% | 97.51 | 100.00 |
| 10 | UNIV OF CALIFORNIA-BF | 2.65% | 05/15/50 | -2.17% | 98.24 | 100.41 |
Top 10 State Winners
Showcases the top 10 Muni State “Winners” based on yield movements between 12/31/20 – 1/8/21
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | AL | -55 bps | 1.29% | 1.84% |
| 2 | MA | -46 bps | 1.73% | 2.18% |
| 3 | KS | -42 bps | 1.78% | 2.20% |
| 4 | CO | -39 bps | 1.17% | 1.57% |
| 5 | MI | -33 bps | 1.50% | 1.83% |
| 6 | OH | -33 bps | 1.73% | 2.06% |
| 7 | AR | -32 bps | 2.05% | 2.37% |
| 8 | NV | -31 bps | 1.35% | 1.66% |
| 9 | MO | -20 bps | 1.56% | 1.76% |
| 10 | WA | -17 bps | 1.57% | 1.74% |
Top 10 State Losers
Showcases the top 10 Muni State “Losers” based on yield movements between 12/31/20 – 1/8/21
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | DC | 32 bps | 1.45% | 1.12% |
| 2 | MN | 26 bps | 1.47% | 1.21% |
| 3 | LA | 24 bps | 1.52% | 1.28% |
| 4 | NE | 15 bps | 1.22% | 1.07% |
| 5 | MT | 12 bps | 1.38% | 1.27% |
| 6 | GA | 9 bps | 1.36% | 1.27% |
| 7 | OR | 6 bps | 1.63% | 1.56% |
| 8 | AZ | 6 bps | 1.55% | 1.50% |
| 9 | IL | 5 bps | 2.51% | 2.46% |
| 10 | WI | 5 bps | 1.36% | 1.31% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 12/31/20 – 1/8/21 (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 12/31/20 – 1/8/21 (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 12/31/20 – 1/8/21 (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 12/31/20 – 1/8/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 12/31/20 vs. the week ending 1/8/21
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | NEW YORK ST PWR AUTH | 4.00% | 11/15/55 | 15 | 67 | 52 | 347% |
| 2 | ILLINOIS ST-REF | 5.00% | 02/01/25 | 8 | 56 | 48 | 600% |
| 3 | SOUTH CAROLINA ST PUB | 5.00% | 12/01/32 | 55 | 101 | 46 | 84% |
| 4 | TX WTR DEV | 4.00% | 08/01/35 | 21 | 66 | 45 | 214% |
| 5 | TX WTR DEV | 4.00% | 08/01/37 | 5 | 48 | 43 | 860% |
| 6 | TX WTR DEV | 4.00% | 08/01/38 | 4 | 47 | 43 | 1075% |
| 7 | WASHINGTON MD SUB SAN | 3.00% | 06/01/27 | 5 | 46 | 41 | 820% |
| 8 | CENTRL PLAINS ENERGY | 5.00% | 09/01/32 | 50 | 88 | 38 | 76% |
| 9 | HUDSON NY YARDS INFRA | 4.00% | 02/15/44 | 38 | 74 | 36 | 95% |
| 10 | ARIZONA BRD OF RGTS | 4.00% | 07/01/38 | 10 | 46 | 36 | 360% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 12/31/20 – 1/8/21
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MASSACHUSETTS ST | 5.00% | 11/01/50 | 33 |
| 2 | UNIV OF TEXAS UNIV-A | 5.00% | 08/15/30 | 32 |
| 3 | TEXAS ST WTR DEV BRD | 4.00% | 04/15/51 | 32 |
| 4 | AUSTIN-A-REF | 5.00% | 11/15/50 | 28 |
| 5 | NEW JERSEY ST-A | 4.00% | 06/01/30 | 26 |
| 6 | NEW JERSEY ST-A | 3.00% | 06/01/32 | 26 |
| 7 | MASSACHUSETTS ST | 4.00% | 11/01/37 | 26 |
| 8 | CALIFORNIA ST | 5.00% | 03/01/35 | 26 |
| 9 | ROCKWALL ISD | 4.00% | 02/15/50 | 26 |
| 10 | MARYLAND ST-B-REF | 5.00% | 08/01/25 | 26 |
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