Municipal Bond Market Summary – Week Ending 5/1/20
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Municipal Bond Market Summary: Week Ending 5/1/20
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 4/24/20 – 5/1/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | WALNUT VY USD CAB-E | 0.00% | 08/01/28 | 14.06% | 85.36 | 74.84 |
| 2 | BIRMINGHAM-A-REF | 5.00% | 12/01/30 | 12.13% | 124.76 | 111.26 |
| 3 | SILICON VY TOB-CAB-A | 0.00% | 06/01/47 | 11.64% | 19.21 | 17.21 |
| 4 | IRVINE USD DIST #09-1 | 4.00% | 09/01/49 | 8.39% | 105.68 | 97.50 |
| 5 | PA HGR EDU FACS | 5.00% | 06/15/29 | 7.36% | 116.98 | 108.95 |
| 6 | GRAND RIVER DAM-A-REF | 4.00% | 06/01/25 | 7.31% | 111.64 | 104.03 |
| 7 | LOS ANGELES CNTY CA P | 5.00% | 12/01/44 | 7.21% | 116.97 | 109.11 |
| 8 | PORT AUTH NY & NJ-175 | 3.00% | 12/01/31 | 7.11% | 101.23 | 94.51 |
| 9 | E LANSING SD-I-BLDG | 4.00% | 05/01/24 | 7.02% | 109.05 | 101.90 |
| 10 | MCKINNEY | 5.00% | 08/15/23 | 6.95% | 112.39 | 105.09 |
Top 10 Losers
Showcases the top 10 Muni Bond “Losers” based on price movements between 4/24/20 – 5/1/20
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | PA TURNPIKE COMMN | 5.00% | 12/01/38 | -7.93% | 111.91 | 121.55 |
| 2 | CALIFORNIA STWD CMNTY | 5.00% | 08/01/35 | -7.62% | 111.90 | 121.14 |
| 3 | PR ELEC SER TT | 5.00% | 07/01/37 | -7.46% | 58.07 | 62.75 |
| 4 | SAN FRANCISCO ARPT 20 | 4.00% | 05/01/50 | -7.38% | 104.78 | 113.12 |
| 5 | MET PIER EXPO-UNREF | 5.70% | 06/15/23 | -7.08% | 107.85 | 116.08 |
| 6 | WI HEALTH & EDUCATION | 5.00% | 04/01/26 | -6.96% | 113.42 | 121.90 |
| 7 | PALM BEACH HLTH-REF | 3.00% | 11/15/28 | -6.70% | 85.67 | 91.82 |
| 8 | MICHIGAN ST FIN AUTH | 2.83% | 12/01/28 | -6.65% | 99.93 | 107.05 |
| 9 | PORT AUTH OF NEW YORK | 5.00% | 09/01/29 | -6.52% | 120.76 | 129.19 |
| 10 | LNG IS PWR ELEC GEN-C | 5.25% | 09/01/29 | -6.49% | 123.94 | 132.54 |
Top 10 State Winners
Showcases the top 10 Muni State “Winners” based on yield movements between 4/24/20 – 5/1/20
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | HI | -48 bps | 1.87% | 2.35% |
| 2 | MO | -21 bps | 2.08% | 2.29% |
| 3 | NE | -20 bps | 1.96% | 2.16% |
| 4 | VA | -13 bps | 1.87% | 2.00% |
| 5 | CO | -9 bps | 1.97% | 2.06% |
| 6 | LA | -8 bps | 2.36% | 2.44% |
| 7 | OH | -6 bps | 2.69% | 2.75% |
| 8 | RI | -5 bps | 2.20% | 2.25% |
| 9 | MS | 1 bps | 2.36% | 2.35% |
| 10 | WV | 1 bps | 2.06% | 2.04% |
Top 10 State Losers
Showcases the top 10 Muni State “Losers” based on yield movements between 4/24/20 – 5/1/20
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | NJ | 37 bps | 2.42% | 2.05% |
| 2 | CT | 25 bps | 2.79% | 2.54% |
| 3 | NV | 25 bps | 2.56% | 2.31% |
| 4 | IA | 25 bps | 2.02% | 1.77% |
| 5 | MA | 24 bps | 2.27% | 2.03% |
| 6 | DC | 23 bps | 2.17% | 1.95% |
| 7 | TN | 22 bps | 1.92% | 1.70% |
| 8 | GA | 22 bps | 2.06% | 1.84% |
| 9 | KS | 22 bps | 2.20% | 1.98% |
| 10 | ME | 21 bps | 1.86% | 1.65% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 4/24/20 – 5/1/20 (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 4/24/20 – 5/1/20 (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
Displays the average Muni 10 year yield by state between 4/24/20 – 5/1/20 (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 4/24/20 – 5/1/20
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 4/24/20 vs. the week ending 5/1/20
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | TAMPA ETC EXWY-B-REF | 4.00% | 07/01/42 | 7 | 102 | 95 | 1357% |
| 2 | MANSFIELD ISD | 5.00% | 02/15/47 | 9 | 69 | 60 | 667% |
| 3 | NEW JERSEY ST TRANSPR | 5.00% | 06/15/44 | 84 | 140 | 56 | 67% |
| 4 | NEW JERSEY ST ECON DE | 5.50% | 06/15/29 | 30 | 84 | 54 | 180% |
| 5 | NEW JERSEY ST ECON DE | 5.50% | 06/15/31 | 30 | 80 | 50 | 167% |
| 6 | WASHINGTON ST CONVENT | 4.00% | 07/01/58 | 8 | 57 | 49 | 613% |
| 7 | UTAH ST BRD OF RGTS | 5.00% | 08/01/26 | 12 | 59 | 47 | 392% |
| 8 | NAPA VLY UNIF SD | 4.00% | 08/01/44 | 14 | 59 | 45 | 321% |
| 9 | SEATTLE LGHT&PWR-REF | 4.00% | 09/01/44 | 2 | 43 | 41 | 2050% |
| 10 | WASHINGTON-R-2016C | 5.00% | 07/01/31 | 44 | 84 | 40 | 91% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 4/24/20 – 5/1/20
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | MULTNOMAH CO SD #1J | 5.00% | 06/15/29 | 29 |
| 2 | HAWAII ST | 5.00% | 10/01/29 | 28 |
| 3 | NEW JERSEY ST TRANSPR | 5.00% | 06/15/44 | 28 |
| 4 | CALIFORNIA ST | 5.00% | 03/01/33 | 27 |
| 5 | TAMPA ETC EXWY-B-REF | 4.00% | 07/01/42 | 26 |
| 6 | COLLIN CNTY TX CMNTY | 3.00% | 08/15/40 | 26 |
| 7 | CALIFORNIA ST | 4.00% | 03/01/40 | 25 |
| 8 | COLUMBUS OH | 5.00% | 04/01/33 | 25 |
| 9 | LOVE FIELD ARPT-SW AI | 5.25% | 11/01/40 | 25 |
| 10 | CALIFORNIA ST | 4.00% | 03/01/37 | 25 |
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