Municipal Bond Market Summary – Week Ending 6/25/21
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Municipal Bond Market Summary: Week Ending 6/25/21
SAN JOSE CA ARPT REVENUE bonds were our top Muni Winner last week with a 4.8% increase to 107.83 as travel steadily increases and JetBlue airlines returns to the international airport. DOWNEY UNIF SD-C lands on the Municipal Bond ‘Loser’ list with a -2.4% price change over the past week to 92.66 after news that funding will be diverted to the police rather than schools next year. Muni ‘Decliners’ continue to outpace ‘Advancers’ during the last full week of June, 6:1 as muni bond prices are overwhelmingly quoted lower each day. Hawaii was the weekly Muni Bond State ‘Winner’ ending the week with a 1.53% 10 yr yield.
Top 10 Winners
Showcases the top 10 Muni Bond “Winners” based on price movements between 6/18/21 – 6/25/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | SAN JOSE-C-REF-BAM | 3.14% | 03/01/38 | 4.79% | 107.83 | 102.91 |
| 2 | WESTLAND -TXBL | 2.51% | 11/01/40 | 3.05% | 100.16 | 97.20 |
| 3 | BURBANK ETC ARPT-B | 5.56% | 07/01/32 | 2.63% | 122.82 | 119.67 |
| 4 | LOS ANGELES DEPT ARPT | 5.00% | 05/15/48 | 2.31% | 126.84 | 123.98 |
| 5 | PUERTO RICO-REF-D | 5.75% | 07/01/41 | 2.20% | 89.28 | 87.36 |
| 6 | HARRIS CNTY TX MET TR | 2.99% | 11/01/41 | 2.17% | 102.82 | 100.63 |
| 7 | UPPER SANTA CLARA VY | 1.18% | 08/01/26 | 2.15% | 101.81 | 99.67 |
| 8 | CA MUNI FIN AUTH-TXBL | 2.52% | 10/01/35 | 1.88% | 98.23 | 96.42 |
| 9 | NY ST URBAN DEV-E-4 | 3.00% | 03/15/47 | 1.58% | 107.39 | 105.72 |
| 10 | IOWA ST HGR EDU LOAN | 3.03% | 12/01/51 | 1.45% | 106.44 | 104.92 |
Top 10 Losers
Showcases the top 10 Muni Bond “Losers” based on price movements between 6/18/21 – 6/25/21
| RANK | BOND NAME | COUPON | MATURITY | CHANGE | PX | PX-1W |
|---|---|---|---|---|---|---|
| 1 | OCEANSIDE USD-C | 0.00% | 08/01/43 | -4.75% | 58.86 | 61.79 |
| 2 | SAN LUIS ETC WTR-B | 1.48% | 03/01/27 | -3.72% | 100.48 | 104.37 |
| 3 | LOS ANGELES REDEV-C | 6.00% | 09/01/32 | -3.48% | 127.84 | 132.45 |
| 4 | SAN BERNARDINO-TXBL-G | 2.73% | 08/01/37 | -2.82% | 99.61 | 102.50 |
| 5 | ASHLAND MA | 2.13% | 05/15/46 | -2.70% | 96.57 | 99.25 |
| 6 | DAVIE WTR & SWR-TXBL | 2.32% | 10/01/30 | -2.64% | 104.28 | 107.11 |
| 7 | ALVORD USD-B-CABS | 0.00% | 08/01/36 | -2.56% | 67.44 | 69.21 |
| 8 | BEAVERTON SCHS-I | 2.00% | 05/01/39 | -2.56% | 96.28 | 98.81 |
| 9 | DOWNEY UNIF SD-C | 2.00% | 08/01/42 | -2.40% | 92.66 | 94.94 |
| 10 | WILLITS USD-A | 2.00% | 08/01/50 | -2.40% | 95.15 | 97.49 |
Top 10 State Winners
Showcases the top 10 Muni State “Winners” based on yield movements between 6/18/21 – 6/25/21
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | HI | -64 bps | 1.53% | 2.17% |
| 2 | KS | -55 bps | 2.01% | 2.56% |
| 3 | SC | -49 bps | 1.29% | 1.78% |
| 4 | MO | -44 bps | 1.66% | 2.10% |
| 5 | IA | -37 bps | 1.29% | 1.65% |
| 6 | LA | -36 bps | 1.62% | 1.98% |
| 7 | DC | -32 bps | 1.39% | 1.71% |
| 8 | OR | -30 bps | 1.60% | 1.90% |
| 9 | FL | -29 bps | 1.54% | 1.83% |
| 10 | OH | -26 bps | 1.38% | 1.64% |
Top 10 State Losers
Showcases the top 10 Muni State “Losers” based on yield movements between 6/18/21 – 6/25/21
| RANK | STATE | CHANGE | YLD | YLD-1W |
|---|---|---|---|---|
| 1 | NE | 24 bps | 1.83% | 1.58% |
| 2 | NY | 8 bps | 1.79% | 1.70% |
| 3 | DE | 7 bps | 1.31% | 1.25% |
| 4 | MA | 7 bps | 1.61% | 1.54% |
| 5 | WA | 5 bps | 1.72% | 1.67% |
| 6 | ME | 5 bps | 1.31% | 1.26% |
| 7 | GA | 3 bps | 1.46% | 1.43% |
| 8 | WV | -1 bps | 1.31% | 1.32% |
| 9 | IL | -2 bps | 2.07% | 2.09% |
| 10 | TX | -2 bps | 1.83% | 1.86% |
10 Year Yield by State – All
Displays the average Muni 10 year yield by state between 6/18/21 – 6/25/21 (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 6/18/21 – 6/25/21 (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 6/18/21 – 6/25/21 (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 6/18/21 – 6/25/21
Top Quote Volume Movers: This Week vs Last Week
Exhibits the Munis with the largest increase in quote volume for the week ending 6/18/21 vs. the week ending 6/25/21
| RANK | TRANCHE | COUPON | MATURITY | PRIOR WEEK | THIS WEEK | INCREASE | % INCREASE |
|---|---|---|---|---|---|---|---|
| 1 | BLACK BELT ENERGY GAS | 4.00% | 06/01/51 | 58 | 106 | 48 | 83% |
| 2 | DETROIT-B-1-FINL | 4.00% | 04/01/44 | 29 | 75 | 46 | 159% |
| 3 | NYC TRANSITIONAL FIN | 4.00% | 05/01/45 | 17 | 55 | 38 | 224% |
| 4 | FORT WORTH-REF | 4.00% | 02/15/28 | 36 | 73 | 37 | 103% |
| 5 | HENNEPIN CO MN -B | 5.00% | 12/15/33 | 4 | 38 | 34 | 850% |
| 6 | JACKSON CO SCH DT#549 | 3.00% | 12/15/41 | 8 | 42 | 34 | 425% |
| 7 | NASSAU CO INTERIM-A | 4.00% | 11/15/34 | 42 | 76 | 34 | 81% |
| 8 | NEW YORK ST DORM AUTH | 4.00% | 02/15/49 | 21 | 55 | 34 | 162% |
| 9 | BUFFALO -A-REF | 5.00% | 04/01/26 | 7 | 38 | 31 | 443% |
| 10 | WISCONSIN ST-REV-A | 5.00% | 07/01/25 | 18 | 49 | 31 | 172% |
Most Quoted Munis
Ranks the Munis that were quoted by the highest number of dealers between 6/18/21 – 6/25/21
| RANK | TRANCHE | COUPON | MATURITY | DEALERS |
|---|---|---|---|---|
| 1 | HOUSTON-A-REV-REF | 4.00% | 11/15/51 | 27 |
| 2 | PR SALES TAX FING-A1 | 0.00% | 07/01/51 | 27 |
| 3 | ALAMO CMNTY CLG DIST | 4.00% | 08/15/39 | 27 |
| 4 | IN FIN AUTH-REF-1 | 4.00% | 10/01/36 | 24 |
| 5 | ENERGY NW ELEC REV | 4.00% | 07/01/42 | 24 |
| 6 | DASNY-A | 4.00% | 07/01/48 | 24 |
| 7 | WEST VIRGINIA ST PARK | 4.00% | 06/01/51 | 24 |
| 8 | ENERGY NW ELEC REV | 5.00% | 07/01/40 | 23 |
| 9 | NYC MUNI WTR FIN-DD | 5.00% | 06/15/26 | 23 |
| 10 | ALAMO CMNTY CLG DIST | 4.00% | 08/15/38 | 23 |
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