Muni Update

October 25, 2021


In this week’s Municipal Market Update, we highlight the following:


Municipal Market Recap

Municipal prices were mixed on Monday and Tuesday and for both days prices on the front and long end of the curve were steady, while prices on intermediate maturities weakened. On Wednesday municipal process were steady. On Thursday municipal prices weakened across the curve. On Friday municipal prices were steady across the curve.

This week, the projected level of new-issue offerings for the trading week are $7.41B and coupled with bank qualified (BQ) and general market (GM) offerings in the secondary market should offer market participants numerous opportunities to fill their needs, especially as demand continues to outpace supply. The continued strong demand in the municipal market is being driven by redemption activity and inflows into funds, as both continue to be solid and contribute to demand outpacing supply for the year. For October, the imbalance in redemption activity dropped substantially, as redemption and maturity activity for the month is projected to be just $19.6B. Note, redemption activity for September was around $29.0B.

For funds latest reporting period, investors in municipal bond funds put cash into funds for a 33rd week in a row, as tax-exempt weekly reporting funds data showed that funds experienced inflows of $177.227MM in the latest week, after experiencing inflows of $461.285MM the week prior. The four-week moving average was positive at $270.859MM, after being in the green at $614.112MM the week prior.

Last week the yields on the two-, 10-, and 30-year maturities on the MMD Triple-A Scale were unchanged from Thursday to Friday and they ended the week at 0.21%, 1.24%, and 1.73%, respectively. Overall, week-over-week the yield on the two-year general obligation (GO) bond rose three basis points (bps), while the yield on the 10-year GO bond rose seven bps and the yield on the 30-year GO bond rose five bps.

Last week the yields on the two-, 10-, and 30-year maturities on the MMA Triple-A Scale were also unchanged from Thursday to Friday and they ended the week at 0.23%, 1.40%, and 1.96%. Overall, week-over-week the yield on the two-year GO bond rose four bps, while the yields on the 10- and 30-year GO bonds each rose seven bps.


New-issue Volume is Forecasted to be $7.41B for the Trading Week

Total new-issue offerings for the trading week per IHS Markit Ipreo are estimated to be $7.41B. This week’s projected level of bond issuance is comprised of $6.04B in negotiated deals and $1.37B in competitive sales. The largest negotiated deal of the week will be the $1.08B offering in two series by the Dallas Fort Worth International Airport Board (Board). The Board will offer $708.1MM of joint revenue refunding bonds, Series 2021C on Tuesday and on Thursday the Board will offer $300.0MMM of joint revenue refunding bonds, Series 2021B (non-Alternative Minimum Tax (AMT). The offerings are rated A1 by Moody’s Investors Service (Moody’s), A+ by Standard and Poor’s Global Ratings (S&P), and AA by Fitch Ratings (Fitch). Also on Tuesday, the Miami-Dade County Health Facilities Authority is set to price $157.38MM of hospital revenue and revenue refunding bonds (Nicklaus Children’s Hospital Project), Series 2021A. The deal is rated A by S&P and A+ by Fitch.

On Wednesday, the Advent Health Obligated Group will offer $400.0MM of corporate CUSIP taxable hospital revenue bonds, Series 2021E. The deal is rated Aa2 by Moody’s, and AA by S&P and Fitch. The State of Ohio plans to offer $326.055MM of GO bonds consisting of four offerings: $137.495MM of infrastructure improvement GO bonds, Series 2021A-II; $40.355MM of conservation projects GO bonds, Series 2021A-CP; $48.325MM of infrastructure improvement GO refunding bonds, Series 2021B; and $99.88MM of common schools GO refunding bonds, Series 2021C. The offerings are rated Aa1 by Moody’s and AA+ by S&P and Fitch. Finally on Wednesday, the City of Austin, Texas, is set to price $218.08MM of water and wastewater system revenue refunding bonds, Series 2021. The deal is rated AA- by S&P.

Other notable negotiated deals this week include the $556.03MM of clean energy project revenue bonds, Series 2021A (green bonds — climate bond certified), by the California Community Choice Financing Authority. The deal is rated A2 by Moody’s. The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee, plans to price $293.205MM of taxable revenue bonds (Vanderbilt University Medical Center), series 2021A and 2021B. The deal is rated A3 by Moody’s and A by S&P. Manor Independent School District is set to price $156.515MM of unlimited tax refunding bonds, taxable Series 2021B. Finally, the Successor Agency to the Redevelopment Agency of the City and County of San Francisco is set to price $107.34MM of taxable third lien tax allocation bonds, 2021 Series A (affordable housing projects/social bonds). The deal is rated A by S&P.

In the competitive arena Milwaukee County is set to sell $95.82MM of taxable GO pension promissory notes, Series 2021A; $10.53MM of GO transit promissory notes, Series 2021C; and $4.18MM of GO promissory notes, Series 2021B at 11:15 a.m. eastern on Tuesday. Los Angeles is set to sell $211.94MM of GO bonds, Series 2021-A (taxable) (social bonds) at noon on Wednesday and $65.63MM of GO refunding bonds, Series 2021-B at 12:30 p.m. Eastern, also on Wednesday. Finally, Montgomery County, Maryland, is set to sell $57.465MM of taxable limited obligation certificates (Facility and Residential Development Projects) Series 2021A Taxable at 10:30 a.m. Eastern, and $41.81MM of taxable limited obligation refunding certificates (Facility and Residential Development Projects) Series 2021B at 10:45 a.m. Eastern Thursday.


Municipal Bond Funds Posted Inflows for a 33rd Week in a Row

Investors in municipal bond put cash into funds for a 33rd week in a row, as tax-exempt weekly reporting funds experienced inflows of $177.227MM in the latest week, after experiencing inflows of $461.285MM the week prior. The four-week moving average remained positive at $270.859MM after being in the green at $614.112MM the week prior.

Long-term municipal bond funds had outflows of $44.249MM in the latest week, after experiencing inflows of $284.286MM the week prior. Intermediate-term funds had inflows of $146.687MM after inflows of $72.269MM the week prior. National funds had inflows of $170.746MM after experiencing inflows of $490.357MM the week prior. High-yield municipal funds reported outflows of $57.543MM in the latest week, after inflows of $44.780MM the week prior. Exchange traded funds reported inflows of $255.564MM, after inflows of $132.692MM the week prior.


Demand in the Bank Qualified (BQ) Market Remains Strong

BQ participants continue to be focused on both BQ and general market (GM) new-issue offerings to fill their needs, as well as secondary market offerings in both BQ and GM paper. Significant demand continues to be the story this year and is being driven in large part by investors having to replace rolloffs due to continued strong redemption activity and inflows into funds. The municipal market is still dealing with a supply-demand imbalance, though it is not as dramatic as it was during the summer months.

BQ participants (in particular C-Corps), continue to find attractive opportunities, both in size and structure in general market paper, due in part to the lower tax rates from tax reform, attractive spreads, and lower costs of funds currently. We encourage participants to review their portfolio and clean-up any odd lots (on-going monitoring of line items), as well as credit clean-up for any credits on negative credit watches or recent downgrades. Finally, extension swaps present an opportunity to sell short duration municipals and extend on out the yield curve, while maintaining or improving the overall credit quality of the portfolio, especially, as overall credit quality continues to stabilize and improve in the municipal market. Week-over-week, BQ spreads were mixed across the curve, as the one-, two-, three-, five- and 30-year maturities all tightened, with the largest tightening occurring in the two-year maturity, six bps. Meanwhile, the week-over-week spread on the 10-year maturity was unchanged and for the 15-year maturity it widened by one bp.


Daily Overview of the General Market for the Week Ending October 22nd

On Monday municipals prices were mixed, as the first of the trading week’s $9.49B in new-issue debt was offered. On the day, the yields on the two- and 30-year GO bonds were unchanged, while the yield on the 10-year GO bond rose one bp, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were also mixed on Monday, as were U.S. stocks. Investors on Monday weighed concerns over elevated inflation against hopes that more companies will follow the lead of the big banks last week and post strong quarterly earnings results. The Dow was down 36 points or 0.1%, while the S&P was up 0.3% and the NASDAQ was up 0.8%. On the day, the yield on the two-year maturity rose three bps, while the yield on the 10-year maturity was unchanged and the yield on the 30-year maturity fell four bps. The 10-year municipal-to-Treasury ratio rose to 74.2% on Monday from last Friday’s level of 73.6%, while the 30-year municipal-to-Treasury ratio rose to 83.6% on Monday from last Friday’s level of 82.0%.

On Tuesday municipals prices were mixed again, as demand continued to outpace supply resulting in some new-issue offerings being repriced to lower yields. Some of the larger negotiated offerings of the day include but were not limited to the following: the $853.51MM offering of sales tax and motor vehicle exercise tax improvement and refunding green bonds by the Central Puget Sound Regional Transit, Authority; the $426.84MM offering of revenue bonds by the Georgia Ports Authority; and the $256.955MM of built to learn revenue bonds by the Maryland Stadium Authority, to name a few. In the competitive arena the $150.33MM offering of school financing bonds by the Virginia Public School Authority and the $96.405MM of public works commission revenue bonds by the City of Fayetteville, North Carolina were priced. On the day, the yields on the two- and 30-year GO bonds were unchanged, while the yield on the 10-year GO bond rose one bp, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were also mixed on Tuesday, while U.S. stocks rose for the session, as investors digested a slew of new earnings results that topped Wall Street’s expectations, suggesting more companies were able to work through ongoing supply chain challenges and still generate solid profits The Dow was up 198 points or 0.6%, while the S&P and NASDAQ were both up 0.7%. On the day, the yield on the two-year maturity fell three bps, while the yield on the 10-year maturity rose six bps and the yield on the 30-year maturity rose eight bps. The 10-year municipal-to-Treasury ratio fell to 72.1% on Tuesday from Monday’s level of 74.2%, while the 30-year municipal-to-Treasury ratio fell to 80.4% on Tuesday from Monday’s level of 83.6%.

On Wednesday municipals prices were steady, as investors digested a number of new-issue offerings on the day including the $257.62MM offering of tax exempt and taxable GO bonds by the Southwest Community College District, San Diego County, California, the $141.915MM offering of Prairie State Energy Campus project revenue bonds, by the American Municipal Power, Inc., Ohio, and the $102.95MM offering of GO bonds by Tulsa, Oklahoma. On the day, the yields on the two, 10- and 30-year GO bonds were unchanged, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were mixed again on Wednesday, as were U.S. stocks for the session. The Dow was up 153 points or 0.4%. The S&P was also up 0.4%, while the NASDAQ was down 0.1%. On the day, the yield on the two-year maturity fell one bp, while the yield on the 10-year maturity was unchanged and the yield on the 30-year maturity rose three bps. The 10-year municipal-to-Treasury ratio rose was unchanged Wednesday from Tuesday’s level of 72.1%, while the 30-year municipal-to-Treasury ratio fell to 79.3% on Wednesday from Tuesday’s level of 80.4%.

Last Thursday municipals prices weakened, as the last of the week’s new-issue offerings came to market. On the day, the yield on the two-year GO bond rose three bops, while the yields on the 10- and 30-year GO bonds each rose five bps, according to the final read of the MMD Triple-A Scale.

U.S. Treasury prices also weakened on Thursday, while U.S. stocks were mixed for the session. The Dow was down just six points or 0.02%, while the S&P was up 0.3% and the NASDAQ was up 0.6%. On the day, the yield on the two-year maturity rose five bps, while the yield on the 10-year maturity rose three bps and the yield on the 30-year maturity rose one bp. The 10-year municipal-to-Treasury ratio rose to 73.8% on Thursday from Wednesday’s level of 72.1%, while the 30-year municipal-to-Treasury ratio rose to 81.2% on Thursday from Wednesday’s level of 79.3%.

Last Friday municipal prices were steady, as market participants looked ahead to the $7.41B in expected new-issue offerings in the upcoming trading week. On the day, the yields on the two-, 10-, and 30-year GO bonds were unchanged, according to the final read of the MMD Triple-A Scale.

U.S. Treasury prices were mixed on Friday, as were U.S. stocks rose for session. The Dow was up 73 points or 0.2%, while the S&P was down 0.1% and the NASDAQ was down 0.8%. On the day, the yield on the two-year maturity rose three bps, while the yield on the 10-year maturity fell two bps and the yield on the 30-year maturity fell five bps. The 10-year municipal-to-Treasury ratio rose to 74.7% on Friday from Thursday’s level of 73.8%, while the 30-year municipal-to-Treasury rose to 83.2% on Friday from Thursday’s level of 81.2%.





Dennis Porcaro

Senior Vice President, Investment Strategies

Vining Sparks IBG, LP

In this week’s Municipal Market Update, we highlight the following:


Municipal Market Recap

Municipal prices were mixed on Monday and Tuesday and for both days prices on the front and long end of the curve were steady, while prices on intermediate maturities weakened. On Wednesday municipal process were steady. On Thursday municipal prices weakened across the curve. On Friday municipal prices were steady across the curve.

This week, the projected level of new-issue offerings for the trading week are $7.41B and coupled with bank qualified (BQ) and general market (GM) offerings in the secondary market should offer market participants numerous opportunities to fill their needs, especially as demand continues to outpace supply. The continued strong demand in the municipal market is being driven by redemption activity and inflows into funds, as both continue to be solid and contribute to demand outpacing supply for the year. For October, the imbalance in redemption activity dropped substantially, as redemption and maturity activity for the month is projected to be just $19.6B. Note, redemption activity for September was around $29.0B.

For funds latest reporting period, investors in municipal bond funds put cash into funds for a 33rd week in a row, as tax-exempt weekly reporting funds data showed that funds experienced inflows of $177.227MM in the latest week, after experiencing inflows of $461.285MM the week prior. The four-week moving average was positive at $270.859MM, after being in the green at $614.112MM the week prior.

Last week the yields on the two-, 10-, and 30-year maturities on the MMD Triple-A Scale were unchanged from Thursday to Friday and they ended the week at 0.21%, 1.24%, and 1.73%, respectively. Overall, week-over-week the yield on the two-year general obligation (GO) bond rose three basis points (bps), while the yield on the 10-year GO bond rose seven bps and the yield on the 30-year GO bond rose five bps.

Last week the yields on the two-, 10-, and 30-year maturities on the MMA Triple-A Scale were also unchanged from Thursday to Friday and they ended the week at 0.23%, 1.40%, and 1.96%. Overall, week-over-week the yield on the two-year GO bond rose four bps, while the yields on the 10- and 30-year GO bonds each rose seven bps.


New-issue Volume is Forecasted to be $7.41B for the Trading Week

Total new-issue offerings for the trading week per IHS Markit Ipreo are estimated to be $7.41B. This week’s projected level of bond issuance is comprised of $6.04B in negotiated deals and $1.37B in competitive sales. The largest negotiated deal of the week will be the $1.08B offering in two series by the Dallas Fort Worth International Airport Board (Board). The Board will offer $708.1MM of joint revenue refunding bonds, Series 2021C on Tuesday and on Thursday the Board will offer $300.0MMM of joint revenue refunding bonds, Series 2021B (non-Alternative Minimum Tax (AMT). The offerings are rated A1 by Moody’s Investors Service (Moody’s), A+ by Standard and Poor’s Global Ratings (S&P), and AA by Fitch Ratings (Fitch). Also on Tuesday, the Miami-Dade County Health Facilities Authority is set to price $157.38MM of hospital revenue and revenue refunding bonds (Nicklaus Children’s Hospital Project), Series 2021A. The deal is rated A by S&P and A+ by Fitch.

On Wednesday, the Advent Health Obligated Group will offer $400.0MM of corporate CUSIP taxable hospital revenue bonds, Series 2021E. The deal is rated Aa2 by Moody’s, and AA by S&P and Fitch. The State of Ohio plans to offer $326.055MM of GO bonds consisting of four offerings: $137.495MM of infrastructure improvement GO bonds, Series 2021A-II; $40.355MM of conservation projects GO bonds, Series 2021A-CP; $48.325MM of infrastructure improvement GO refunding bonds, Series 2021B; and $99.88MM of common schools GO refunding bonds, Series 2021C. The offerings are rated Aa1 by Moody’s and AA+ by S&P and Fitch. Finally on Wednesday, the City of Austin, Texas, is set to price $218.08MM of water and wastewater system revenue refunding bonds, Series 2021. The deal is rated AA- by S&P.

Other notable negotiated deals this week include the $556.03MM of clean energy project revenue bonds, Series 2021A (green bonds — climate bond certified), by the California Community Choice Financing Authority. The deal is rated A2 by Moody’s. The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee, plans to price $293.205MM of taxable revenue bonds (Vanderbilt University Medical Center), series 2021A and 2021B. The deal is rated A3 by Moody’s and A by S&P. Manor Independent School District is set to price $156.515MM of unlimited tax refunding bonds, taxable Series 2021B. Finally, the Successor Agency to the Redevelopment Agency of the City and County of San Francisco is set to price $107.34MM of taxable third lien tax allocation bonds, 2021 Series A (affordable housing projects/social bonds). The deal is rated A by S&P.

In the competitive arena Milwaukee County is set to sell $95.82MM of taxable GO pension promissory notes, Series 2021A; $10.53MM of GO transit promissory notes, Series 2021C; and $4.18MM of GO promissory notes, Series 2021B at 11:15 a.m. eastern on Tuesday. Los Angeles is set to sell $211.94MM of GO bonds, Series 2021-A (taxable) (social bonds) at noon on Wednesday and $65.63MM of GO refunding bonds, Series 2021-B at 12:30 p.m. Eastern, also on Wednesday. Finally, Montgomery County, Maryland, is set to sell $57.465MM of taxable limited obligation certificates (Facility and Residential Development Projects) Series 2021A Taxable at 10:30 a.m. Eastern, and $41.81MM of taxable limited obligation refunding certificates (Facility and Residential Development Projects) Series 2021B at 10:45 a.m. Eastern Thursday.


Municipal Bond Funds Posted Inflows for a 33rd Week in a Row

Investors in municipal bond put cash into funds for a 33rd week in a row, as tax-exempt weekly reporting funds experienced inflows of $177.227MM in the latest week, after experiencing inflows of $461.285MM the week prior. The four-week moving average remained positive at $270.859MM after being in the green at $614.112MM the week prior.

Long-term municipal bond funds had outflows of $44.249MM in the latest week, after experiencing inflows of $284.286MM the week prior. Intermediate-term funds had inflows of $146.687MM after inflows of $72.269MM the week prior. National funds had inflows of $170.746MM after experiencing inflows of $490.357MM the week prior. High-yield municipal funds reported outflows of $57.543MM in the latest week, after inflows of $44.780MM the week prior. Exchange traded funds reported inflows of $255.564MM, after inflows of $132.692MM the week prior.


Demand in the Bank Qualified (BQ) Market Remains Strong

BQ participants continue to be focused on both BQ and general market (GM) new-issue offerings to fill their needs, as well as secondary market offerings in both BQ and GM paper. Significant demand continues to be the story this year and is being driven in large part by investors having to replace rolloffs due to continued strong redemption activity and inflows into funds. The municipal market is still dealing with a supply-demand imbalance, though it is not as dramatic as it was during the summer months.

BQ participants (in particular C-Corps), continue to find attractive opportunities, both in size and structure in general market paper, due in part to the lower tax rates from tax reform, attractive spreads, and lower costs of funds currently. We encourage participants to review their portfolio and clean-up any odd lots (on-going monitoring of line items), as well as credit clean-up for any credits on negative credit watches or recent downgrades. Finally, extension swaps present an opportunity to sell short duration municipals and extend on out the yield curve, while maintaining or improving the overall credit quality of the portfolio, especially, as overall credit quality continues to stabilize and improve in the municipal market. Week-over-week, BQ spreads were mixed across the curve, as the one-, two-, three-, five- and 30-year maturities all tightened, with the largest tightening occurring in the two-year maturity, six bps. Meanwhile, the week-over-week spread on the 10-year maturity was unchanged and for the 15-year maturity it widened by one bp.


Daily Overview of the General Market for the Week Ending October 22nd

On Monday municipals prices were mixed, as the first of the trading week’s $9.49B in new-issue debt was offered. On the day, the yields on the two- and 30-year GO bonds were unchanged, while the yield on the 10-year GO bond rose one bp, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were also mixed on Monday, as were U.S. stocks. Investors on Monday weighed concerns over elevated inflation against hopes that more companies will follow the lead of the big banks last week and post strong quarterly earnings results. The Dow was down 36 points or 0.1%, while the S&P was up 0.3% and the NASDAQ was up 0.8%. On the day, the yield on the two-year maturity rose three bps, while the yield on the 10-year maturity was unchanged and the yield on the 30-year maturity fell four bps. The 10-year municipal-to-Treasury ratio rose to 74.2% on Monday from last Friday’s level of 73.6%, while the 30-year municipal-to-Treasury ratio rose to 83.6% on Monday from last Friday’s level of 82.0%.

On Tuesday municipals prices were mixed again, as demand continued to outpace supply resulting in some new-issue offerings being repriced to lower yields. Some of the larger negotiated offerings of the day include but were not limited to the following: the $853.51MM offering of sales tax and motor vehicle exercise tax improvement and refunding green bonds by the Central Puget Sound Regional Transit, Authority; the $426.84MM offering of revenue bonds by the Georgia Ports Authority; and the $256.955MM of built to learn revenue bonds by the Maryland Stadium Authority, to name a few. In the competitive arena the $150.33MM offering of school financing bonds by the Virginia Public School Authority and the $96.405MM of public works commission revenue bonds by the City of Fayetteville, North Carolina were priced. On the day, the yields on the two- and 30-year GO bonds were unchanged, while the yield on the 10-year GO bond rose one bp, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were also mixed on Tuesday, while U.S. stocks rose for the session, as investors digested a slew of new earnings results that topped Wall Street’s expectations, suggesting more companies were able to work through ongoing supply chain challenges and still generate solid profits The Dow was up 198 points or 0.6%, while the S&P and NASDAQ were both up 0.7%. On the day, the yield on the two-year maturity fell three bps, while the yield on the 10-year maturity rose six bps and the yield on the 30-year maturity rose eight bps. The 10-year municipal-to-Treasury ratio fell to 72.1% on Tuesday from Monday’s level of 74.2%, while the 30-year municipal-to-Treasury ratio fell to 80.4% on Tuesday from Monday’s level of 83.6%.

On Wednesday municipals prices were steady, as investors digested a number of new-issue offerings on the day including the $257.62MM offering of tax exempt and taxable GO bonds by the Southwest Community College District, San Diego County, California, the $141.915MM offering of Prairie State Energy Campus project revenue bonds, by the American Municipal Power, Inc., Ohio, and the $102.95MM offering of GO bonds by Tulsa, Oklahoma. On the day, the yields on the two, 10- and 30-year GO bonds were unchanged, according to the final read of the MMD Triple-A Scale.

Prices on U.S. Treasurys were mixed again on Wednesday, as were U.S. stocks for the session. The Dow was up 153 points or 0.4%. The S&P was also up 0.4%, while the NASDAQ was down 0.1%. On the day, the yield on the two-year maturity fell one bp, while the yield on the 10-year maturity was unchanged and the yield on the 30-year maturity rose three bps. The 10-year municipal-to-Treasury ratio rose was unchanged Wednesday from Tuesday’s level of 72.1%, while the 30-year municipal-to-Treasury ratio fell to 79.3% on Wednesday from Tuesday’s level of 80.4%.

Last Thursday municipals prices weakened, as the last of the week’s new-issue offerings came to market. On the day, the yield on the two-year GO bond rose three bops, while the yields on the 10- and 30-year GO bonds each rose five bps, according to the final read of the MMD Triple-A Scale.

U.S. Treasury prices also weakened on Thursday, while U.S. stocks were mixed for the session. The Dow was down just six points or 0.02%, while the S&P was up 0.3% and the NASDAQ was up 0.6%. On the day, the yield on the two-year maturity rose five bps, while the yield on the 10-year maturity rose three bps and the yield on the 30-year maturity rose one bp. The 10-year municipal-to-Treasury ratio rose to 73.8% on Thursday from Wednesday’s level of 72.1%, while the 30-year municipal-to-Treasury ratio rose to 81.2% on Thursday from Wednesday’s level of 79.3%.

Last Friday municipal prices were steady, as market participants looked ahead to the $7.41B in expected new-issue offerings in the upcoming trading week. On the day, the yields on the two-, 10-, and 30-year GO bonds were unchanged, according to the final read of the MMD Triple-A Scale.

U.S. Treasury prices were mixed on Friday, as were U.S. stocks rose for session. The Dow was up 73 points or 0.2%, while the S&P was down 0.1% and the NASDAQ was down 0.8%. On the day, the yield on the two-year maturity rose three bps, while the yield on the 10-year maturity fell two bps and the yield on the 30-year maturity fell five bps. The 10-year municipal-to-Treasury ratio rose to 74.7% on Friday from Thursday’s level of 73.8%, while the 30-year municipal-to-Treasury rose to 83.2% on Friday from Thursday’s level of 81.2%.





Dennis Porcaro

Senior Vice President, Investment Strategies

Vining Sparks IBG, LP

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The information included herein has been obtained from sources deemed reliable, but it is not in any way guaranteed, and it, together with any opinions expressed, is subject to change at any time. Any and all details offered in this publication are preliminary and are therefore subject to change at any time. This has been prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual or institution. This information is, by its very nature, incomplete and specifically lacks information critical to making final investment decisions. Investors should seek financial advice as to the appropriateness of investing in any securities or investment strategies mentioned or recommended. The accuracy of the financial projections is dependent on the occurrence of future events which cannot be assured; therefore, the actual results achieved during the projection period may vary from the projections. The firm may have positions, long or short, in any or all securities mentioned. Member FINRA/SIPC.
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