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Municipal Bond Market Summary:
Week Ending 5/15/20

Our weekly newsletter presents key trends derived from observable Municipal Bond pricing data over a weekly period.

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Muni Winners/Losers
State Winners/Losers
10 Yr Yld – All
10 Yr Yld – GO
10 Yr Yld – Rev
Sentiment
Top Movers
Most Quoted Munis

Top 10 Winners

Showcases the top 10 Muni Bond “Winners” based on price movements between 5/8/20 – 5/15/20

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 ESCONDIDO UHSD CAB 0.00% 08/01/37 8.47% 63.80 58.82
2 SAN JOAQUIN JR LIEN 0.00% 01/01/28 8.35% 90.00 83.06
3 PHILADELPHIA-REF 5.00% 08/01/27 7.68% 124.63 115.74
4 POWAY USD-CABS-IMPT 0.00% 08/01/33 6.68% 72.91 68.34
5 NORWALK SD-CABS-D 0.00% 08/01/31 6.48% 79.49 74.66
6 KING CO SCH DIST #405 3.00% 12/01/32 6.36% 106.36 100.00
7 GUAM GOVT BUS-A 5.00% 01/01/31 6.02% 100.55 94.84
8 OMAHA DOUGLAS PUB BLD 3.00% 05/01/39 5.90% 106.07 100.16
9 POWAY USD-CABS-IMPT 0.00% 08/01/34 5.90% 70.64 66.70
10 LOS ANGELES -SER A 5.00% 07/01/32 5.49% 125.82 119.27

Top 10 Losers

Showcases the top 10 Muni Bond “Losers” based on price movements between 5/8/20 – 5/15/20

RANK BOND NAME COUPON MATURITY CHANGE PX PX-1W
1 PR BLDGS UNREF-D 5.13% 07/01/24 -16.77% 64.50 77.50
2 ORANGE TOURIST TAX 5.00% 10/01/23 -6.61% 105.51 112.98
3 OKLAHOMA CAPITOL IMP 3.00% 07/01/34 -6.46% 104.39 111.61
4 NV SYS HGR EDU-COPS 3.00% 07/01/30 -6.38% 102.72 109.72
5 JEFFERSON UN HSD 4.00% 08/01/26 -6.07% 115.41 122.88
6 BIRMINGHAM CIVIC CTR 4.00% 07/01/43 -6.01% 98.16 104.43
7 NORMAN REGL HOSP-REF 5.00% 09/01/37 -5.99% 106.26 113.02
8 LOS ANGELES CNTY CA M 5.00% 07/01/25 -5.73% 115.36 122.36
9 NY ST DORM AUTH-REF 5.00% 07/01/26 -5.71% 115.90 122.92
10 CMC ACADEMIC CO CLG 5.00% 08/01/29 -5.61% 118.13 125.15

Top 10 State Winners

Showcases the top 10 Muni State “Winners” based on yield movements between 5/8/20 – 5/15/20

RANK STATE CHANGE YLD YLD-1W
1 HI -63 bps 1.75% 2.37%
2 MO -61 bps 1.68% 2.29%
3 MI -50 bps 2.13% 2.64%
4 IL -38 bps 3.29% 3.67%
5 NY -36 bps 2.16% 2.52%
6 ME -34 bps 1.38% 1.72%
7 NJ -28 bps 1.99% 2.27%
8 CO -28 bps 1.58% 1.86%
9 LA -28 bps 1.84% 2.11%
10 NV -28 bps 2.26% 2.54%

Top 10 State Losers

Showcases the top 10 Muni State “Losers” based on yield movements between 5/8/20 – 5/15/20

RANK STATE CHANGE YLD YLD-1W
1 SC 6 bps 1.82% 1.75%
2 TX 6 bps 2.09% 2.04%
3 IA 4 bps 1.76% 1.72%
4 OR 4 bps 2.08% 2.04%
5 NM 2 bps 1.89% 1.87%
6 OK 0 bps 2.24% 2.25%
7 DC -1 bps 1.81% 1.82%
8 MS -1 bps 2.02% 2.03%
9 VA -1 bps 1.71% 1.73%
10 MN -1 bps 1.88% 1.89%

10 Year Yield by State – All

Displays the average Muni 10 year yield by state between 5/8/20 – 5/15/20 (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 5/8/20 – 5/15/20 (General Obligation Bonds only)

Results are based on 5 select states, however, we offer data across all 50 states and U.S. territories

10 Yr Yield by State - Go

10 Year Yield by State – Rev

Displays the average Muni 10 year yield by state between 5/8/20 – 5/15/20 (Revenue Bonds only)

Results are based on 5 select states, however, we offer data across all 50 states and U.S. territories

10 Yr Yield by State - Rev

Sentiment

Reveals the percent of Muni bonds increasing in price (Advancers) vs. decreasing in price (Decliners) between 5/8/20 – 5/15/20

Muni Market Sentiment - Advancers vs. Decliners

Top Quote Volume Movers: This Week vs Last Week

Exhibits the Munis with the largest increase in quote volume for the week ending 5/8/20 vs. the week ending 5/15/20

RANK TRANCHE COUPON MATURITY PRIOR WEEK THIS WEEK INCREASE % INCREASE
1 HOUSTON TX 5.00% 03/01/29 17 86 69 406%
2 SAN YSIDRO SD-CABS 0.00% 08/01/45 4 61 57 1425%
3 CLEVELAND ISD 4.00% 02/15/52 1 51 50 5000%
4 MN ST-A 5.00% 08/01/22 12 60 48 400%
5 NJ ST TRANSN TR FD 0.00% 12/15/32 11 58 47 427%
6 RI HLTH & EDUCTNL-REF 5.00% 05/15/24 5 52 47 940%
7 SEATTLE DRAIN WSTWTR 4.00% 04/01/38 7 54 47 671%
8 MONTGOMERY CNTY PA HG 4.00% 09/01/37 11 52 41 373%
9 MONTGOMERY CO HGR EDU 4.00% 09/01/36 6 47 41 683%
10 FORT WORTH TX INDEP-B 5.00% 02/15/27 15 56 41 273%

Most Quoted Munis

Ranks the Munis that were quoted by the highest number of dealers between 5/8/20 – 5/15/20

RANK TRANCHE COUPON MATURITY DEALERS
1 COLUMBUS OH 5.00% 04/01/33 31
2 CALIFORNIA ST 3.00% 03/01/46 30
3 LOS ANGELES CA DEPT O 5.00% 07/01/28 30
4 CALIFORNIA ST 4.00% 03/01/40 29
5 CALIFORNIA ST 5.00% 03/01/33 29
6 MULTNOMAH CO SD #1J 5.00% 06/15/29 29
7 TAMPA ETC EXWY-B-REF 4.00% 07/01/42 28
8 HAWAII ST 5.00% 10/01/29 28
9 CALIFORNIA ST 3.00% 03/01/50 27
10 CALIFORNIA ST 4.00% 03/01/38 27

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