Municipal Bond Market Trends
Munis firmer out long, see monthly and yearly gains, as the technical picture tends to turn "more favorable" during November and December.
Birch Creek strategists believe
"the wider new issue concessions brought about via the heavy new issue calendar will likely be rewarded."
Munis were firmer out long Tuesday, with USTs richening 10 years and in, and equities ending mixed. The muni-UST ratios were:
- two-year: 67%
- five-year: 65%
- 10-year: 70%
- 30-year: 90%
Jason Wong, vice president of municipals at AmeriVet Securities, stated that the front end saw 2026-2029 maturities experience a two to five basis point cut, while the rest of the curve saw yields bumped one to five basis points.
Munis underperform for the second consecutive week.
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