Municipal Bond Market Trends
Munis showed firmer results in the long term, with notable monthly and yearly gains.
According to Birch Creek strategists, the technical picture is expected to improve in November and December, potentially leading to rewards for the wider new issue concessions caused by the heavy new issue calendar.
On Tuesday, munis were firmer out long, while USTs richened 10 years and in, and equities ended mixed. The muni-UST ratios were:
- 2-year: 67%
- 5-year: 65%
- 10-year: 70%
- 30-year: 90%
Birch Creek strategists noted that munis continued to underperform for the second consecutive week, primarily due to front-end weakness. Jason Wong, vice president of municipals at AmeriVet Securities, stated that the front end saw yields cut by 2-5 basis points for 2026-2029 maturities, while the rest of the curve saw yields increase by 1-5 basis points.
Author's summary: Munis show promise with monthly and yearly gains.
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