Municipal Market Update – September 2020

The municipal market remained relatively stable in September, as 30-day volatility of 10-year AAA GOs increased modestly from 0.82 to 0.87 over the month. Municipal supply in September remained high with monthly issuance of $50.3 billion, a 34.3% increase from September 2019. Third quarter municipal bond issuance has increased 29.3% from Q3 2019. The Fed has pledged to keep funding rates at the zero-bound well through the next couple years.

US Treasury Yield Curve

Our Municipal Market Update is data-driven, one page sheet that is intended to give you an overview of key interest rates – floating as well as the credit spreads of key local and state entities with data as of September 30, 2020. It is written for those making credit and investment related decisions for municipalities and non-profit institutions. If you have additional questions or would like to learn more about our municipal advisory and investment banking services, visit our Municipal Advisory page and contact Michael Stone, CFA.

Click here to access our Municipal Market Update.