Munis firmer out long, see monthly and yearly gains

Municipal Bond Market Trends

Munis showed firmness out long, with a focus on monthly and yearly gains, as the technical picture is expected to improve in November and December.

Birch Creek strategists believe "the wider new issue concessions brought about via the heavy new issue calendar will likely be rewarded."

On Tuesday, munis were firmer out long, while USTs richened 10 years and in, and equities ended mixed. The muni-UST ratios were:

two-year: 67%
five-year: 65%
10-year: 70%
30-year: 90%

according to Municipal Market Data. Jason Wong, vice president of municipals at AmeriVet Securities, noted that the front end saw yields cut by two to five basis points for 2026-2029 maturities, while the rest of the curve saw yields bumped one to five basis points.

Author's summary: Munis firm out long amid improving technical picture.

The Bond Buyer — 2025-10-15