The Bond Buyer 20-Bond GO Index, which has a 20-year maturity, declined one basis point this week, to 3.67%. It is the lowest level for the index since Oct. 11, 2012 (three weeks ago), when it was 3.64%.
The Bond Buyer 11-Bond GO Index, which measures higher-grade GO bonds maturing in 20 years, also declined one basis point this week, to 3.46%, which is the lowest the index has been since Oct. 11, 2012 (three weeks ago), when it was 3.43%.
The Bond Buyer Revenue Bond Index, which is based on 25 revenue issuers and has a 30-year maturity, dropped four basis points this week, to 4.29%. This is the lowest level for the index since Oct. 4, 2012 (four weeks ago), when it reached an all-time low of 4.28%.
The Bond Buyer One-Year Note Index, which is based on one-year GO yields from 10 issuers, rose one basis point this week, to 0.22%. This is the highest level for the index since Oct. 10, 2012 (three weeks ago), when it was 0.23%.
The yield on the 10-year U.S. Treasury note dropped 11 basis points this week, to 1.72%, which is the lowest level for the yield since Oct. 11, 2012 (three weeks ago), when it was 1.68%.
The yield on the 30-year U.S. Treasury bond dropped eight basis points this week, to 2.90%, which is the lowest the yield has been since Oct. 11, 2012 (three weeks ago), when it was 2.86%.
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Treasurer John Fleming is pushing back against a proposal in the state Legislature that would make changes to the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
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Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
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The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
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It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
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The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
April 17 -
The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
April 17