The Bond Buyer’s 20-Bond GO Index of 20-year general obligation yields rose 21 basis points this week, to 4.14%. It is now at its highest level since Sept. 1, 2011 (five weeks ago), when it was also 4.14%.
The 11-Bond GO Index of higher-grade 20-year GO yields also gained 21 basis points this week, to 3.88%, which is its highest level since Aug. 4, 2011 (nine weeks ago), when it was 3.90%.
The Revenue Bond Index, which measures 30-year revenue bond yields, increased three basis points this week, to 5.04%. This is its highest level since Sept. 15, 2011 (three weeks ago), when it was 5.11%.
The Bond Buyer’s One-Year Note Index declined four basis points this week, to 0.29%. This matches its 0.29% level from two weeks ago.
The yield on the U.S. Treasury’s 10-year note rose one basis point this week, to 1.99%, which is the highest it has been since Sept. 15, 2011 (three weeks ago), when it was 2.09%.
The yield on the Treasury’s 30-year bond declined seven basis points this week, to 2.96%, but remained above its 2.79% level from two weeks ago.
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Fernando Osorio Caño was named interim executive director after Mary Carmen Zapata resigned.
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A stronger-than-expected nonfarm payroll report reignited fears that the Federal Reserve will hike rates. Munis and USTs had a somewhat muted reaction, according to Hennion & Walsh's James Pruskowski.
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"The reason the number [of trade counts] is a record and not just elevated is structural, and it's been building for years," said Josh Rosenblum, head of municipal trading strategies at Brownstone.
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Oregon State Rep. Paul Evans proposed a grant program that would fill budgetary gaps for small cities at risk of closing what he deems as essential city services.
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Norman Regional Health System says it will use interim financing to make a Sept. 1 debt service payment that bondholders agreed to delay.
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The plan aims to fundamentally change how the state collects tax revenue, aiming to eventually shrink the income tax to nothing.
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