The high-yield municipal market is on track to finish in positive territory for the 18th consecutive month even as the broader tax-exempt market extends losses into the sixth trading session Friday.

The S&P Municipal Bond Higher Yield Index returned 0.7% month-to-date and 3.87% year-to-date, driven higher mostly by tobacco bonds. The S&P Municipal Bond Tobacco Index has returned 1.64% in May and 4.46% year-to-date.

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