The Bond Buyer’s weekly yield indexes were somewhat mixed this week, with yields little changed after a new-issue driven week.
“In some ways, it’s been a pretty quiet week,” said Evan Rourke, portfolio manager at Eaton Vance. “There’s been some interesting new-issue supply to keep things moving, but people are a little distracted, whether it’s St. Patrick’s Day or college basketball. There’s not a lot going on away from the new issues, which is the only thing driving the market.
“There’s a little bit of a flattener to the curve,” he said. “There’s not a lot of movement or volatility. The beginning of the week was very slow, but individual investors started to show up yesterday and that helped a little. We’re just sort of drifting a bit.”
The Bond Buyer 20-bond index of 20-year general obligation bond yields declined one basis point this week to 4.32%. That is the lowest the index has been since Jan. 21, when it was 4.30%.
The 11-bond index of higher-grade 20-year GO yields also declined one basis point this week, to 4.05%. It is now at its lowest level since Jan. 21, when it was 4.02%.
The revenue bond index, which measures 30-year revenue bond yields, was unchanged this week at 4.92%. It remains at its lowest level since Jan. 21, when it was 4.91%.
The Bond Buyer one-year note index, which is based on one-year tax-exempt note yields, rose one basis point this week to 0.40%, which is the same level as two weeks ago.
The yield on the 10-year Treasury note declined six basis points this week to 3.67%, but it remains above its 3.61% level from two weeks ago.
The yield on the 30-year Treasury bond dropped eight basis points this week to 4.59%, but remains above its 4.56% level from two weeks ago.
The weekly average yield to maturity on The Bond Buyer’s 40-bond municipal bond index, which is based on 40 long-term municipal bond prices, finished at 5.27%, down one basis point from last week’s 5.28%.