Municipal Yields Stabilization
Municipal yields could stabilize, according to Matt Fabian, president of Municipal.
In theory at least, municipal yields should be able to stabilize here; levels remain attractive for pure income buyers while more sustainable constructive fund inflows are just enough to speak for rising issuance in the absence of meaningful reinvestment.
Munis were steady to firmer in spots on Wednesday, with U.S. Treasuries showing little change and equities ending up.
- The two-year muni-UST ratio was at 66% (Municipal Market Data) and 67% (ICE Data Services).
- The five-year ratio was at 64% (Municipal Market Data) and 65% (ICE Data Services).
- The 10-year ratio was at 70% according to both sources.
- The 30-year ratio was at 90% (Municipal Market Data) and 89% (ICE Data Services).
Author's summary: Munis stabilize with attractive yields.
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