Municipal Bond Investor Weekly

Municipal bond supply is trending high, driven by significant May ballot initiatives in states like Texas and a 4% YoY increase in YTD issuance. This supply provides ample opportunity for high-net-worth investors to lock in historically high tax-equivalent yields.

Key Takeaways

• 1.High expected municipal bond supply from May ballot referendums, particularly in Texas, supports long-term issuance volume.
• 2.Year-to-date municipal issuance is up 4% year-over-year at $179 billion, significantly higher than the 10-year average.
• 3.The 20-to-30-year maturity range offers the best relative value for yield maximization (approx. 4.38% tax-free) with manageable volatility.

Table of Contents

• THE WEEK AHEAD
• MONDAY'S COMMENTARY
• THE NUMBERS THIS WEEK
• MUNICIPAL BONDS ON THE BALLOT IN MAY – SUPPORTIVE OF SUPPLY
• Implication for Supply
• What does this mean for investors?
• ILLUSTRATIVE PORTFOLIOS
• National Municipal Bond Illustrative Portfolios
• NAVIGATING TODAY'S MARKET

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