Friday, August 25, 2017
MANAGING DIRECTOR: Scott Carrithers   PORTFOLIO SALES AND SERVICE: Steve Panknin • George Morris • Jeff Goble • Chris Thompson • Sean Doherty Robert Brickson • Kevin Doyle • Lonnie Harris • Larry Russell •  Mark Tranckino • Robert Schuyler  Tom Toburen • Josh Kiefer • Nicole Burczyk • Kelley Frye • Natalie Regan • Aaron Stoffer

US Treasury Market
Date	1 mo	3 mo	6 mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	20 yr	30 yr
8/18/17	.97	1.02	1.13	1.24	1.33	1.47	1.77	2.01	2.19	2.54	2.78
8/21/17	.95	1.00	1.11	1.23	1.32	1.46	1.76	2.00	2.18	2.52	2.77
8/22/17	.93	1.00	1.13	1.24	1.33	1.48	1.80	2.04	2.22	2.55	2.79
8/23/17	.98	1.00	1.11	1.22	1.32	1.45	1.76	1.99	2.17	2.51	2.75
8/24/17	.98	1.02	1.11	1.23	1.33	1.47	1.78	2.01	2.19	2.53	2.77

              Source: U.S. Department of the Treasury, as of 8/24/17

---

MUNICIPAL TRADERS PERSPECTIVE

Municipal bond buyers are reaping bigger rewards for holding the longest-dated securities.  The difference between the yields on top-rated 2-year and 30-year debt has widened to 1.89 percent, the most since May, according to Bloomberg indexes.  The shift reflects a drop in yields on the shortest-dated securities, fueled in part by speculation that the Federal Reserve will raise interest rates at a slower pace than previously anticipated. 

Source:
Danielle Moran & Rebecca Spalding
Bloomberg News

It appears that municipal issuance will stay light through the Labor Day Holiday, and supply will not see a meaningful uptick until the week of September 11.  Below are a few bank qualified issues to focus on next week.

This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.

•Not FDIC Insured •No Bank Guarantee •May Lose Value