Friday, February 16, 2018
MANAGING DIRECTOR: Scott Carrithers   PORTFOLIO SALES AND SERVICE: Steve Panknin • George Morris • Jeff Goble • Chris Thompson • Sean Doherty Kevin Doyle • Lonnie Harris •  Mark Tranckino • Robert Schuyler • Tom Toburen • Josh Kiefer  Nicole Burczyk • Kelley Frye • Natalie Regan • Aaron Stoffer • Chuck Honeywell

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
2/9/18	1.31	1.55	1.73	1.89	2.05	2.26	2.52	2.72	2.83	3.02	3.14
2/12/18	1.35	1.62	1.82	1.93	2.09	2.30	2.56	2.77	2.86	3.02	3.14
2/13/18	1.34	1.59	1.80	1.95	2.10	2.30	2.54	2.74	2.83	2.99	3.11
2/14/18	1.32	1.58	1.81	1.98	2.17	2.40	2.65	2.84	2.91	3.07	3.18
2/15/18	1.30	1.58	1.82	1.99	2.19	2.40	2.65	2.83	2.90	3.04	3.15

                                                                                      Source: U.S. Department of the Treasury, as of 2/15/18  

A Municipal Traders Perspective

Have you been waiting for higher yields?  Municipal yields have been on the rise despite much lower issuance and elevated redemptions and calls.

Just how much have yields risen? 

5 year AAA

Source: Bloomberg, February 15, 2018

10 year AAA Municipals Since Jan. 2017

Source: Bloomberg, February 15, 2018

15 year AAA

Source: Bloomberg, February 15, 2018

The above charts represent generic AAA levels, investment grade bank qualified bonds are actually higher yielding. Here are some examples of current BQ deals.
 

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