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Wednesday, August 8, 2018 |
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MANAGING DIRECTOR: |
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US Treasury Market |
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| Date | 1 mo | 3 mo | 6 mo | 1 yr | 2 yr | 3 yr | 5 yr | 7 yr | 10 yr | 20 yr | 30 yr |
| 8/1/18 | 1.93 | 2.03 | 2.22 | 2.45 | 2.67 | 2.78 | 2.87 | 2.96 | 3.00 | 3.07 | 3.13 |
| 8/2/18 | 1.89 | 2.02 | 2.22 | 2.45 | 2.66 | 2.76 | 2.85 | 2.93 | 2.98 | 3.06 | 3.12 |
| 8/3/18 | 1.90 | 2.01 | 2.23 | 2.43 | 2.63 | 2.74 | 2.82 | 2.91 | 2.95 | 3.03 | 3.09 |
| 8/6/18 | 1.92 | 2.05 | 2.23 | 2.44 | 2.64 | 2.73 | 2.80 | 2.89 | 2.94 | 3.02 | 3.08 |
| 8/7/18 | 1.96 | 2.06 | 2.23 | 2.45 | 2.68 | 2.76 | 2.84 | 2.92 | 2.98 | 3.06 | 3.12 |
Source: U.S. Department of the Treasury, as of 08/07/2018
Comparing Apples to Apples
When doing comparative shopping sometimes, even when comparing apples to apples, it’s difficult to make credible distinctions (because even all apples are not the same). This is true with municipal credits as well. For example, all “Aa” rated municipal bonds are not the same either. Thus they’ll price at different yields despite the same rating. Factors such as coupons, state tax exemption, economic trends, general market acceptance, etc. all contribute to the specific and appropriate yield profile an investor requires to accept the bond.
If anything can be taken from the recent municipal bond scales below, it is buy the highest quality available, because the extra yield to be picked up by buying “lesser” credits is minimal, if not non-existent in some cases.
Source: Bloomberg
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