| Friday, November 3, 2017 | ||||||||
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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 |
| 10/27/17 | .98 | 1.10 | 1.28 | 1.42 | 1.59 | 1.73 | 2.03 | 2.26 | 2.42 | 2.71 | 2.93 |
| 10/30/17 | .97 | 1.12 | 1.24 | 1.42 | 1.58 | 1.71 | 2.00 | 2.22 | 2.37 | 2.66 | 2.88 |
| 10/31/17 | .99 | 1.15 | 1.28 | 1.43 | 1.60 | 1.73 | 2.01 | 2.23 | 2.38 | 2.66 | 2.88 |
| 11/1/17 | 1.06 | 1.18 | 1.30 | 1.46 | 1.61 | 1.74 | 2.01 | 2.22 | 2.37 | 2.63 | 2.85 |
| 11/2/17 | 1.02 | 1.17 | 1.29 | 1.46 | 1.61 | 1.73 | 2.00 | 2.21 | 2.35 | 2.61 | 2.83 |
Source: U.S. Department of the Treasury, as of 11/2/17
A Municipal Traders Perspective
The municipal market has seen some yield changes over the last month that has resulted in a flattening of the yield curve. Short term municipals have increased in yield by about 10 b.p. and the long end has fallen by about 5 b.p. Even with the rise in the short end of the curve, the relative value, as measured by percentage to treasuries, still sits well below 80% inside of 7 years. We believe the sweet spot on the municipal yield curve continues to be in the 8-15 yr part of the curve where 90-100% of treasuries can still be found. Take a look at the offerings below as an example and a preview to next week’s municipal calendar to look for buying opportunities.
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