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Friday, June 20, 2025
 

MANAGING DIRECTOR:
Scott Carrithers
 
PORTFOLIO SALES AND SERVICE:
Chris Thompson • Sean Doherty • Mark Tranckino • Brian Schaff
Natalie Regan • Aaron Stoffer • David Farris • Jeff Macy 
Josh Kiefer • Todd Czinege • Trey Valentine • Cody Kreutziger

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
06/11/25 4.25 4.36 4.29 4.07 3.95 3.92 4.02 4.21 4.42 4.93 4.92
06/12/25 4.19 4.37 4.28 4.06 3.91 3.87 3.98 4.15 4.36 4.86 4.84
06/13/25 4.19 4.36 4.28 4.07 3.95 3.90 4.00 4.19 4.40 4.91 4.90
06/16/25 4.19 4.36 4.30 4.10 3.97 3.93 4.03 4.22 4.45 4.97 4.96
06/17/25 4.18 4.31 4.30 4.10 3.95 3.90 3.99 4.18 4.39 4.91 4.89
06/18/25 4.18 4.33 4.30 4.09 3.94 3.90 4.00 4.18 4.39 4.91 4.89
06/19/25 Bank  Holiday

The data in the table above is static as of the time it was pulled, so rates may have changed. Treat all data in this table and PMR as indications only and availability is always subject to change. This information was pulled manually from sources we believe to be reliable. New source, as of 12/12/2022, Bloomberg, L.L.P.  As of: close of business 6/18/2025.
                                                                                                                                                                                      


Finding Value in Oklahoma Municipals
 
In the world of municipal finance, there are thousands of different federal regulations, state-specific statutes and tax implications which impact the issuance of state and local government bonds.  Each state has its own laws which define the local process for authorizing debt, methods of borrowing, and limitations on types and amounts of debt.  These laws can vary dramatically from state to state, and sometimes create distinct patterns of issuance based upon state laws.

Oklahoma is one such example of a state wherein the statutes have a direct impact on the way school bonds are issued, thus creating some unique opportunities.   In brief, the Oklahoma State Constitution requires school districts to have no more than 10% of their assessed valuation outstanding in general obligation indebtedness.  This causes many districts to borrow small amounts more frequently, rolling the debt over from year to year.  The majority of school bond issues we bid on in Oklahoma have maturities of just 2-5 years and generally do not get a rating from the national rating services, not because of any credit concerns, but rather to save the expense of obtaining a rating year after year.  

This presents an opportunity to obtain good quality general obligation bonds with yields much higher than those of similar credits that carry a national rating.  We recently underwrote an issue in Oklahoma that demonstrates this concept well.   Compare our offerings on this Oklahoma School District to the yields of a few rated issues of comparable credit quality that came to market this week:  
 
 
As you can see, the additional yield pick-up for these non-rated bonds can be significant and worthy of consideration, even for out-of-state buyers.  Please let us know if you would care to discuss these bonds further or if we can help with any other of your portfolio needs.


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