| Friday, April 21, 2023 |
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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 |
| 04/14/23 | 4.02 | 5.05 | 5.02 | 4.78 | 4.10 | 3.83 | 3.61 | 3.56 | 3.52 | 3.85 | 3.74 |
| 04/17/23 | 3.92 | 5.06 | 5.05 | 4.83 | 4.20 | 3.92 | 3.70 | 3.65 | 3.60 | 3.92 | 3.81 |
| 04/18/23 | 3.62 | 5.12 | 5.07 | 4.81 | 4.20 | 3.92 | 3.68 | 3.63 | 3.58 | 3.90 | 3.79 |
| 04/19/23 | 3.71 | 5.12 | 5.12 | 4.81 | 4.25 | 3.95 | 3.70 | 3.65 | 3.59 | 3.91 | 3.79 |
| 04/20/23 | 3.31 | 5.08 | 5.08 | 4.73 | 4.14 | 3.86 | 3.63 | 3.58 | 3.54 | 3.87 | 3.74 |
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 04/20/2023
A Municipal Trader's Perspective
Below is the 5 year AAA yield curve since the first of the year. The Silicon Valley Bank collapse caused municipal yields to rally to very aggressive levels at the beginning of March before turning back up last week. We still think municipals are over-priced inside of 10 years and this should present a selling opportunity for banks. The best opportunity to pick up yield is beyond the 10 year range where you can get more than 3% tax free yields depending on the call and maturity. In fact, the yield curve steepens 60 basis points from 10-15 years.
Jefferson County C-1 (Windor schools), Missouri
Unlimited Tax G.O. – Bank Qualified
AA+ Missouri Direct Deposit Program
$1,100,000 5.00% 3-1-37 offered @ 3.35 ytc 4.05 ytm
Call 3-1-30
Indication only / Subject to change and availability
For a 29.6% bracket Sub S bank these gives you a 4.79 tax-equivalent yield to the call date in 2030 and 5.78 tax-equivalent yield to maturity. (4.24 and 5.12 respectively for a C corp).
Atchison County S/D R-I (Tarkio schools) Lease COPs, Missouri
A Rated
$925,000 4.00% 4-15-43 offered @ PAR
Call 4-15-28
Indication only / Subject to change and availability
For 29.6% bracket Sub S bank these have a 5.68 tax-equivalent yield. 5.06 tax-equivalent for a C corp.
Please call to discuss any options.
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