| Wednesday, December 13, 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 |
| 12/06/23 | 5.37 | 5.40 | 5.37 | 5.08 | 4.59 | 4.33 | 4.10 | 4.14 | 4.11 | 4.38 | 4.22 |
| 12/07/23 | 5.37 | 5.40 | 5.36 | 5.06 | 4.60 | 4.34 | 4.14 | 4.18 | 4.15 | 4.43 | 4.26 |
| 12/08/23 | 5.35 | 5.38 | 5.38 | 5.12 | 4.72 | 4.45 | 4.24 | 4.26 | 4.22 | 4.48 | 4.30 |
| 12/11/23 | 5.38 | 5.39 | 5.39 | 5.12 | 4.71 | 4.45 | 4.24 | 4.27 | 4.23 | 4.50 | 4.32 |
| 12/12/23 | 5.37 | 5.38 | 5.36 | 5.13 | 4.73 | 4.42 | 4.22 | 4.24 | 4.20 | 4.48 | 4.30 |
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 12/12/2023.
‘Tis the Season
Many bond portfolio’s likely made the ‘naughty list’ for the better part of the last two years. However, certain opportunities exist now that could help your portfolio transition to the ‘nice’ list in the new year. High yielding bonds with healthy spreads and favorable structures are currently in plentiful supply. We are here to assist your bank in defining a strategy that will put an early present under the tree.
Below is your metaphorical bag of toys to select a gift that will shine bright in your stocking.
Municipals
Linn County, KS
Unlimited General Obligation
“A+” S&P
Federally TAXABLE, KS State Tax Exempt
375m 4.85% due 7/1/2031 callable 7/1/2029 @ 4.95 ytm (99.373), +75bps to Treasury
400m 4.90% due 7/1/2032 callable 7/1/2029 @ 5.00 ytm (99.308), +80bps to Treasury
Wentzville, MO Fire Protection District
Unlimited General Obligation
“Aa1” Moody’s
Federal BQ, MO State Tax Exempt
550m 3.00% due 4/15/2030 callable 4/15/2025 @ 3.75 ytm, 94.57 (3.57 after tax, 5.07 TEY @ 29.6%)
Agency Callables
1,149m 7yr 2.02% FFCB Callable Anytime @ 83.72, 4.68 ytm, +60bps to Treasury
Highlights
- ‘Out of the money’ to be called, alternative to a bullet
- Big discount price will appreciate with lower rates
Agency CMBS
FNMA DUS FN BL5038
1,000,000 Original / 920,000 Current Available
Property Details
Village @ 815 Main Street
Wareham, MA
2.16x DSCR
Tier 3
Highlights
- 5.5 years of yield maintenance remaining
- Acts like agency bullets with a wider spread
- Buy at ~12 point discount—huge price appreciation when rates fall, big pay off if pool prepays
Yield Table
Source: Bloomberg / All Offerings noted above are indications only and subject to change and availability without notice.
• Not FDIC Insured • No Bank Guarantee • May Lose Value
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