Weekly Muni Commentary

June 2nd, 2025 | Q2

Daily Avg. Offering Line Items

Daily Avg. Notional Offered

CUSIPs Offered on TWD

Dealers Offering on TWD

Buy/Sell Ratio Trend

Bid Wanted Flow

Have a great week!

Interested in trading with us?

“The information included herein is intended for general informational purposes only. Tradeweb does not guarantee the accuracy of the information contained herein and makes no representations or warranties and disclaims all express, implied and statutory warranties of any kind. All information is provided “as-is” and Tradeweb is not liable for any damages arising out of the use or access to the information, including any consequential, incidental or indirect damages relating to the information contained herein. None of the information in the report constitutes an offer or solicitation to buy or sell any security or financial product, a recommendation concerning any security, financial product or asset class, or an offer to provide investment advice or any other service.”

Retail to the Rescue: How Retirees and Their Wealth Managers Have Breathed New Life into Institutional Muni Markets

Retail Trading Desks Find the Network Effect in Muniland

The Bright Side of Muni Market Volatility: Tax-loss Harvesting

Happy Monday!

Municipal bonds held steady on Friday, as the market braces for a hefty $17 billion in new issuance this week. The highest weekly total this year! US Treasuries were firmer and equities were mixed. June is looking more promising for muni bonds. BofA’s forecasted issuance target is $60 billion, while expected redemptions and coupon payments are striking $73 billion. Mutual fund inflows have been consistently large and positive. Investors added $526 million to municipal bond mutual funds, $150 million in high-yield funds and $1.987 billion in tax-exempt municipal money market funds for the week, as of Wednesday. Retail participation has also been up to par. If things continue to look up, the muni market will have a nice summer. So far this year, long-term muni issuance is $212 billion, which is up 11% from this same time period last year. New money is up 22%, while refundings are down 11%. The Primary Market will bring $16.901 billion in new issuance for the week, with $13.764 billion of negotiated deals and $3.138 billion of competitive deals on tap. The Indiana Financing Authority leads the negotiated calendar with $1.502 billion of health system revenue bonds for Indiana University Health, followed by the San Francisco Public Utilities Commission with $994.25 million of water revenue bonds. The competitive calendar is led by Pennsylvania with $1.171 billion of GOs in two series. This robust supply will be met with heavy June redemptions, which could create buying opportunities. “We remain bullish, more so on duration than credit or relative value versus USTs, although we still like high-yield benchmarks that underperformed in April” as mentioned by a Barclays analyst in The Bond Buyer. Tradeweb Direct posted another strong week, with increased order flow from our Retail, Dealer and Institutional client base. Secondary trading momentum continued to build, with increases in both trade count and volume. Notional BWIC volume rose across asset classes reflecting heightened engagement. Investors actively tapped into our inventory of over 120,000+ offerings in search of relative value and liquidity. Muni Bid/Ask spreads decreased after slightly increasing the week before. Buyside to buyside trades on platform trended at 39% last week from platform offerings. Buyside to buyside trades off of BWICS trended at 16%. Buy/sell ratios were 2.5 for Retail, 0.8 for Dealer and 1.6 for Institutional clients. Have a great week!

SUBSCRIBE FOR WEEKLY UPDATES

Already trading with us? Click here.

Proportion of muni buys vs. sells by client type on the TWD platform. For the avoidance of doubt, a ratio < 1 indicates net selling activity.

Relative number of bid wanted requests sent to the TWD platform by client type, indexed to the first month in the time series.

Number of municipal inventory line items available on the TWD platform daily by liquidity provider type.

Municipal notional (000s) offered on the TWD platform daily by liquidity provider type.

Number of unique municipal CUSIPs offered daily on the TWD platform daily.

Number of unique liquidity providers offering municipals daily.

Hover to learn more

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

04-03-23

04-10-23

04-17-23

04-24-23

05-01-23

05-08-23

05-15-23

05-22-23

05-29-23

06-05-23

06-12-23

06-19-23

The information included herein is intended for general informational purposes only. Tradeweb does not guarantee the accuracy of the information contained herein and makes no representations or warranties and disclaims all express, implied and statutory warranties of any kind. All information is provided “as-is” and Tradeweb is not liable for any damages arising out of the use or access to the information, including any consequential, incidental or indirect damages relating to the information contained herein. None of the information in the report constitutes an offer or solicitation to buy or sell any security or financial product, a recommendation concerning any security, financial product or asset class, or an offer to provide investment advice or any other service.