Weekly Muni Commentary
June 30th, 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!
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“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.”
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Happy Monday!
The Muni market closed out the week on solid footing, supported by healthy technicals and strong investor demand. Jerome Powell kept things calm in his semi-annual testimony this week. The Fed is not in a rush to cut rates, and wouldn’t highlight an upcoming meeting as the one for “easing”. Inflation remains tame for now, but potential tariff-driven price pressures are set to show up in the June/July stats. New issuance rebounded to around $10bn after a quiet stretch, but the market remains in a period of negative net supply, with redemptions and calls outpacing new deals by over $24bn. The imbalance has contributed to oversubscription on these deals. Yields moved modestly lower, with AAA benchmarks down 1-4 basis points, while muni-to-tsy ratios remained attractive. Muni mutual fund flows remained positive for the eighth consecutive week, with $110 million in total inflows, including high-yield funds.
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 have declined over the last couple of weeks. Buyside to buyside trades on platform trended at 38% last week from platform offerings. Buyside to buyside trades off of BWICS trended at 14%. Buy/sell ratios were 2.4 for Retail, 0.6 for Dealer and 1.3 for Institutional clients.
The new-issue calendar for the week ahead is estimated at $2.495B, with $2.039B of negotiated deals and $456.3M of competitive deals, according to LSEG. The Massachusetts Bay Transportation Authority leads the negotiated calendar with $939.22 million of senior sales tax bonds. The competitive calendar is led by Roswell, Georgia, with $93.4 million of GO bonds. Other deals include The Colorado Housing and Finance Authority ($197.63M) with taxable single-family mortgage bonds and The Los Angeles Unified School District ($308.17M) with taxable judgement obligation refunding bonds. Have a great week!
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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.
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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.
