Read the MSRB’s fall edition the of Compliance Corner newsletter to learn more about recent amendments to MSRB Rule G-47 on time of trade disclosure and more: https://lnkd.in/eAcd6UXp
Municipal Securities Rulemaking Board
Financial Services
Washington, DC 14,900 followers
We give America the confidence to invest in its communities.
About us
The Municipal Securities Rulemaking Board (MSRB) protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.
- Website
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http://www.msrb.org
External link for Municipal Securities Rulemaking Board
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Washington, DC
- Type
- Nonprofit
- Founded
- 1975
- Specialties
- Municipal Bonds, Municipal Market Regulation, Market Transparency, Research, Education, Regulation, Public Finance, Infrastructure, Financial Regulation, and Bonds
Locations
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Primary
1300 I Street NW
Suite 1000
Washington, DC 20005, US
Employees at Municipal Securities Rulemaking Board
Updates
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Although tax-exempt benchmark yields were basically unchanged last week, Treasury yields continued to decline in anticipation of a rate cut by the Fed this week. Since mid May, we have seen the 10-year Muni/Treasury ratio rise to levels last seen in early November 2023. The Muni/Treasury ratio was at 58% at the beginning of the year and closed at 71% on Friday. To see current and historical tax-exempt and Treasury yields, visit the Yield Curve section of EMMA. https://lnkd.in/gqYjtcfD
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September is College Savings Month. Discover how 529 savings plans can help you save for college and other qualified education expenses. See MSRB's Investor's Guide to 529 Savings Plans. https://lnkd.in/eAHzK-88
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Although tax-exempt yields were lower last week, they significantly underperformed Treasury bond yields for the week, as shown below. This week, the market will see a hefty new issue calendar estimated to be between $13 - $15 billion, including three deals of $1 billion or more. To see what new issues are expected to come to market, visit the new issue calendar on EMMA. https://lnkd.in/dKpYX5H
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New issue volume for August was almost $50 billion, the largest monthly issuance in 2024, a record for the month of August and up 27% from August 2023. Year-to-date issuance is up nearly 35% compared to 2023. Despite a shortened holiday week, nearly $8 billion is expected to be issued this week. To see upcoming new issues, check out the New Issue Calendar on EMMA. https://lnkd.in/dKpYX5H
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Trade count remains strong in the municipal securities market. August was the fifth consecutive month with more than 1.2 million trades and the 13th consecutive month with more than 1 million trades. Year-to-date, the number of trades is up 20% compared to 2023, a record year for trade count. High trade counts likely mean continued strong demand for munis from individual investors. For the week of August 21, ICI also reported the largest weekly net inflows into tax-exempt mutual funds since early February. To see current and historical trading volumes, visit the Overall Trade Patterns section under Market Statistics on EMMA. https://lnkd.in/eZEpAtsz
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Growing conviction that the Fed will cut interest rates in September fueled a rally in the short end of the tax-exempt market. In August, benchmark tax-exempt yields were down 29 – 37 basis points in the first five years, while the long end saw much more modest declines. To see current and historical tax-exempt and Treasury yields, visit EMMA. https://lnkd.in/gqYjtcfD
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MSRB today published a new research report that analyzes trading and pricing trends in the municipal securities market, comparing the primary market to the recently issued market, and the competitive market to the negotiated market. The authors found that smaller size trades paid a higher premium over initial offering prices in the first seven days of trading than larger size trades. They also found that for trades of all sizes, premiums for recently issued bonds were higher for negotiated issues than for competitive issues. Learn more: https://lnkd.in/e3kKhg6f
https://www.msrb.org/sites/default/files/2024-08/Primary-vs-Recently-Issued-and-Competitive-vs-Negotiated-Markets-for-Municipal-Securities_0.pdf
msrb.org
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As the chart below shows, interest rates on the short end of the tax-exempt and Treasury markets declined last week as hopes for a rate cut from the Federal Reserve rose. However, results in the intermediate and long end of the tax-exempt market were mixed. New issuance this week is expected to be about $9 billion, including $2.6 billion of California General Obligation bonds. To see current and historical tax-exempt and Treasury yields, visit EMMA. https://lnkd.in/gqYjtcfD
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Demand for municipal securities from individual investors remains strong and consistent as shown in the graph below. New issue volume is expected to rise this week after last week’s light volume due to the release of CPI and PPI data. To see deals expected to come to market, visit the New Issue Calendar on EMMA. https://lnkd.in/dKpYX5H