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Munis Gain Most Since 2020 as Global Markets Move to Haven Assets

  • Benchmark 10-year yield declines 7 basis points to 1.58%
  • At least two small competitive deals postponed Thursday
Ukrainian servicemen northwest of Kyiv on Feb. 24. 

Ukrainian servicemen northwest of Kyiv on Feb. 24. 

Photographer: Daniel Leal/AFP/Getty Images
Updated on

Benchmark municipal bonds are rallying the most since late 2020, and at least two small deals were postponed, after Russia began a full-scale invasion of Ukraine, spurring a move into haven assets. 

Benchmark state and local-government yields dropped across the curve, falling as much as 8 basis points, according to Bloomberg BVAL data. Ten-year yields slid 7 basis points to 1.58%, in the biggest decline since the aftermath of the November 2020 U.S. presidential election.