Bonds
Munis Suffer Worst Week Since March 2020 as Supply Wave Weighs
- Ten-year muni yields surged 34 basis points this week
- Borrowers have sold over $180 billion of bonds this year
Contractors work on a road under repair in San Mateo, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The $4 trillion municipal bond market is wrapping up its worst week since early 2020 as an onslaught of issuance weighs on the debt of US states and cities.
Yields on 10-year state and local-government debt have jumped 34 basis points this week, to 2.99% on Friday, for the steepest weekly climb since March 2020, when the onset of the pandemic roiled financial markets, according to data compiled by Bloomberg.