Muni Fortnightly - December 4, 2017

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Includes: AFB, BAF, BBF, BBK, BFK, BKN, BLE, BSD, BYM, CXH, DMB, DMF, DSM, DTF, EIM, EIV, EOT, EVN, EXD, FLMB, FMB, FMN, IIM, IQI, KSM, KTF, LEO, MEN, MFL, MFM, MFT, MHD, MMU, MNP, MQT, MQY, MUA, MUB, MUE, MUH, MUS, MVF, MVT, MYD, MYF, MYI, MZF, NAD, NEA, NEV, NIM, NMI, NUV, NUW, NVG, NXP, NXQ, NXR, NZF, OIA, PMF, PML, PMM, PMO, PMX, PRB, PVI, PZA, RVNU, TFI, VFL, VGM, VKI, VKQ, VMO, VTEB, XMPT
by: Robert W. Baird & Co.

Summary

Treasury yields were volatile on tax plan progress and the Friday-Flynn-Flattener. On the week, yields bear-flattened.

Munis had the worst month in a year as a rush to issuance before new tax policy may roll back benefits to issuers. The 10yr AAA GO Ratio stabilized after a brisk move higher.

Moody’s Q3 upgrades outnumbered downgrades but notional downgrades exceeded upgrades.