Muni 30-Year Yield Highest Since at Least 2011

• Muni 30-year yield exceeds 5%, highest since at least 2011, due to a painful sell-off.
• Investors view current high yields as a buying opportunity and a chance for tax-loss harvesting.
• Issuers (state and local governments) are facing a tougher market environment with higher borrowing costs, leading to some deals being put on hold.
• Muni trading volume has jumped to its highest level since at least 1995.
• A specific Chicago parking meter deal involving Morgan Stanley and Stonepeak was approved, providing the city with an upfront payment and future profit sharing.

The municipal bond market is experiencing a significant sell-off, driving 30-year muni yields above 5% for the first time since 2011. This creates a buying opportunity for investors but leads to higher borrowing costs and delayed deals for state and local governments. Trading volume has surged to its highest level since at least 1995.