Munis see selling pressure, climbing yields, to close out first week of May


Municipals were weaker amid more selling pressure to close out the week, U.S. Treasury yields rose with the 10-year sitting firmly above 3% and equities ended in the red.

Triple-A muni benchmarks were cut up to four basis points while UST yields rose five to 10 basis points five years and out.

Muni to UST ratios were at 84% in five years, 91% in 10 years and 99% in 30, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the five at 82%, the 10 at 91% and the 30 at 100% at a 3:30 p.m.