每日图表汇编：市政市场数据的图表格式摘要

Restricted - External Muni RatiosFIGURE 1. Muni RatiosSource: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 3. 10y Muni Ratio vs. 10y US Treasury Yield (1y)5560657075808590953.603.85%Source: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 4.104.3510y Treasury Yield (%) Muni Index Yield CurvesFIGURE 5. 3s5sSource: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 7. 10s20s5060708090100Jun-24Aug-24Oct-24Dec-24Feb-25bp10s20sSource: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 Average Muni Index YieldDifferentialsby QualityFIGURE 9. AA-AAA YieldDifferential(bp)FIGURE 10. A-AA YieldDifferential(bp)3032343638404244464850Jun-24bpSource: MMD DataLine, Bloomberg Fixed Income Indices.Source: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 11. BBB-A YieldDifferential(bp)FIGURE 12. Muni HY – Muni IG YieldDifferential(bp)4042444648505254Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25bpBBB - AAverage140165190215240bpSource: MMD DataLine, Bloomberg Fixed Income Indices.Source: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 Jun-24Aug-24Oct-24Dec-24Feb-25Muni HY - Muni IGMuni HY ex PR - Muni SectorsFIGURE 13. State IndicesSource: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 15. High Yield Tobacco vs. Comparable Indices5.06.07.08.09.0Jun-24Aug-24YTW (%)HY TobaccoSource: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 Oct-24 Dec-24Feb-25Long Muni HY Source: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 16. HY Puerto Rico Index4.44.64.85.05.25.45.6Jun-24Aug-24Oct-24Dec-24Feb-25YTW (%)HY Puerto RicoSource: MMD DataLine, Bloomberg Fixed Income Indices. Sectors by MaturityFIGURE 17. 5y GO, Revenue, and Muni Indices FIGURESource: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 19. 15y GO, Revenue, and Muni Indices3.03.54.04.55.0Jun-24Aug-24Oct-24Dec-24YTW (%)15y GO (12-17)15y Revenue (12-17)Source: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 Feb-25Apr-25 Source: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 20. Long GO, Revenue, and Muni Indices3.63.84.04.24.44.64.85.05.2Jun-24Aug-24Oct-24Dec-24Feb-25YTW (%)Long GO (17+)Revenue Long (22+)Source: MMD DataLine, Bloomberg Fixed Income Indices. Taxable Muni AnalysisFIGURE 21. Taxable Munis vs. US CorporatesSource: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 23. OASDifferentialbetween Intermediate and Long TaxableMunis4914192429Jun-24Aug-24Oct-24Dec-24OAS (bp)Differential between Intermediate and Long OASSource: MMD DataLine, Bloomberg Fixed Income Indices.3 June 2025 Feb-25 Source: MMD DataLine, Bloomberg Fixed Income Indices.FIGURE 24. BAB OAS vs. non-BAB-50-40-30-20-10Jun-24Aug-24Oct-24Dec-24Feb-25OAS (bp)Non-BAB Taxables minus BABSource: MMD DataLine, Bloomberg Fixed Income Indices. Disclaimer:BARCLAYSThis communication has been prepared by Barclays.“Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” means Barclays Bank PLC, Barclays PLC and any of theirsubsidiaries,affiliates,ultimate holding company and any subsidiaries oraffiliatesof such holding company.CONFLICTS OF INTERESTBARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course ofofferinginvestment banking products and services to clients, Barclays mayact in several capacities (including issuer, market maker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty andcalculation agent) simultaneously with respect to a product, giving rise to potential conflicts of interest which may impact the performance of aproduct.NOT RESEARCHThe information provided does not constitute ‘investment research’ or a ‘research report’ and should not be relied on as such, although it may containreferences to views or information published by the Barclays Research department. Investment decisions should not be based upon the informationprovided.BARCLAYS POSITIONSBarclays may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwiseeffecttransactions for their own account or the account of their customers in the products referred to herein which may impact the performance of aproduct.FOR INFORMATION ONLYTHIS DOCUMENT IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. This information has been prepared by theResearch Department within the Investment Bank of Barclays. The information, analytic tools, and/or models referenced herein (and any reports orresults derived from their use) are intended for informational purposes only. Barclays has no obligation to update this information and may ceaseprovision of this information at any time and without notice.NO OFFERBarclays is notofferingto sell or seekingoffersto buy any product or enter into any transaction. Anyofferor entry into any transaction requiresBarclays’ subsequent formal agreement which will be subject to internal approvals and execution of binding transaction documents. The productsmentioned may not be eligible for sale