Understanding Municipal Bond Benchmark Curves
Municipal bond benchmark curves plot yields across maturities for a given credit quality, providing a foundational reference point for pricing, relative value analysis, and portfolio management. Because the municipal market is fragmented (with over one million outstanding CUSIPs and limited post-trade transparency) reliable benchmark curves are essential for evaluating whether a bond is fairly priced.
MBIS benchmark curves are derived from one of the largest aggregations of pre-trade municipal market data available, encompassing over 400,000 daily quotes from hundreds of dealers. This breadth of coverage offers a more responsive and representative view of current market conditions than curves built solely on reported trade data, which can lag and reflect a narrow subset of activity.
Professionals use these curves to assess spreads on individual bonds, compare sectors, and monitor shifts in the yield curve over time. Whether you are a trader identifying relative value, a compliance officer validating execution quality, or a portfolio manager benchmarking performance, access to current and historically accurate curves is critical.
MBIS delivers end-of-day curves on this page and intraday curve updates via SFTP for clients who need real-time precision. Contact us to learn more.
