November 2025 Municipal Market Performance Recap
November delivered a 0.279% total return, a steady month driven almost entirely by income as the AAA curve held virtually flat.
Other Highlights:
- Total Return: +0.279% (S&P Global Municipal Bond Investment Grade Index)
- Yield explained nearly all performance amid minimal curve shifts
- Resource Recovery and Tobacco Settlement sectors saw spreads tighten overall, while spreads for IDR / PCR, Housing, Other Utility, and Tax-Supported (Excl. GOs) widened
- Notable spread widening in New York City GO bonds post-election
- Transportation spreads widened more in Virginia and New Jersey than in other states
- Top State Performers: California, Massachusetts, Michigan, Ohio, Oregon, and North Carolina
All table data and figures in this report were produced using Investortools, Inc.’s Custom Index Manager™ product.
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