J.P. Morgan Municipal Morning Intelligence: June tax-exempt supply flirting with new record for monthly volume. Weekly analytics package published.

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J.P. Morgan Municipal Morning Intelligence: June tax-exempt supply flirting with new record for monthly volume. Weekly analytics package published.

J P M O R G A N Global Markets Strategy

30 June 2026

J.P. Morgan Municipal Morning

Intelligence

June tax-exempt supply flirting with new record for

monthly volume. Weekly analytics package published.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– HG muni yields were lowered by 2bps in the 1yr and 4-8yr spots and unchanged AC Peter DeGroot

for the balance of the curve on Monday, amidst relatively stable Treasury rates (0-2bps

(1-212) 834-7293

higher) and supported by yet another (52 consecutive sessions) strong day of inflows peter.degroot@jpmorgan.com

(+$400mn). Secondary offerings of just $1.7bn (-23% vs five week avg.) reflected Ye Tian

the lighter holiday week calendar and attendance. (1-212) 834-3051

ye.tian@jpmorgan.com

– MTD long-term (13mo+) tax-exempt issuance stood at $53.5bn through

Roisin A GarganFriday, which was just $3.2bn shy of the all-time record for monthly supply of

(1-212) 834-7010

$56.7bn, set in October 2024. With yesterday’s $1.2bn, and some additional deal roisin.gargan@jpmchase.com

acceleration today, the market could be extremely close to challenging the record J.P. Morgan Securities LLC

high (Municipal Weekly Analytics Package, 6/29/2026).

– Yesterday’s BWIC volume was $1.7bn, 23% below the five-week average. The hit

ratio was a steady 54%, 8% below average. Traded yields on customer purchases

were 1-8bps through the ICE marks across the curve, led by an 8bps decline in short-

calls and a 6bps drop in 20yrs+, while money market yields rose by 6bps.

–The broader curve has flattened since Feb 2026, with 10s/30s flattening by 48 bps

from the peak.