J.P. Morgan Municipal Morning Intelligence

研报英文原文证据摘录

J.P. Morgan Municipal Morning Intelligence

J P M O R G A N Global Markets Strategy

28 July 2026

J.P. Morgan Municipal Morning

Intelligence

ETF inflows surge, BWICs elevated as prepay offerings

leap +700%. Munis rally ahead of $6bn new issue and

sizable volume on tap next week. Weekly Analytics

published.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– HG muni yields were lowered by 2-5bps across the curve on Monday, with the long AC Peter DeGroot

end outperforming as Treasurys rallied 1-4bps. The muni market staged a

(1-212) 834-7293

dramatic shift in momentum as fund inflows over the past two sessions surged to peter.degroot@jpmorgan.com

+$1.7bn (largely ETF-focused), after $424mn of outflows Wednesday and Ye Tian

Thursday of last week. Meanwhile, BWIC volume remained elevated as spots of (1-212) 834-3051

tax-related trading surfaced, as indicated by a +717% leap in prepay offerings, 97% ye.tian@jpmorgan.com

of which sold at an average of 3bp better than evals. Roisin A Gargan

(1-212) 834-7010

– In addition to the rise in prepay offerings (+717%), BWICs also rose in housing roisin.gargan@jpmchase.com

(+160%), hospital (+68%), special tax (+68%), 5-10yr (+116%), and 20yr+(+72%). J.P. Morgan Securities LLC

Overall, the traded ratio was strong at 63%, 7% above five-week average. Traded

yields on customer purchases were 2-10bps through ICE marks, reflecting a

strong recovery in munis yesterday.

– Muni fund flows stayed solidly in the green yesterday following Friday’s rebound,

with ETFs registering another $526mn of inflows ($56mn active/$469mn passive)

and open-end funds gaining $197mn. Worth noting, the last two sessions of inflows

combined have more than offset last week’s three outflow sessions by +$1.3bn.