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

04 August 2026

J.P. Morgan Municipal Morning

Intelligence

Wings of exempt curve show richer, with long-munis

~1.5 tight to corps. $6bn on tap. Monthly Chartbook

(incl. BVAL vs. ICE analysis) and Weekly Analytics

published.

Tax-Exempt Market Wrap Securitized Products & Public

Finance Municipals Strategy

– The HG muni scale was bumped 2-3bp through the 9-year spot on Monday, save AC Peter DeGroot

for the 3-year spot, which was left unchanged along with the rest of the curve, while

(1-212) 834-7293

Treasury yields fell 3-6bp amid signs of de-escalation in the Middle East and despite peter.degroot@jpmorgan.com

resilient economic data. The rally in UST rates, coupled with the arrival of August Ye Tian

reinvestment capital (projected at $32bn over the 1st half of the month, the 2nd highest (1-212) 834-3051

two-week stretch of the year), pushed municipal fund inflows to $1.2bn. ye.tian@jpmorgan.com

Roisin A Gargan– Meanwhile, yesterday’s BWIC activity was somewhat higher (+4% vs. five-week

(1-212) 834-7010

avg.), with increases in health-care and long-end offerings, to clear room for new roisin.gargan@jpmchase.com

issue. The hit ratio was 7% below average, reflecting the market’s focus on the J.P. Morgan Securities LLC

week’s expected $17bn in tax-exempt issuance (5th highest on record). Amid solid

market sentiment, several deals accelerated their pricing, resulting in $4.5bn

entering the market and smoothing out the pace of volume over the week.

Consequently, today’s issuance calendar has been reduced from the original $9bn

to $6bn.

– As expected, muni fund inflows surged yesterday amid August reinvestment

capital, rising to $1.2bn, with ETFs registering $324mn of inflows ($167mn active/