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The MMA AAA Median is the only municipal benchmark created directly by the leading institutions of the municipal market and is the most consistent benchmark for daily municipal yield change.
- The MMA AAA Median yield data emanates from 38 institutions representing the variety of dealer and investor opinions.
- The MMA AAA Median represents a “mid-market” yield (
a “mid market” yield represents the mid-point between the “bid” and “offered” side of the market.
) allowing for a more accurate portrayal of cross-market spread relationships – especially to Libor and BMA swaps.
- Levels are based on a “Natural ‘AAA’ G.O. credit” (i.e. not pre-refunded or insured) with Maryland G.O. used as a guide.
- Current Coupon Rate:
A coupon rate that is in line with interest rates on new issues of municipal securities being sold at the current time. A bond with a current coupon would be trading at a price close to par and would have a yield to maturity approximately equal to its coupon rate. (provided by the MSRB glossary)
- Standard 10yr Call
"The best indicator of the cash market available on the Bloomberg Professional service is the MMA AAA Median yield curve from Concord, Massachusetts-based Municipal Market Advisors Inc."Mike Olander, Bloomberg
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