Bond Buyer Indexes and Market Indicators

What this video covers

• Why the 11-Bond General Obligation (GO) Index is a subset of the 20-Bond GO Index, and why its yield is lower (higher quality, lower risk)
• Which Bond Buyer indexes are quoted in yield (11-Bond and 20-Bond) versus the one quoted in price (the 40-Bond Municipal Bond Index)
• The publication cadence trap: the three indexes and the placement ratio are weekly, but the visible supply is daily
• What the 30-day visible supply measures, including the 13-months-or-more maturity filter, and why rising supply is bearish for muni prices
• How the placement ratio is calculated (dollars sold divided by dollars offered) and what above 90%, 80 to 90%, and below 70% signal about demand
• Why "high" means opposite things for the two indicators: high visible supply is bearish, but a high placement ratio is bullish
• The nightmare combo for issuers: high visible supply paired with a low placement ratio, and the bullish mirror image of low supply with a high ratio