MSRB Adds U.S. Treasury Yield Curve to EMMA®

Date: May 22, 2019

Contact: Jennifer A. Galloway, Chief Communications Officer


Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today expanded the availability of yield curves and indices on its Electronic Municipal Market Access (EMMA®) website by adding the U.S. Treasury yield curve to the existing third-party market indicators on EMMA.

“The EMMA website is the central source for municipal bond market information,” said MSRB President and CEO Lynnette Kelly. “Over the past several years, we have provided tools and resources that facilitate understanding and benchmarking of municipal bonds, which can help investors and bond issuers alike. As the self-regulatory organization charged with protecting investors and state and local governments, we are committed to providing free access to these resources on EMMA that improve fairness and efficiency of the market.”

Over the past two years, the MSRB has added municipal yield curves and indices of several third-party providers to the EMMA website. The addition of the U.S. Treasury yield curve will provide EMMA users the ability to compare individual municipal bonds to both types of yield curves and assess the relative value of the bonds. Treasury yield curve rates display the yield on a security to its maturity date, based on closing-market bid yields on actively traded Treasury securities in the over-the-counter market. The municipal bond and U.S. Treasury comparison is a popular and widely used metric in the municipal securities marketplace.

In addition to the Treasury yield now accessible from EMMA’s Tools and Resources tab, daily and historical yield curves and/or indices are available from Bloomberg, BondWave, IHS Markit, MBIS, and Standard & Poor’s (S&P) are all freely available on the EMMA website. Read more about yield curves and indices in this education document from the MSRB.

The MSRB is continuing to consider the addition of more market indicators, including yield curves and indices, in support of its mission to provide resources and market data to municipal market participants.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.