Mayor Zohran Mamdani’s luck in the municipal bond market appears to be running out, On The Money has learned.
After stabilizing or increasing a bit in the last couple of months, prices of New York City municipal bonds this month took a hit, with the “yield” – or return demanded by investors to compensate for various types of risk – spiking noticeably between July 3 and July 10, the latest available numbers show.
The yield on a 10-year GO bond jumped to 3.34% from 3.28%, while the yield on a 10-year bond from what’s known as the “transitional finance authority” jumped 10 basis points – or hundredths of a percentage point, in bond-market speak – to 3.26%…