Electronic Municipal Market Access


Understanding Yield Curves and Indices

Market indicators, including yield curves and indices, are among the tools available to help investors and others assess market trends and the value of a municipal security. The EMMA website provides public access to commonly used municipal market yield curves and indices. Read more about using yield curves and indices in the MSRB Education Center.

Yield curves on EMMA can be viewed as a graph or a table. The default view for daily yield curves is a graph of interest rates for a series of bond maturities on a specific day. A table view with the underlying values for each yield curve is also available. Users can select different dates to see how the curve has changed over time. Additionally, users can compare multiple yield curves for a single bond maturity over a desired date range. In addition to yield curves, certain municipal market indices are also available on EMMA. The historical daily yield values for each of the indices can be graphed and compared to each other. Users can choose the index or indices, and date range.

A “mouse over” function associated with the graphs displays the underlying information and data when the cursor pauses or hovers over a particular data point on the graph.

The following market indicators are available on EMMA:

  • BVAL® AAA Municipal Curves
  • BondWave AA QCurve
  • ICE US Municipal AAA Curve
  • IHS Markit Municipal Bond AAA Curve
  • MBIS Municipal Benchmark Curve
  • S&P Municipal Bond Index
  • U.S. Treasury Yield Curve Rates