ICE munis
ICE brings transparency to the $4 trillion muni market with evaluated prices, seamless electronic trading, and a transaction-driven municipal AAA yield curve updated continuously throughout the trading day. A suite of climate analytics adds insight into the risks reshaping municipal debt.
Key benefits
Rules-based and fully transparent
The curve uses observed trades that meet certain criteria to produce a rules-based transaction-driven curve supported by ICE’s evaluators. It is administered under evaluator oversight, with a dedicated evaluator monitoring and maintaining it throughout each trading day as their primary responsibility.
Continuous intraday updates
Updated continuously throughout the trading day, ICE’s curve offers deeper insight into a fragmented market that traditionally relies on an end-of-day approach. The curve applies intraday and EOD market moves across most of the investment-grade muni universe.
~856,000 bonds priced with precision
Approximately 856,000 tax-exempt bonds are attached to the curve, pricing off it either directly or indirectly. When the attached universe moves, the curve moves with it.
15+ years of history
The curve has been calculated off real transactions for more than 15 years and has been in production for seven years, providing the back-testing history needed for issuers, investors, advisors and more to benchmark with confidence.
How the sell-side can use a dynamic, rules-based curve
ICE's Head of Municipal Evaluations examines how a transaction-driven, continuously updating yield curve can support sell-side firms across new-issue pricing, secondary market activity, and internal valuation workflows.
Performance
Source: ICE Data Services
Municipal AAA Yield Curve
Delivery
Curve data can be delivered to customers through many different services including on ICE Data Services data viewer.
Request access to gain insight into the muni market for application across many uses including investment management, risk, trend analysis and relative value research.
Resources
Uncovering new investment opportunities in municipal bond indices
Municipal bond product launches are increasing, with net inflows of more than $64bn over the past two years across exchange-traded funds (ETFs) and mutual funds.
Tackling challenges around Best Execution
Our senior director of product management Tim Monahan discusses three takeaways on Best Execution.