Investortools

Access to liquidity is most valuable when it's built directly into the investment process. That's why we're pleased to announce that @HJSims has joined the Investortools Dealer Network (IDN), bringing its municipal bond liquidity directly into Perform®. Through the integration, mutual clients can engage with HJ Sims offerings within their existing workflow, streamlining dealer interactions, trade execution, and allocation processing without switching between platforms. "Our focus has always been helping clients meet their customers' needs through exceptional service and dependable market access. Joining the IDN allows us to become a more integrated part of our clients' workflow while expanding access to the liquidity, expertise, and customer-first approach that have defined our firm." - Labon McCoy | Executive Vice President and Head of Trading at HJ Sims The partnership reflects a shared commitment to helping market participants operate more efficiently. As firms continue to modernize and centralize their investment management operations, the IDN offers seamless access to liquidity providers through an integrated platform that unifies portfolio management, dealer engagement, and execution. Read more about the integration: bit.ly/4yYW1rN

𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄 The @SPGlobal Municipal Bond Investment Grade Index returned -3.867% in September, as sharply higher municipal yields drove broad-based price declines and pushed year-to-date returns into negative territory. Municipal yields rose significantly more than Treasury yields during the month, with short-term yields increasing nearly 100 basis points, the largest single-month increase in the 23-year history of the @ICE_Markets U.S. Municipal AAA Noncallable yield curve. 𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields moved sharply higher in September, while the yield curve flattened slightly as shorter maturities experienced larger yield increases than longer maturities. 𝗖𝗿𝗲𝗱𝗶𝘁 𝗡𝗮𝗺𝗲𝘀 𝘄𝗶𝘁𝗵 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: The State of Washington, State of Massachusetts, and State of New York saw notable spread tightening, while New York State Housing Finance Agency Affordable Housing Revenue Bonds, CommonSpirit Health, and Virginia Housing Development Authority experienced meaningful spread widening. 𝗦𝗲𝗰𝘁𝗼𝗿 𝗮𝗻𝗱 𝗦𝗽𝗿𝗲𝗮𝗱: Tobacco Settlement, Public Power, and Resource Recovery sectors benefited from spread tightening, while the Prerefunded/ETM sector experienced spread widening. 𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Washington, Alabama, Georgia, and Ohio led state returns, with states with shorter average durations generally outperforming in the rising-rate environment. 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The ICE U.S. Municipal AAA Noncallable spot curve increased approximately 70 basis points at the ten-year maturity, reflecting substantial upward pressure on municipal rates during the month (see figure). Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson:

We're excited to announce expanded connectivity within the Investortools Dealer Network (IDN) through a new integration with @FirstHorizonBnk. This connection gives buy-side firms direct access to FHN Financial's liquidity within Perform®, enabling users to manage bidding, trade execution, and pre- and post-allocation processing in a single workflow. The integration also supports municipal RFQs, helping traders source liquidity more efficiently while reducing manual touchpoints. "By adding FHN Financial to the IDN, users can discover additional trading opportunities without pivoting away to multiple systems," said James Morris, Senior Vice President and Head of Sales at @Invtools. The partnership reflects a shared commitment to creating a more seamless trading experience. Mike Allen, Executive Vice President and Head of Municipal Products at FHN Financial, noted, "We are focused on reducing execution friction and meeting customers where they prefer to transact." As fixed-income markets continue to evolve, firms are looking for ways to bring trade discovery, execution, and portfolio construction closer together. The IDN was built to support that goal by providing a consolidated view of the secondary market and seamless connectivity to liquidity providers. Read the full announcement: bit.ly/4y0Wlpz

𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄 The @SPGlobalRatings Municipal Bond Investment Grade Index returned -0.083% in August, as the effect of rising long-term municipal bond yields offset positive contributions from income and falling short-term yields. Despite the monthly decline, the index’s return remained positive year-to-date, supported by coupon income and selective areas of spread tightening. 𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields steepened modestly in August as short- and intermediate-term yields declined while long-term yields rose, a net negative effect for the index 𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: Denver Public Schools, Utah Housing Corporation, and Bexar County saw notable spread tightening, while University of Rochester & Related Entities, University of Houston System, and the State of California experienced meaningful spread widening 𝗦𝗲𝗰𝘁𝗼𝗿 𝗮𝗻𝗱 𝗦𝗽𝗿𝗲𝗮𝗱: Tobacco Settlement, Prerefunded/ETM, and Housing sectors benefited from spread tightening, while State GO, Tax-Supported (Excl. GOs), and Resource Recovery sectors faced spread widening 𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Alabama, Connecticut, Georgia, and New Jersey had particularly strong statewide returns, while Arkansas underperformed due to its longer duration profile and weakness in its IDR/PCR sector 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The @ICE_Markets U.S. Municipal AAA Noncallable spot curve increased approximately 4.6 basis points at the ten-year maturity while steepening (see figure) Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson: bit.ly/46Q0gtc

We're proud to share that the @Invtools Dealer Network (IDN) has been recognized as the Best Fixed-Income Trading Initiative for 2026 by Wealth & Finance International. This recognition is especially meaningful because it reflects the impact the IDN delivers for our clients every day. By unifying portfolio management, native analytics, automation, and trade execution in a single platform, the IDN eliminates operational swivel-chairing, empowers more informed investment decisions, and enables firms to construct portfolios at scale. Today, the IDN: ✅ Facilitates billions in monthly trading volume ✅ Has processed more than 1 million trades ✅ Added 8 new dealer connections in the past 6 months Thank you to our clients, dealer partners, and our team whose collaboration, innovation, and trust continue to drive the evolution of fixed-income investing. We're honored by this recognition and excited for what's ahead for the IDN! Read more about the award: bit.ly/4wMHxtj