FBBS Market Intelligence Dashboard

2-Yr Treasury

3.763%

▼ 1.9bp today · wkly ▼0.2bp

5-Yr Treasury

3.886%

▼ 2.5bp today · wkly ▼0.9bp

10-Yr Treasury

4.272%

▼ 2.1bp today · wkly ▼1.3bp

Fed Funds Effective

3.64%

Target 3.50–3.75% · Unchanged

DJIA

49,149

▼ 293 · futures ▲ 366

S&P 500

7,064

▼ 45.1 · ▼ 0.6%

VIX

18.90

▼ 0.60 · low vol regime

Crude Oil (WTI)

$89.97

▲ 0.30 · Iran tensions

Audience

Tax Rate for TEY

Active rate: 21%
Updates TEY column live

Best fit today

C-Corp Banks

21% TEY view

Best ideas favor 20% risk-weight agency structures first, then taxable spread product and selective tax-exempt paper where relative value still works even at the lower 21% corporate rate.

FHLB 4.45% 3/26/31 callable — 4.43% YTMCUSIP 3130B9WU0 · $100MM available · quarterly call 6/26/26 · headline 5yr ladder anchor.

FFCB 4.375% 4/22/36 bullet — 4.35% YTMCUSIP 3133EWMJ6 · $3.4MM new-issue · +7bp vs 10Y UST · clean 10yr bullet carry.

Kay Cnty OK SD #71 4.25% 2032 taxable — +40/5YRA credit, taxable for all buyers, 6yr clean bullet at roughly 4.29% YTM spread to UST.

Best fit today

S-Corp Banks

29.6% TEY view

S-Corp buyers get the biggest lift from tax-exempt income, so the right mix today is BQ tax-exempts plus callables where TEY and 20% risk-weight structure both help portfolio efficiency.

Clive IA 2.20% 6/1/37 — Aa1 BQ Bond of the DayCUSIP 188864H70 · $525K · deep discount (86.856) · 11yr bullet · TEY ~5.19% @ 29.6%.

Washington Cnty OK SD 4s — 2029-2034 ladderA+ unenhanced BQ GO · $500K at each rung · non-callable · ideal 29.6% bracket laddering paper.

FHLM 4.50% 3/17/31 callable — 4.47% YTMCUSIP 3134HCZS1 · $44MM · monthly call 6/17/26 · highest YTM in 5yr callable bucket · 20% risk weight.

Best fit today

RIAs / Money Managers

Taxable yield focus

RIA accounts screen best on bullet agencies, IG corporates, and FDIC-insured CDs where call risk, spread pickup, and income can be compared side by side without tax-exempt complications.

Morgan Stanley Pvt Bank 4yr & 5yr CDs — 4.05%Best absolute yield on bullet CD curve · CUSIPs 61776N5M1 / 61776N5L3 · +22-24bp vs UST · FDIC insured.

Meta 5.50% 2045 — 5.77% YTMAa3/AA- quality with +92bp spread and long-duration taxable income.

FHLB 4.125% 3/14/31 bullet — 3.87% YTMClean 5yr agency bullet · $8MM · no call complexity · positive spread vs 5Y UST.

Tax-exempt muni inventory

26 line items

10 BQ + 15 standard + 1 taxable. Highlights: Clive IA Aa1 (bond of the day), Chesaning MI Q-SBLF, Hull IA AG, Washington Cnty OK SD 4s ladder 2029-2034, Perrysburg OH AA+.

Agency shelf

26 highlighted structures

14 bullets + 12 callables. Deepest liquidity in 5yr callable ladder (FHLB 4.45% $100MM, FHLM 4.50% $44MM, FFCB 4.33% $25MM).

Taxable ideas

34 corp selections

Representative IG spread list spanning financials (widest), consumer, tech, communications, industrials, utilities. YTM 3.37-6.50%.

FDIC CD curve

9 curve points

Bullet CD sweet spot 6mo–5yr at +15 to +28bp vs UST. Top: Morgan Stanley Pvt Bank 4yr/5yr at 4.05%.

Market Context 4/22/2026: Trump indefinitely extended the Iran ceasefire — Brent briefly popped above $100 before settling (WTI $89.97, +$0.30). Treasuries caught a bid across the curve with the 10yr ▼2.1bp to 4.272%, 5yr 3.886%, 2yr 3.763%. Week-over-week the curve is slightly lower (−0.2 to −1.7bp) and rate vol is collapsing — MOVE index at pre-war levels, traders piling into short-vol trades (straddles/strangles). MBA purchase apps +10.1% last week, the biggest jump since January, with 30yr mtge rate down to 6.35%. Fed Funds futures 1yr implied 3.50% (−2.5bp), still pricing ~1 cut by mid-2027. VIX 18.90 — low-vol regime holding. Quarter just ended: focus on redeploying called/matured paper into 2–5yr callable agency and muni TEY trades.

Best suited for: S-Corp Bank · C-Corp Bank · RIA / Money Manager — shown on each strategy below

Today's Top Picks — C-Corp Bank

Updates with audience selector above

Callable Agency — FHLB 4.45% 3/26/31 · $100MM Block · 4.43% YTM · Call 6/26/26

★ Strategy of the Day

S-Corp Bank C-Corp Bank

Headline callable block in today's agency run: FHLB 4.45% 3/26/2031, $100MM available at 4.43% YTM (CUSIP 3130B9WU0), quarterly-call structure with first call 6/26/2026. Highest-conviction 5yr callable ladder anchor given the curve rally, rate vol collapse, and quarter-end deployment demand. Fits alongside FHLM 4.50% 3/17/31 (4.47% YTM, $44MM) and FNMA 4.375% 4/22/31 (4.32% YTM, $15MM) to complete a 5-rung ladder with May–Oct 2026 call staircase. GSE obligations carry 20% risk weight under Basel III — ideal for both S-Corp and C-Corp bank portfolios with maturing paper to redeploy.

YTM4.43% @ 100.075

YTNC4.00%

Final Maturity3/26/2031 (5yr)

Next Call6/26/2026 (Quarterly)

Risk Weight20% (Basel III)

Spread vs 5Y UST+55bp over 3.886%

Available$100MM

Settle4/23/2026

CUSIP 3130B9WU0 · FHLB 4.45% 3/26/2031 · Quarterly call starting 6/26/2026 · See Agencies tab for full callable ladder and bullet alternatives

Callable Agency Ladder — Lock In 4.04–4.47% Post Quarter-End

S-Corp Bank C-Corp Bank

Treasuries rallied across the curve today (5Y ▼2.5bp to 3.89%, 10Y ▼2.1bp to 4.27%), and rate vol is collapsing — a constructive backdrop for redeploying freshly matured/called paper into callable agency blocks. Top picks today: FHLB 4.45% 3/26/31 ($100MM at 4.43% YTM — headline block), FHLM 4.50% 3/17/31 ($44MM at 4.47% YTM), FNMA 4.375% 4/22/31 ($15MM at 4.32% YTM). All short calls into May–Oct 2026 — build a 5-rung ladder with 6-month call increments. GSE obligations carry 20% risk weight under Basel III.

Yield4.04–4.47% YTM

Final Maturity3–5 yr

Risk Weight20% (Basel III)

IssuersFHLB · FFCB · FHLM · FNMA

Structure5-rung ladder, 6mo call increments

Top picks: FHLB 4.45% 3/26/31 · Call 6/26/26 · 4.43% YTM · $100MM · CUSIP 3130B9WU0 | FHLM 4.50% 3/17/31 · Call 6/17/26 · 4.47% YTM · $44MM · CUSIP 3134HCZS1 | FNMA 4.375% 4/22/31 · Call 10/22/26 · 4.32% YTM · $15MM · CUSIP 3136GD4P5

Muni Barbell — Short BQ + Long AA GO for Tax-Equivalent Yield Pickup

S-Corp Bank C-Corp Bank

At a 29.6% tax bracket, AA muni TEY reaches 3.75–4.49% in the 5–10yr range. Today's new BQ names: Clive IA 2.200% 6/1/37 (Aa1, deep discount to 3.65% YTM — Bond of the Day), Hull IA 5s/31 (AA/A-, AG enhanced), Lewis Centrl IA Cmnty SD 4s/31 (A+) and Chesaning MI 4s/45 (AA/A, Q-SBLF enhanced). Standard offerings heaviest in Washington Cnty OK SD 4s ladder (A+, 2029-2034 ungenerated BQ tenors at par-ish) and Perrysburg OH 4s (AA+). Long taxable slot: Kay Cnty OK SD #71 4.25% 5/1/2032 at +40/5YR.

TEY at 29.6%3.37–5.68%

CreditA1–Aa1 rated

EnhancementPSF-GTD · BAM · AG · Q-SBLF

StructureShort BQ + Long GO barbell

Tax TreatmentTax-exempt or Taxable

CD + Agency Bullet Blend — Maximize Yield on Short-to-Mid Duration

RIA / Money Manager

CDs beat Treasuries by +15 to +28bp across 6mo–5yr as of 4/22 — the strongest pickup on the curve (biggest gap at 12mo: 3.95% CD vs 3.67% UST). Top picks: 2yr/3yr at 3.95% (Morgan Stanley Bank NA / Goldman Sachs), 4yr/5yr Morgan Stanley Pvt Bank at 4.05%. Blend with short-call FFCB/FHLB agency bullets (3.75–3.87% YTM, 2–5yr) for diversification, and agency callables out to 4.32–4.47% YTM for yield enhancement. Agencies dominate 7yr–10yr: FHLB 4.31% / 4.55% where CDs trade sub-FHLB by 16–27bp.

CD Yield3.95–4.05%

Sweet Spot6mo–5yr (+15 to +28bp vs UST)

ProtectionFDIC Insured

Top PickMorgan Stanley Pvt Bank 4yr/5yr @ 4.05%

Avoid7yr/10yr CDs (sub-FHLB –16 to –27bp)

IG Corporate Sector Rotation — Widest Spreads at Multi-Month Highs

RIA / Money Manager C-Corp

IG CDX at 54.03bp, VIX 18.90 — credit spreads have tightened meaningfully as the low-vol regime takes hold. Today's top picks span the quality curve: Financials (First Citizens 6.254%/2040 +198bp/6.15%, Bancorp 7.375%/2030 +200bp/5.90%), Consumer Cyclical (GM Financial 6.15%/2035 +103bp/5.31%, Ford Credit 5.73%/2030 +137bp/5.26%), Technology (Roper +83bp/5.10%, HP Enterprise +49bp/4.28%), Comms (Meta 5.5%/2045 +92bp/5.77%), Utilities (Duke 6.1%/2053 +97bp/5.85%). Short-end IG remains tight — better value in the 5–10yr belly.

YTM Range4.28–6.50%

Spread vs UST+49–273bp

Credit QualityAa2–Baa3 rated

Sectors6 sectors available

Liquidity$500MM–$3B outstanding

Taxable Muni — Kay Cnty OK SD #71 4.25% 5/1/2032 — A Credit at +40/5YR

S-Corp Bank C-Corp Bank RIA / Money Manager

This is a taxable general obligation from Kay County OK Independent SD #71 — no tax exemption for any buyer. Investment case is an A credit at +40bp over the 5Y UST (≈ 4.29% YTM), 6yr clean bullet. $1.05MM available — largest single block in this week's taxable muni run. Equally relevant to all buyer types as a credit/spread trade. Settle 5/7/26, coupon date 5/1/27.

YTW+40 / 5YR UST

Spread vs 5Y UST+40bp (≈ 4.29% YTM)

CreditA · General Obligation

Tax StatusTaxable — no exemption

Available$1.05MM

CUSIP 486476JC9 · Settle 5/7/2026 · Coupon date 5/1/2027

Term	CD Yield (Investor)	UST	Spread	Verdict
6 Mo	3.95%	3.70%	+25bp	✓ Buy
12 Mo	3.95%	3.67%	+28bp ★	✓ Best %
18 Mo	3.95%	3.72%	+23bp	✓ Buy
2 Yr	3.95%	3.78%	+17bp	✓ Buy
3 Yr	3.95%	3.79%	+16bp	✓ Buy
5 Yr	4.05%	3.90%	+15bp	✓ Buy
7 Yr	N/A	4.09%	No supply	— N/A
10 Yr	N/A	4.29%	No supply	— N/A

Term	Muni Yield	TEY @21%	TEY @29.6%
1 Yr	2.37%	3.00%	3.37%
2 Yr	2.34%	2.96%	3.32%
3 Yr	2.35%	2.97%	3.34%
5 Yr	2.50%	3.16%	3.55%
7 Yr	2.64%	3.34%	3.75%
10 Yr	2.91%	3.68%	4.13%

Term	Corp Yield	vs. UST
6 Mo	3.93%	+23bp
2 Yr	3.95%	+17bp
5 Yr	4.28%	+38bp
10 Yr	4.85%	+56bp

AAA MMD 5yr (2031)

2.50%

64% of UST 5Y ratio

AAA MMD 10yr (2036)

2.91%

68% of UST 10Y ratio

AAA MMD 20yr (2046)

3.89%

87% of UST 30Y

MMD AAA Scale (4/21 close, 5% cpn): 1yr 2.37% · 2yr 2.34% · 3yr 2.35% · 5yr 2.50% · 7yr 2.64% · 10yr 2.91% · 15yr 3.32% · 20yr 3.89% · 25yr 4.17% · 30yr 4.27% Source: MMD 4/21/2026

★ Bond of the Day — Municipal (Tax-Exempt)
Clive IA UT GO  ·  2.200% Cpn  ·  6/1/2037  ·  3.650% YTM  ·  Aa1 rated  ·  Non-callable  ·  $525K available
TAX-EXEMPT · TEY: 5.19% @ 29.6% · Top-tier Aa1 bank-qualified paper, 11yr bullet (no call). Deep discount at 86.856 — significant coupon-preservation pickup and convexity play over par paper. CUSIP 188864H70 · Settle 4/23/2026

Muni Inventory — 4/22/2026

BQ Offerings — Bank Qualified, High-Grade

Issuer	St	Cpn	Maturity	Call	TEY	YTW	YTM	Price	Rating	Enhancement	Qty
Sherman Cnty KS Unif SD	KS	3.000%	9/1/2026	—	—	2.750%	2.752%	100.083	AA/A+	BAM	150
Hull IA	IA	5.000%	6/1/2031	—	—	2.900%	2.900%	109.866	AA/A-	AG	80
Lewis Centrl IA Cmnty SD	IA	4.000%	6/1/2031	6/1/2030	—	2.910%	3.110%	104.116	A+	—	500
Lakewood WA	WA	5.000%	12/1/2031	—	—	2.700%	2.700%	111.887	AA	—	235
Lewis Centrl IA Cmnty SD	IA	3.000%	6/1/2032	6/1/2030	—	3.200%	3.200%	98.910	A+	—	250
Lakewood WA	WA	5.000%	12/1/2032	—	—	2.750%	2.750%	113.503	AA	—	370
Buena Vista Cnty IA	IA	4.000%	6/1/2033	6/1/2030	—	3.050%	3.419%	103.637	AA/A+	BAM	100
Sidney IA Cmnty SD	IA	2.250%	5/1/2037	5/1/2029	—	3.750%	3.750%	86.558	A	—	450
Clive IA	IA	2.200%	6/1/2037	6/1/2027	—	3.650%	3.650%	86.856	Aa1	—	525
Chesaning MI Unif SD	MI	4.000%	5/1/2045	5/1/2036	—	4.000%	4.000%	99.998	AA/A	Q-SBLF	315

Standard Offerings — Intermediate & Long

Issuer	St	Cpn	Maturity	Call	TEY	YTW	YTM	Price	Rating	Enhancement	Qty
Dickinson TX Indep SD	TX	5.000%	2/15/2027	—	—	2.500%	2.500%	101.991	Aaa/Aa3	PSF-GTD	110
Harrison Cnty IN	IN	5.000%	7/1/2027	—	—	2.670%	2.670%	102.618	AA/A+	AG · ST INTERCEPT	390
Harrison Cnty IN	IN	5.000%	7/1/2028	—	—	2.660%	2.660%	104.855	AA/A+	AG · ST INTERCEPT	410
Washington Cnty OK Indep SD	OK	4.000%	5/1/2029	—	—	2.630%	2.630%	103.831	A+	—	500
Victoria Cnty TX Jnr Clg Dist	TX	5.000%	8/15/2029	—	—	2.600%	2.600%	107.563	AA	—	35
Bondurant-Farrar IA Cmnty SD	IA	5.000%	5/1/2030	—	—	2.650%	2.650%	108.863	AA/A+	BAM	345
Washington Cnty OK Indep SD	OK	4.000%	5/1/2030	—	—	2.730%	2.730%	104.694	A+	—	500
Bangor Twp MI SD	MI	5.000%	5/1/2031	—	—	2.850%	2.850%	109.885	AA/A+	Q-SBLF	110
Washington Cnty OK Indep SD	OK	4.000%	5/1/2031	—	—	2.810%	2.810%	105.435	A+	—	500
Washington Cnty OK Indep SD	OK	4.000%	5/1/2032	—	—	2.900%	2.900%	105.947	A+	—	500
Colony TX	TX	5.000%	8/15/2032	—	—	2.770%	2.770%	112.681	Aa2/AA+	—	410
Washington Cnty OK Indep SD	OK	4.000%	5/1/2033	—	—	2.960%	2.960%	106.466	A+	—	500
Perrysburg OH	OH	4.000%	12/1/2033	12/1/2030	—	2.850%	3.264%	104.909	AA+	—	600
Washington Cnty OK Indep SD	OK	4.000%	5/1/2034	—	—	3.030%	3.030%	106.786	A+	—	500
Perrysburg OH	OH	4.000%	12/1/2034	12/1/2030	—	3.000%	3.424%	104.252	AA+	—	210

Taxable Municipal Offerings · 4/22/2026

Issuer	St	Cpn	Maturity	Call	YTW	YTM	Price	Rating	CUSIP	Qty
Kay Cnty OK Indep SD #71	OK	4.250%	5/1/2032	—	+40/5YR	—	—	A	486476JC9	1,050

Agency Bullets — Best Spread vs. Benchmark Today

Issuer	Cpn	Maturity	YTM	Spread vs. Bench	Benchmark	Avail	CUSIP
FHLB	3.875%	6/4/2027	3.70%	–8bp	2Y UST	$15MM	3130B6R24
FFCB	4.125%	8/23/2027	3.73%	–5bp	2Y UST	$2.55MM	3133EPBM6
FFCB	3.875%	3/27/2028	3.75%	–2.5bp	2Y UST	$42.3MM	3133EWJZ4
FFCB	3.75%	4/14/2028	3.75%	–3bp	2Y UST	$29.7MM	3133EWLH1
FHLB	3.476%	11/24/2028	3.75%	–4bp	3Y UST	$12.6MM	3130B9PB0
FHLB	3.875%	3/9/2029	3.76%	–3bp	3Y UST	$20MM	3130AUW75
FFCB	3.75%	4/9/2029	3.78%	–1bp	3Y UST	$7.3MM	3133EWKU3
FHLB	4.125%	3/14/2031	3.87%	–2.8bp	5Y UST	$8MM	3130AVJY9
FFCB	4.000%	4/7/2031	3.87%	–3bp	5Y UST	$10.5MM	3133EWKK5
FHLB	4.375%	3/11/2033	4.08%	+0.5bp	7Y UST	$4MM	3130AV4X7
FFCB	4.375%	4/22/2036	4.35%	+7bp	10Y UST	$3.4MM	3133EWMJ6
FHLB	5.500%	7/15/2036	4.34%	+6bp	10Y UST	$1MM	3133XGAY0
FNMA	5.625%	7/15/2037	4.45%	+17bp	10Y UST	$1MM	31398AFD9
FFCB	3.310%	9/16/2041	4.76%	+48bp	10Y UST	$1MM	3133EHVC4

Callable Highlights — Near-Term Call, High Coupon Income

Issuer	Cpn	Final Mty	Next Call	Call Type	YTNC	YTM	Avail	CUSIP
FHLB	4.450%	3/26/2031	6/26/2026	Quarterly	4.00%	4.43%	$100MM	3130B9WU0
FHLM	4.500%	3/17/2031	6/17/2026	Monthly	3.55%	4.47%	$44MM	3134HCZS1
FHLB	4.400%	4/30/2031	10/30/2026	Quarterly	3.99%	4.36%	$4.6MM	3130BAGL5
FNMA	4.375%	4/22/2031	10/22/2026	Quarterly	3.86%	4.32%	$15MM	3136GD4P5
FFCB	4.330%	4/22/2031	10/22/2026	Anytime	4.02%	4.30%	$25MM	3133EWMF4
FHLB	4.269%	4/30/2031	4/30/2027	Anytime	4.10%	4.23%	$29.4MM	3130BAF85
FHLM	4.250%	3/23/2029	6/23/2026	Monthly	3.63%	4.21%	$84.4MM	3134HCB57
FHLB	4.200%	10/23/2029	10/23/2026	Monthly	3.94%	4.16%	$13.8MM	3130BAGM3
FHLM	4.100%	1/9/2031	10/9/2026	Quarterly	4.68%	4.16%	$65.4MM	3134HCNC9
FHLB	4.050%	3/16/2029	6/16/2026	Monthly	4.54%	4.08%	$4.5MM	3130B9TT7
FHLM	4.050%	3/12/2029	6/12/2026	Quarterly	4.18%	4.06%	$100MM	3134HCYM5
FHLM	4.000%	3/5/2029	6/5/2026	Monthly	4.84%	4.04%	$64.7MM	3134HCXD6

Agency Note
FHLB 4.45% 3/26/31 (CUSIP 3130B9WU0): $100MM deep inventory at 4.43% YTM — headline 5yr callable ladder candidate. FHLM 4.50% 3/17/31 (3134HCZS1): 4.47% YTM, $44MM available, monthly call. Both carry 20% risk weight. Short-call structures (6/26/26, 6/17/26) mean quarter-end deployment into best-rung locked yield before potential re-acceleration into a rally.

Term	Top Issuer	Rate	Cpn Freq	CUSIP
6 Mo	State Bank India	3.95%	At Maturity	85628ABV1
9 Mo	Bank of India NY	3.95%	At Maturity	06279MHM7
12 Mo	Western Alliance Bank	3.95%	At Maturity	95763PF22

Term	Top Issuer	Rate	Cpn Freq	CUSIP
18 Mo	Western Alliance Bank	3.95%	Semi-Annual	95763PE98
2 Yr	Morgan Stanley Bank NA	3.95%	Semi-Annual	61778ETV3
3 Yr	Goldman Sachs Bank USA	3.95%	Semi-Annual	38151PMW8
4 Yr ★	Morgan Stanley Pvt Bank	4.05%	Semi-Annual	61776N5M1
5 Yr ★	Morgan Stanley Pvt Bank	4.05%	Semi-Annual	61776N5L3

Market Opportunity: IG Credit Default Swap index at 54.03bp, VIX at 18.90 — rate vol compressing and credit spreads tight. Best opportunities remain in Financials (+28 to +78bp range vs UST), Consumer Cyclicals (+30–50bp), and Technology / short-dated IG. 10yr IG corp at 4.85% = +56bp vs UST, the widest pickup on the curve. Use sector filter to focus by client mandate.

Issuer	Tkr	Coupon	Maturity	Next Call	YTM	Spread	Moody / S&P	Sector	Avail
Blue Owl Technology Fin	OTF	6.750%	4/4/2029	3/4/2029	6.50%	+273bp	Baa3 / NR	Financial	$1B
First Citizens Bancshares	FCNCA	6.254%	3/12/2040	12/12/2034	6.15%	+198bp	Baa2 / BBB-	Financial	$1B
Bancorp Inc	TBBK	7.375%	9/1/2030	8/1/2030	5.90%	+200bp	NR / NR	Financial	$1B
First Citizens Bancshares	FCNCA	5.600%	9/5/2035	9/5/2030	5.79%	+194bp	Baa2 / BBB-	Financial	$1B
Morgan Stanley	MS	5.900%	3/13/2047	3/13/2046	5.65%	+80bp	A1 / A-	Financial	$1B
Assoc Banc-Corp	ASB	6.455%	8/29/2030	8/29/2029	5.51%	+141bp	Baa3 / BBB-	Financial	$1B
Capital One Financial	COF	7.149%	10/29/2027	10/29/2026	5.45%	+46bp	Baa1 / BBB	Financial	$750MM
Citigroup Inc	C	6.020%	1/24/2036	1/24/2035	5.43%	+116bp	Baa2 / BBB	Financial	$1B
Capital One Financial	COF	5.197%	9/11/2036	9/11/2035	5.35%	+109bp	Baa1 / BBB	Financial	$1B
Bank of America Corp	BAC	5.744%	2/12/2036	2/12/2035	5.24%	+97bp	A3 / BBB+	Financial	$1B
Zions Bancorp NA	ZION	3.250%	10/29/2029	7/29/2029	5.09%	+132bp	NR / BBB	Financial	$1B
Morgan Stanley	MS	5.664%	4/17/2036	4/17/2035	5.09%	+80bp	A1 / A-	Financial	$1B
US Bancorp	USB	5.836%	6/12/2034	6/10/2033	5.11%	+59bp	A3 / A	Financial	$1B
JPMorgan Chase & Co	JPM	2.950%	10/1/2026	7/1/2026	3.53%	–21bp	A1 / A	Financial	$3B
Bank of Nova Scotia	BNS	5.350%	12/7/2026	—	3.73%	–1bp	A2 / A-	Financial	$1.15B
Citibank NA	C	4.576%	5/29/2027	4/29/2027	3.86%	+13bp	Aa3 / A+	Financial	$2.25B
General Motors Financial	GM	6.150%	7/15/2035	4/15/2035	5.31%	+103bp	Baa2 / BBB	Consumer	$1B
Ford Motor Credit	F	5.730%	9/5/2030	8/5/2030	5.26%	+137bp	Ba1 / BBB-	Consumer	$1B
Starbucks Corp	SBUX	4.850%	2/8/2027	1/8/2027	4.01%	+18bp	Baa1* / BBB+	Consumer	$1B
McDonald's Corp	MCD	4.800%	8/14/2028	7/14/2028	4.03%	+25bp	Baa1 / BBB+	Consumer	$600MM
Eli Lilly & Co	LLY	4.500%	2/9/2027	1/9/2027	3.71%	–14bp	Aa3 / A+	Consumer	$1B
Procter & Gamble	PG	2.450%	11/3/2026	—	3.42%	–32bp	Aa3 / AA-	Consumer	$875MM
Roper Technologies	ROP	4.900%	10/15/2034	7/15/2034	5.10%	+83bp	Baa2 / BBB+	Technology	$1B
HP Enterprise Co	HPE	5.250%	7/1/2028	6/1/2028	4.28%	+49bp	Baa2 / BBB	Technology	$550MM
IBM Corp	IBM	4.650%	2/10/2028	1/10/2028	4.04%	+26bp	A3 / A-	Technology	$1B
IBM Corp	IBM	4.500%	2/6/2028	1/6/2028	4.05%	+27bp	A3 / A-	Technology	$1B
Texas Instruments Inc	TXN	4.600%	2/8/2027	1/8/2027	3.79%	–3bp	Aa3 / A+	Technology	$650MM
Meta Platforms Inc	META	5.500%	11/15/2045	5/15/2045	5.77%	+92bp	Aa3 / AA-	Comms	$1B
Alphabet Inc	GOOGL	5.350%	11/15/2045	5/15/2045	5.35%	+49bp	Aa2 / AA+	Comms	$1B
John Deere Capital Corp	DE	4.750%	1/20/2028	—	3.76%	0bp	A1 / A	Industrial	$1.1B
John Deere Capital Corp	DE	5.150%	9/8/2026	—	3.41%	–34bp	A1 / A	Industrial	$550MM
John Deere Capital Corp	DE	4.950%	7/14/2028	—	3.87%	+11bp	A1 / A	Industrial	$1.5B
Caterpillar Finl Service	CAT	1.150%	9/14/2026	—	3.37%	–37bp	A1 / A	Industrial	$500MM
Duke Energy Corp	DUK	6.100%	9/15/2053	3/15/2053	5.85%	+97bp	Baa2 / BBB	Utilities	$1B

Representative best-spread selections from 197 total IG bonds available today. All Baa3/BBB- rated or better. Full run available upon request.

Today's Commentary (4/22/2026): CD curve steepening modestly as long-end Treasuries rallied. Bullet CD all-in pricing: 3.95–4.275% across the 3mo–10yr curve. Bullet CD sweet spot vs FHLB: 3mo–5yr (CDs outperform FHLB by +3 to +15bp). FHLB dominates 7yr–10yr: CD at 4.15% vs FHLB 4.31% (–16bp at 7yr); CD at 4.275% vs FHLB 4.55% (–27bp at 10yr). vs SOFR: CDs pick up +30 to +53bp across the whole curve. Fed Funds: pricing ~0.14% cut by year-end (implied 1yr rate 3.50%, down 2.5bp today) as disinflation + low-vol regime takes hold. Rate vol collapsing — MBA purchase apps +10.1% WoW, 30yr mtge 6.35%. Callable CD ranges: 1yr 4.00–4.10% up to 10yr 4.35–4.45%.

10s/2s Spread

+51bp

UST 10Y 4.272% − 2Y 3.763% · Steeper

10s/3mo Spread

+59bp

UST 10Y 4.272% − 3mo 3.681%

Fed Funds Futures 1Y

3.50%

▼ 2.5bp today · ~1 cut priced

CD vs FHLB Sweet Spot

3mo–5yr

Sub-FHLB at 7yr–10yr

⚠ Regulatory Note: Brokered deposits are subject to FDIC brokered deposit rules. Only well-capitalized institutions may accept brokered deposits without a waiver. FDIC insurance applies up to $250,000 per depositor per institution. Callable CDs subject to lock-out periods. Please contact the trading desk for live, executable pricing — all indications subject to supply, volume, term, settlement, and best efforts vs. firm takedown.

Bullet CD Indications — All-In Cost Range

Term	All-In Cost Range	Mid	vs FHLB Topeka	vs SOFR	vs UST
3 Mo	3.95% – 4.00%	3.975%	+11bp	+31bp	+30bp
6 Mo	3.95% – 4.00%	3.975%	+14bp	+30bp	+28bp
9 Mo	3.95% – 4.05%	4.000%	+15bp	+33bp	+32bp
12 Mo	3.95% – 4.05%	4.000%	+13bp	+33bp	+34bp
18 Mo	3.95% – 4.10%	4.025%	+12bp	+40bp	+32bp
2 Yr	3.95% – 4.10%	4.025%	+9bp	+45bp	+27bp
3 Yr	3.95% – 4.10%	4.025%	+7bp	+49bp	+26bp
4 Yr	4.00% – 4.15%	4.075%	+6bp	+53bp	+24bp
5 Yr	4.00% – 4.20%	4.100%	+3bp	+52bp	+22bp
7 Yr	4.05% – 4.25%	4.150%	–16bp	+47bp	+9bp
10 Yr	4.15% – 4.40%	4.275%	–27bp	+45bp	+1bp

FHLB Topeka rates used as primary benchmark. Negative FHLB spread at 7yr–10yr indicates CD is cheaper than FHLB advance at those terms.

Callable CD Indications — All-In Cost Range (Subject to Lock-Out)

Term	All-In Cost Range	Premium vs Bullet	Lock-Out
1 Yr	4.00% – 4.10%	~+5bp	Yes
2 Yr	4.10% – 4.20%	~+10bp	Yes
3 Yr	4.15% – 4.25%	~+15bp	Yes
4 Yr	4.15% – 4.25%	~+10bp	No
5 Yr	4.25% – 4.30%	~+20bp	Yes
7 Yr	4.30% – 4.40%	~+20bp	No
10 Yr	4.35% – 4.45%	~+15bp	No
15 Yr	4.45% – 4.70%	—	No
20 Yr	4.55% – 4.75%	—	No

Lock-out terms: 3mo, 6mo, 1yr, 2yr, 3yr, 5yr. Callable premium vs. bullet ~+5–10bp at 1yr, ~+15–25bp at 2yr–10yr.

FBBS Brokered CD Capabilities
Best Efforts & Firm Takedown · Any Term · $1MM – $500MM+

            Bullet & Callable  ·  Flexible settlement  ·  Internal & External placement  · 
            Source new funding, rollover, or contingency  ·  No collateral posting  · 
            Single Master CD (simplified operations)  ·  No early withdrawal  · 
            1 month – 30 year terms available upon request
          

All-In CD Cost vs. Benchmark Rates

CD All-In Mid FHLB Topeka SOFR US Treasury

CD all-in mid vs. FHLB Topeka, SOFR, and U.S. Treasury. Negative FHLB spread at 7yr–10yr signals CD is an attractive alternative to FHLB advances at those terms. Contact desk for live pricing.

Supply Conditions & Desk Notes

Bullet Supply

Strong: 3mo – 1yr
Healthy: 18mo – 3yr
Lighter: 4yr+

Callable Supply

Healthy: Across the curve
Premium: +5–10bp @ 1yr
Premium: +15–25bp @ 2yr–10yr

Key Considerations

Only well-capitalized banks may accept brokered deposits without waiver
FDIC insured up to $250K per depositor per institution

Trading Desk Contacts: Josh Brenner (805) 301-3017 · Ardi Baniahmad (646) 762-3835 · Meghan Greenwood (646) 762-3836 · Please contact desk for live, executable pricing

How to use this page: Start with the audience selector at the top, review the Top Picks grid and fit matrix, then move into the live inventory tabs. Tax-equivalent yields update instantly for tax-exempt munis, while taxable bonds remain audience-neutral and should be pitched on yield, spread, credit, and structure rather than tax treatment.

*** All offerings are subject to change in price and/or availability ***

The information set forth was obtained from sources believed reliable but cannot be guaranteed for its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

Investment products are not FDIC insured (unless noted), not guaranteed by a bank and may lose value. First Bankers' Banc Securities, Inc. is a member of FINRA/SIPC.

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Last updated: 4/22/2026 · Morning edition