The Municipal Securities Rulemaking Board issued a paper "UNDERSTANDING MUNICIPAL MARKET INDICES, YIELD CURVES AND BENCHMARKS" which provides a very thorough description of several of the most commonly used indicators in the municipal securities market. These indicators provide sector-specific or broad market information abut the general level of municipal interest rates.

The paper goes on to describe how municipal securities issuers and investors may use these indicators to assist in the evaluation of a unique bond’s yield or its performance relative to a particular sector or the market as a whole.  These indicators are often are used by underwriters as a factor when determining the yield levels at which a new issue of municipal securities will be offered to investors.

Included in these descriptions are the Barclays Capital Municipal Bond Index, the Bloomberg Valuation Benchmark Municipal Curve, and the Bond Buyer Municipal Bond Indices.