Municipal bond issuance plunged 66% to $11.1 billion in January compared to the same month last year.
That represents the lightest monthly issuance in the municipal market in 11 years, according to preliminary data from Thomson Reuters. It was the lowest volume month since January 2000.
One factor behind the decline was the expiration of the Build America Bond program on Dec. 31.
The preliminary data runs through Jan. 27. A few large deals, including Thursday’s $300 million issue for the Port Authority of New York and New Jersey, are not included in the data.
