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A reduction in the program's reserves and February debt payments and maturities of outstanding guaranteed bonds will increase capacity by $7 billion to $9 billion.

Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.

With $300 million of term bonds due in 2051 underperforming in secondary market trading, Kansas officials are eyeing a surplus revenue funded buyback plan.

The Federal Reserve will likely have to keep raising interest rates to rein in price growth, which could slow economic expansion and affect the jobs market, Governor Michelle Bowman said.

Total volume in 2022 was at $389.094 billion in 9,123 deals, down 19.5% from the $483.358 billion in 13,130 deals in 2021, according to Refinitiv data.

The two main insurers, Assured Guaranty Municipal Corp. and Build America Mutual, accounted for $28.823 billion of deals in 2022 compared to $37.193 billion of in 2021.

Healthy coffers, revenue growth, and strong market technicals led to declining need for short-term borrowing among municipalities last year.

The transportation bond sector may see the greatest growth in 2023 as a result of the infrastructure act, one analyst said.

"This peculiar shape of the muni yield curve has created a conundrum for investors, as all high-quality municipal bonds, with the possible exception of the long end, have become quite rich," Barclays strategists said.

Low income residents of Puerto Rico won't be charged the proposed monthly fees the Oversight Board said.