Markets

Total volume for the month was $21.931 billion in 417 issues versus $26.292 billion in 770 issues a year earlier, according to Refinitiv data.

"January issuance is at a multi-year low, with large declines in both taxable and tax-exempt issuance," said Matt Fabian, a partner at Municipal Market Analytics. 

Investors will likely sit on the sidelines until after this week's Federal Reserve Board rate announcement.

Investors will be greeted Monday with a new-issue calendar estimated at $847 million.

A California treasurer's conduit approved a $135 million bond-funded grant for Loma Linda University Children's Hospital.

On the buy side, lower interest rates and an extreme imbalance between supply and demand is supporting the municipal market's positive tone, according to JB Golden, executive director and portfolio manager at Advisors Asset Management.

UBS' move this week to cut some banking positions marked a reversal of its five-year growth trend as the bank rebooted its municipal underwriting business.

The top bond counsel firms combined for a total of $359.123 billion in 7,878 transactions during 2022, down from the $456.136 billion in 11,819 deals in 2021.

Inflows continued with the Investment Company Institute reporting investors added $2.083 billion to mutual funds in the week ending Jan. 18, after $1.982 billion of inflows the previous week.

Ceffalio is taking on a newly created position at the Chicago-based firm.