New York State Dormitory Authority

Municipal bond issuance in the region was down 11.7% year-over-year in 2021, as new money, refunding, taxable and tax-exempt volume all slipped.

The Volcker Alliance looks at the state’s outstanding municipal bonds and $83 billion in other obligations and suggests improved transparency and oversight.

Municipal yield curves were little changed for the seventh straight session while Refinitiv Lipper reported the 40th week of inflows into municipal bond mutual funds, with high-yield seeing a large increase week over week.

Month over month, the municipal market is in a much better position, as heavy demand and flows continue to drive it.

The Dormitory Authority of the State of New York overtook California for the most issuance, while New York issuers made up half of the top 10.

Yields on top-quality munis were flat on the AAA scales Friday; yields were seven to nine basis points lower on the week.

While the pressure was on municipal yields, which rose two to four basis points, the Investment Company Institute reported another week of inflows, with $928 million coming into municipal bond mutual funds and another $285 million into ETFs.

First quarter FDIC data show a $10.75 billion-plus jump in U.S. banks’ net purchases of municipal securities, the eighth biggest quarter since 2003, MMA says.

The municipal market was steady Monday as the investors gear up for three separate billion-dollar deals heading to market from California, New York, and Connecticut issuers.

Municipal bond issuers in the State of New York accounted for half of the top 10, while issuers from California held two of the top four spots.