Bond volume

Muni experts discussed how macroeconomic concerns and a volatile political environment are affecting the market as the market chalks up another record year of issuance.

Issuance year-to-date is $493.063 billion, up 9.3% from $451.079 billion over the same period. With issuance estimated at $13.118 billion in the first week of November, 2024's $500-plus billion record should fall within the next week or two.

Supply is expected to rebound in October, when BofA Securities estimates that issuance will reach $58 billion.

Issuance year-to-date is at $386.689 billion, up 14.9% from $336.478 billion over the same period in 2024.

Dan Hartman of PFM attributed the drop to fewer prepaid gas deals, one-time large transactions last year like Jefferson County's and normal timing variations.

Municipal bond insurance volume grew 12.6% in the first half of 2025 year-over-year, according to LSEG data.

Electric power bond issuance was up 47.8% and educatron issuance was up 31.6% from the first half of 2024.

The market saw elevated issuance, with an average of $10 billion to $12 billion of supply per week.

This is the fourth consecutive month where issuance has topped $50 billion.

Year-to-date volume stands at $310.166 billion, up 17.4% from $264.151 billion at the same time last year, prompting several firms to revisit their supply projections for the year.