Bond volume

Total volume in the first half of the year was $180.882 billion in 3,853 deals, down 17.1% from the $218.230 billion in 5,444 over the same period in 2022, according to Refinitiv data.

New York deals dominated the top ranks of regional issuers in the first half of 2023 even as supply sank around the Northeast and around the country.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

Total volume for the month was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data.

Market participants agree issuance will not hit the highs seen in 2020 and 2021, but they are split on whether issuance will surpass the $384.086 billion of debt issued in 2022.

Federal Reserve data shows that retail ownership of municipals rose $58.8 billion, or 3.7% quarter-over-quarter, to $1.67 trillion. Bank ownership fell in the first quarter by $13.3 billion.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

Household and U.S. bank ownership of individual bonds fell and the total face amount of munis outstanding was down 0.6% quarter-over-quarter and down 1.4% year-over-year, Fed data shows.

Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion in 985 issues a year earlier, according to Refinitiv data.

Total volume for the month was $18.303 billion in 391 issues versus $31.602 billion in 877 issues a year earlier, according to Refinitiv data.

A substantial drop in new money volume sets California and the Far West apart from the the country.

Spending on climate proofing infrastructure and other green capital developments increased 68% while overall volume tumbled 13% in the region.

Midwest borrowing last year went from 11% year-over-year growth in the first quarter to a 48% plunge in the fourth quarter.

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

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

"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.

"I think ESG is here to stay in our market. I think it's a natural fit with the types of infrastructure that our market finances," said MSRB CEO Mark Kim.

"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.