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For the first half of 2022, total issuance sits at $201.556 billion, down 14.5% from $235.836 billion in 2021. Taxables are down 46.8% to $31.024 billion from $58.338 billion.
June 30
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Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.
June 29
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More firms are revising issuance projections downward due to lower refunding and taxable volumes. Many participants say it is unlikely the market will hit issuance records reached in 2021 and 2020.
June 10
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June redemptions will be the highest of the year at $50.6 billion. New-issue supply — 30-day visible is currently at $15.5 billion — is unlikely to keep up.
May 31
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Total May volume was $31.167 billion in 750 deals versus $35.358 billion in 1,295 issues a year earlier. In a continuing trend, new-money issuance was up 14.2% in May year-over-year.
May 31
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The rapid swing to lower yields over the past week has led to a sunnier outlook for the summer reinvestment season, but uncertainties on the economic front, rate volatility, and supply questions hang overhead.
May 27
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Investors will be greeted Tuesday with a decrease in supply with the new-issue calendar estimated at $2.691 billion in $1.786 billion of negotiated deals and $904.9 million of competitive loans.
May 26
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Deep-in-the-red municipal returns are not helping assuage investor concerns, creating a negative feedback loop that has yet to see a pause.
May 16
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Total April volume was $34.329 billion in 729 deals versus $37.105 billion in 1,124 issues a year earlier.
April 29
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Total March volume was $39.363 billion in 793 deals versus $47.763 billion in 1,218 issues a year earlier but above the $34.363 billion average.
March 31
