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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
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In a Bond Buyer survey, 57% of participants believe issuance will be less than $475 billion. Additionally, 47% said ESG would have the greatest impact on the public finance industry in 2022.
March 2
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February volume was $26.481 billion in 594 deals versus $37.052 billion in 981 issues a year earlier, bringing total volume for the first two months of the year to $51.426 billion, or 20% less than 2021.
February 28
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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.
February 25
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Issuers in California sold more than $86 billion of municipal bonds in 2021.
February 24
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Overall volume in the Southeast rose 1.8% last year even as taxable issuance plunged and refunding deals shriveled up.
February 23
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Municipal bond issuance in the Midwest reversed course last year, falling by 7.4% to $77.5 billion.
February 22
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Municipal bond issuers in the Southwest sold $90.8 billion of debt in 2021, down 3.2% from 2020 as lost refunding volume outpaced a gain in new-money sales.
February 18
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Market volatility has led to munis seeing the worst performance to start the year since 2018 and the biggest monthly losses since March 2020.
January 31
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January issuance declined by 14.7% year-over-year amid a rising-rate and volatile environment.
January 31
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John Hallacy of John Hallacy Consulting LLC sits down with Chip Barnett to talk about what the municipal bond market will face in 2022. He discusses inflation, new issuance volume, and the future of infrastructure this year amid the lingering effects of COVID and Omicron. (19 minutes)
January 25
