Bond volume

Municipal bond issuance totaled $320.25 billion in 2018, as New York issuers led the charge.

Municipal issuance fell by 24% to $338 billion for 2018 as changes in U.S. tax law crushed the market.

While stocks are suffering still and there is a chance of a government shutdown, municipals strengthen yet again to close out the second to last week of the year.

With stocks and equities continuing their sell-off, munis continue to flex their muscles — even with a budget showdown in Washington taking place.

Hiring, firings, corruption, the new tax law and a volatile political climate shaped The Bond Buyer's list of most-read articles of 2018.

Municipal bond volume fell by almost half in November, underscoring the impact of the tax law.

The $33.4 billion of issuance — the second-biggest monthly total of the year — did little to raise hopes for a fourth-quarter resurgence.

The third quarter ended with a whimper, leaving year-to-date issuance 15% behind last year's pace.

Thirty states told the Council of Development Finance Agencies they issued mortgage revenue bonds in 2017 compared to only 18 that issued mortgage credit certificates.

States reported a 20.2% jump in the issuance of private activity bonds from the $20.4 billion issued in 2016.

Monthly new-issue volume surpassed the $30 billion mark for the fourth time this year in August, helping keep third-quarter issuance close to last year's pace and potentially setting the stage for a more robust season of issuance in the Fall.

Issuance was down 27% in the region from the first half of 2017, and almost 30% in California, its largest market.

The region's volume numbers were supported by favorable market conditions that drove several large gas prepay deals.

Volume was off in eight of the region's 11 states in the wake of tax reform and the end of advance refundings.

Bond volume in the region fell sharply in the first half of 2018, though one expert saw the 16% drop as better than anticipated.

Municipal bond volume is running 18.1% lower than last year’s historic level, in line with analyst expectations given the enormous impact the new tax legislation has had on the market.

Northeast municipal bond issuance sank 11.7% in the first half of 2018 compared to a year earlier, reflecting a national trend driven by federal tax changes.

For the first time this year, the municipal bond market generated more volume than it did in the same month of 2017, as July issuance edged 1.3% higher.

The summer lull, trade policy, the Fed, and the lack of a federal infrastructure plan all weigh against a recovery in muni volume this year.

Municipal volume isn't expected to meet growing demand in the remainder of 2018.