Bond volume

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.

Municipal bond issuance reached $30 billion for the third straight month, as the market prepares for what is expected to be a slow summer.

New money deals helped issuance rise for the third straight month in May.

Monthly volume rose the highest in the year to date, as an increase in new-money deals partly offset a decline in refunding transactions.

Susan Courtney of PGIM Fixed Income navigates her muni team toward value in improving market.

Municipal bond volume picked up from February, prompting speculation that this year's drought in deals may soon ease.

With the deep cut in the corporate tax rate and rising interest rate, banks are rethinking their investments in municipal securities.

Declining volume and demand shifts won't stop the muni market from delivering positive returns in 2018, says Oppenheimer & Co.'s Jeffrey Lipton.

New money sales made up for a drop in refundings, pushing the region past $95 billion of volume.