Compiled from responses provided by seven municipal bond underwriters and dealers, SIFMA’s Municipal Issuance Survey forecasts the type of activity that is expected in the municipal securities market in 2018. Highlights from the report include the forecast of total municipal issuance, both short- and long-term, to fall to $362.5 billion, down from $439.7 billion expected in 2017. The end of advance refundings (to expire December 31, 2017, based on the tax reform bill) is expected to have the greatest effect. While taxable municipal issuance is expected to rise by 54.7 percent to $47.5 billion in 2018 from $30.7 billion in 2017.