The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both taxable and tax-exempt. Issuance volumes, outstanding, credit spreads, highlights and commentary are included.
Summary
According to Thomson Reuters, long-term public municipal issuance volume totaled $103.8 billion in the first quarter of 2015, an increase of 4.7 percent from the prior quarter ($99.2 billion) and an increase of 72.7 percent year-over-year (y-o-y) ($60.1 billion). In-cluding private placements ($1.6 billion), long-term municipal issuance for 1Q’15 was $105.4 billion.
Tax-exempt issuance totaled $94.7 billion in 1Q’15, an increase of 5.5 percent and 77.6 percent q-o-q and y-o-y, respectively. Taxable issuance totaled $6.8 billion in 1Q’15, an increase of 0.7 percent and 23.9 percent respectively, q-o-q and y o y. AMT issuance was $2.4 billion, a decline of 11.9 percent q-o-q but an increase of 77.6 percent y-o-y.
By use of proceeds, general purpose led issuance totals in 1Q’15 ($26.6 billion), followed by primary & secondary education ($25.0 billion), and higher education ($13.0 billion).
Refunding volumes as a percentage of issuance rose sharply from the prior quarter, with 61.0 percent of issuance refunded compared to 53.1 percent in 4Q’14 and 38.5 percent in 1Q’14.
May 12, 2015