Although total municipal bond issuance is expected to increase this year, a drop in refundings is likely to contribute to a decrease in long-term muni issuance from $423.8 billion in 2016 to $417.5 billion in 2017, based on SIFMA’s survey released Wednesday. “Many bonds are issued with ten-year par calls so one of the driving factors for refunding volume is … the new money issuance volume ten years ago,” says Michael Decker, managing director and co-head of munis.