In a new report on the effects of the COVID-19 pandemic on the municipal bond market, the MSRB found market resilience in the face of unprecedented volatility.
The MSRB found:
- unprecedented municipal mutual fund outflows in March 2020, but net inflows of $39 billion by the end of the year;
- a return to lower rates following significant market dislocation in March 2020;
- a record new issuance of $483 billion in 2020; and
- that COVID-19-related disclosures, of which the MSRB received 38,000 between February and December 2020, accounted for 21% of all disclosure submissions to its Electronic Municipal Market Access website.
Cadwalader Wickersham & Taft LLP
January 29 2021