- Jefferson County, Washington put big bond sales on calendar
- Borrowing costs fall 130 basis points in November, December
The municipal bond market is setting up for something it hasn’t seen in a few years: a busy January for borrowing.
January is typically the slowest month in terms of new muni bond sales, averaging $25 billion over the past decade, according to Bloomberg LEAG data. But a lighter-than-average December sales calendar, coupled with an interest rate decline of more than a percentage point in recent months, sets the stage for an uptick in issuance this time around.
Long-term bond sales totaled $22.3 billion in December. That’s above the $15.3 billion sold in December of 2022, but still well below the decade-average for the month of $29 billion. A slower December usually leads to a busier January.
Bloomberg Markets
By Joseph Mysak Jr
January 2, 2024