The municipal bond market’s biggest underwriter is expecting even more issuance this year as state and local governments tap the market at a rapid clip.
Strategists at Bank of America Corp. lifted their muni-bond issuance projection for 2025 to $580 billion from $520 billion, according to a research note published Friday.
The revision comes after an exceptionally strong start to muni bond sales this year, with more than $118 billion issued already, the most in at least a decade, according to data compiled by Bloomberg. Much of the growth has been in deals for infrastructure projects rather than refinancings, the strategists said.
Bloomberg Markets
By Aashna Shah
March 28, 2025