Long-term public municipal issuance volume totaled $110.4 billion, an increase of 6.2% from the prior quarter and 32.7% year-over-year. General purpose bonds led issuance totals, followed by primary & secondary education, and higher education.
This new quarterly snapshot from SIFMA Research includes asset class-level data on the U.S. capital markets. In 2Q'15, mortgage-related and equity asset classes recorded the largest increases; federal agency issuance the largest decline.
"Despite the weak first quarter and downgraded outlook, we still expect the FOMC to begin raising rates later this year," said Ethan Harris, co-head of Global Economics Research at Bank of America Merrill Lynch and Roundtable Chair.
SIFMA forecasts total net Treasury bill, note and bond issuance to be $38 billion in the second quarter of 2015, 70.2 percent lower than the $127.6 billion issued in the first quarter of 2015 (actuals include cash management balances).
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The Municipal Swap Index is a 7-day high-grade market index comprised of tax-exempt Variable Rate Demand Obligations (VRDOs) with certain characteristics.
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