US Municipal Bond Credit Report, 2012 Q1

April 27, 2012

US Municipal Bond Credit Report, 2012 Q1

About the Report

The municipal bond credit report is a quarterly report on the trends and statistics of U.S. municipal bond market, both taxable and tax-exempt. Issuance volumes, outstanding, credit spreads, rating changes, highlights and commentary are included.


According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $78.2 billion in the first quarter of 2012, a 15.1 percent decline from the prior quarter ($92.1 billion), but an increase of 66.6 percent from 1Q'11 ($46.9 billion). Refundings were a substantial portion of the issuance in the first quarter; with 47 percent of all issuance derived from refunding, compared to 30.2 percent in 4Q'11 and 29.2 percent in 1Q'11. Direct loans/placements may have continued to take supply out of the market as well.

Tax-exempt issuance totaled $71.3 billion in 1Q'12, a decline of 12.0 percent quarter-over-quarter (q-o-q) but an increase of 84.4 percent year-over-year ($38.7 billion). Due to the expiration of most Congressional-authorized programs in 2011, taxable issuance declined to $5.7 billion in 1Q'12, a drop of 34.0 percent and 23.5 percent, respectively, q-o-q ($8.7 billion) and y-o-y ($7.5 billion). AMT issuance totaled $1.1 billion in 1Q'12, down 53.1 percent q-o-q ($2.3 billion) and up 46.6 percent y-o-y ($1.1 billion).

By use of proceeds, general purpose issuance led issuance totals in 1Q'12 ($23.2 billion), followed by primary & secondary education ($15.2 billion), water and sewer facilities ($11.1 billion), and higher education ($9.2 billion).


SIFMA Research 

  • Managing Director, Director of Research: Kyle Brandon
  • Director, Research: Sharon Sung

Municipal Division 

  • Managing Director, Associate General Counsel, Co-Head: Leslie Norwood
  • Managing Director, Associate General Counsel: David Cohen
  • Managing Director, Co-Head: Michael Decker


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The Securities Industry and Financial Markets Association (SIFMA) prepared this material for informational purposes only. SIFMA obtained this information from multiple sources believed to be reliable as of the date of publication; SIFMA, however, makes no representations as to the accuracy or completeness of such third party information. SIFMA has no obligation to update, modify or amend this information or to otherwise notify a reader thereof in the event that any such information becomes outdated, inaccurate, or incomplete.


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