US Municipal Credit Report, Fourth Quarter and Full Year 2013

February 19, 2014

US Municipal Credit Report, Fourth Quarter and Full Year 2013

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, highlights and commentary are included.


According to Thomson Reuters, long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $73.4 billion in the fourth quarter of 2013, an increase of 7.4 percent from the prior quarter ($68.3 billion) but a decline of 20.3 percent year-over-year (y-o-y). For the full year 2013, issuance was $315.2 billion, a 13.0 decline 2012 ($362.2 billion) and well below the 10-year average of $381.5 billion of issuance.

Tax-exempt issuance totaled $63.9 billion in 4Q'13, an increase of 5.4 percent but a decline of 20.0 percent q-o-q and y-o-y, respectively. For the full year, tax-exempt issuance totaled $266.7 billion. Taxable issuance totaled $6.5 billion in 4Q'13, an increase of 18.5 percent but a decline of 24.7 percent q-o-q and y o y, respectively; for the full year taxable issuance totaled $35.4 billion. AMT issuance was $3.0 billion, an increase of 37.0 percent from 3Q'13 but a decline of 17.6 percent y-o-y; for the full year, AMT issuance totaled $13.0 billion. According to the 2014 SIFMA Municipal Issuance Survey ("SIFMA Survey"), issuance is expected be $309.5 billion in 2014 (of which tax-exempt issuance is $265 billion, taxable issuance is $33.5 billion, and AMT issuance is $11 billion).

By use of proceeds, general purpose led issuance totals in 4Q'13 ($24.1 billion), followed by primary & secondary education ($13.6 billion), and water & sewer facilities ($7.4 billion). For the full year 2013, general purpose led issuance totals ($76.7 billion), followed by primary and secondary education ($51.7 billion) and higher education ($30.7 billion). As in prior years, panelists from the SIFMA Survey expect general purpose to lead issuance totals in 2014 as well.

Refunding volumes as a percentage of issuance remained largely the same at 41.1 percent of issuance compared to 42.7 percent in 3Q'13. For the full year, refunding volumes represented 51.3 percent, a drop from the 2012 (62.3 percent).


SIFMA Research

  • Managing Director, Director of Research: Kyle Brandon
  • Assistant Vice President, 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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