Long-term public municipal issuance volume totaled $103.8 billion in the first quarter of 2015 according to Thomson Reuters, an increase of 4.7 percent from the prior quarter ($99.2 billion) and an increase of 72.7 percent year-over-year (y-o-y) ($60.1 billion). In-cluding private placements ($1.6 billion), long-term municipal issuance for 1Q’15 was $105.4 billion.

Tax-exempt issuance totaled $94.7 billion in 1Q’15, an increase of 5.5 percent and 77.6 percent q-o-q and y-o-y, respectively. Taxable issuance totaled $6.8 billion in 1Q’15, an increase of 0.7 percent and 23.9 percent respectively, q-o-q and y o y. AMT issuance was $2.4 billion, a decline of 11.9 percent q-o-q but an increase of 77.6 percent y-o-y.

By use of proceeds, general purpose led issuance totals in 1Q’15 ($26.6 billion), followed by primary & secondary education ($25.0 billion), and higher education ($13.0 billion).

Refunding volumes as a percentage of issuance rose sharply from the prior quarter, with 61.0 percent of issuance refunded compared to 53.1 percent in 4Q’14 and 38.5 percent in 1Q’14.

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.

Credits

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