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 public municipal issuance volume totaled $100.3 billion in the fourth quarter of 2016, a decline of 7.5 percent from the prior quarter ($108.5 billion) but an increase of 31.1 percent year-over-year (y-o-y) ($76.5 billion). In-cluding private placements ($4.5 billion), long-term municipal issuance for 4Q'16 was $104.9 billion. Despite the fourth quarter decline, full year issuance was $423.8 billion, an increase of 12.2 percent from 2015 well above the 10-year average of $372.0 billion. In-cluding private placements, full year issuance was $$445.8 billion.
Tax-exempt issuance totaled $91.2 billion in 4Q'16, a decline of 7.3 percent q-o-q but an increase of 35.2 percent y-o-y. For the full year, tax-exempt issuance was $383.1 billion, an increase of 13.2 percent from the prior year. Taxable issuance totaled $7.3 billion in 4Q'16, a decline of 7.3 percent q-o-q but an increase of 40.0 percent y o y. For the full year, taxa-ble issuance was $28.5 billion, an increase of 2.2 percent from 2015. AMT issuance was $1.9 billion in 4Q'16, a decline of 18.4 percent q-o-q and 52.1 percent y-o-y. For the full year, AMT issuance was $12.2 billion, 8.1 percent above 2015 volumes.
By use of proceeds, general purpose led issuance totals in 4Q'16 ($22.7 billion), followed by primary & secondary education ($19.0 billion), and water & sewer ($10.7 billion). For the full year, general purpose led issuance totals ($103.7 billion), followed by primary & secondary education ($81.9 billion), and water & sewer ($44.1 billion).
Refunding volumes comprised 46.6 percent of issuance in 4Q'16, declining slightly from the prior quarter (52.3 percent) but was an increase year-over-year (43.5 percent). For the full year, refunding volumes comprised 50.7 percent of all issuance, down slightly from 2015 (51.8 percent).
- Managing Director, Director of Research: Kyle Brandon
- Assistant Vice President, Research: Sharon Sung
- Managing Director, Associate General Counsel, Co-Head: Leslie Norwood
- Managing Director, Co-Head: Michael Decker