US Municipal Credit Report, First Quarter 2017

May 4, 2017

US Municipal Credit Report, First Quarter 2017

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 $86.5 billion in the first quarter of 2017, a decline of 13.4 percent from the prior quarter ($99.9 billion) and a decline of 9.5 percent year-over-year (y-o-y) ($95.5 billion). Volumes were generally in line with the 10-year average of $82.6 billion. Including private placements ($3.0 billion), long-term municipal issuance for 1Q'17 was $89.4 billion. Refunding volumes dropped sharply in the first quarter to $33.5 billion, representing 38.7 percent of issuance.

Tax-exempt issuance totaled $76.8 billion in 1Q'17, a decline of 15.4 percent q-o-q and a decline of 12.9 percent y-o-y. Taxable issuance totaled $6.9 billion in 1Q'17, a decline of 4.6 percent q-o-q but an increase of 5.0 percent y-o-y. AMT issuance was $2.8 billion in 1Q'17, a sharp increase of 51.6 percent q-o-q and nearly triple volumes y-o-y.

By use of proceeds, general purpose led issuance totals in 1Q'17 ($22.3 billion), followed by primary & secondary education ($18.4 billion) and higher education ($9.2 billion). Refunding volumes dipped sharply to comprise 38.7 percent of issuance in 1Q'17 from 47.7 percent in the prior quarter and 52.7 percent year-over-year.


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, 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modify or amend this information or to otherwise notify a reader thereof in the event that any such information becomes outdated, inaccurate, or incomplete.


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