US Municipal Credit Report, 2013 Q1

Long-term municipal issuance volume, including taxable and tax-exempt issuance, totaled $81.3 billion in the first quarter of 2013 according to Thomson Reuters, a decline of 11.8 percent from the prior quarter ($92.1 billion) but an increase of 4.0 percent year-over-year. Volumes were slightly below the 10-year average of $83.0 billion.

Tax-exempt issuance totaled $68.1 billion in 1Q’13, a decline of 14.8 percent and 4.6 percent q-o-q and y-o-y, respectively. Taxable issuance totaled $10.7 billion, an increase of 23.1 percent and 86.3 percent q-o-q and y-o-y, respectively. AMT issuance was $2.5 billion, an increase of 131.7 percent from the prior quarter but a decline of 29.6 percent y-o-y.

By use of proceeds, general purpose led issuance totals in 1Q’13 ($18.7 billion), followed by primary & secondary education ($18.2 billion), and higher education ($7.9 billion).

Refunding volumes stayed elevated in the first quarter but declined slightly as percentage of issuance (62.8 percent) compared to 4Q’12 (66.8 percent), but was still above 1Q’13 (57.2 percent). With refundings still driving most municipal issuance volume, municipal supply, net of redemptions, continues to remain overall negative in the first quarter.

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.


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