US Municipal Credit Report, First Quarter 2017

Long-term public municipal issuance volume totaled $86.5 billion in the first quarter of 2017, according to Thomson Reuters, 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.

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, Co-Head: Michael Decker