US Municipal Credit Report, Second Quarter 2017

August 10, 2017

US Municipal Credit Report, Second 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 issu-ance volume totaled $100.7 billion in the second quarter of 2017, an increase of 16.3 percent from the prior quarter ($86.6 billion) but a decline of 15.8 percent year-over-year (y-o-y) ($119.5 billion). As of the end of June, year-to-date municipal issuance totaled $187.2 bil-lion and was generally in line with the 10-year average of $185.7 bil-lion. Including private placements ($4.6 billion), long-term munici-pal issuance for 2Q'17 was $105.1 billion.

Tax-exempt issuance totaled $87.6 billion in 2Q'17, an increase of 14.4 percent q-o-q but a decline of 16.9 percent y-o-y; year to date, tax-exempt issuance was $164.2 billion. Taxable issuance totaled $9.3 billion in 2Q'17, an increase of 29.0 percent q-o-q and an increase of 36.4 percent y o y; year to date, taxable issuance totaled $16.6 billion. AMT issuance was $3.7 billion in 2Q'17, an increase of 35.3 percent q-o-q but a decline of 48.3 percent y-o-y; year to date, AMT volumes were $6.5 billion.

By use of proceeds, general purpose led issuance totals in 2Q'17 ($22.0 billion), followed by primary & secondary education ($20.6 billion) and water & sewer facilities ($10.4 billion). Refunding vol-umes rose slightly to comprise 40.8 percent of issuance in 2Q'17 from 34.2 percent in the prior quarter but were a decline from 51.5 percent year-over-year.


SIFMA Research

  • Managing Director, Director of Research: Kyle Brandon
  • Assistant Vice President, Research: Sharon Sung
  • Municipal ULF Intern: Cindy Gu
  • Municipal ULF Intern: Nahida Sarkar

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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