Municipal Bond Credit Report

The municipal bond environment has been beset by a number of challenges and pressures during the fourth quarter of 2007 and into 2008, including a significantly slower economy, housing sector deterioration, the effect of monoline insurer exposure and dislocation in the tax-exempt auction rate market. The majority of 2007 issuance occurred in the first-half of the year during a period of a relatively flat yield curve and historically tight credit spreads and before the onset of the credit market turmoil.

The Auction Rate Securities Market

A brief introduction to Auction Rate Securities – what are they and how does the market work.

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, rating changes, highlights and commentary are included.

Sections

• Municipal Bond Credit Report, 2007 Q4
• The Auction Rate Securities Market

Credits

SIFMA Research

• Director, Research: Tiffany Coln
• Director, Policy Analysis: Christine Munroe