According to Thomson Reuters, long-term municipal issuance volume (including both taxable and tax-exempt issuance) totaled $410.2 billion in 2009, a 5.2 percent increase from 2008 and the second highest issuance historically. The fourth quarter of 2009 ended strong with $120.8 billion issued, comprising approximately 29.4 percent of full-year activity. Taxable issuance, which historically has accounted for approximately five percent of total issuance in each of the last 20 years, surged to claim a 19.2 percent share of all issuance in 2009. This rise is due to the success of the Build America Bonds (BAB) program; excluding taxable issuance, tax-exempt issuance totaled $331.1 billion, the lowest level since 2002, with BAB issuance serving as a substitute for the tax-exempt product.

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.

Credits

SIFMA Research

• Managing Director, Director of Research: Kyle Brandon
• Research Analyst: Sharon Sung
• Research Analyst: Maria Victoria Barba

Municipal Division

• Managing Director, Assistant General Counsel, Co-Head: Leslie Norwood
• Managing Director, Co-Head: Michael Decker
• Managing Director, Associate General Counsel: Leon J. Bijou