According to Thomson Reuters, long-term municipal issuance volume, including both taxable and tax-exempt issuance, totalled $103.7 billion in the first quarter of 2010, up 21.1 percent from $85.4 billion in 1Q’09 and a decline of 14.1 percent from Q4’09. Excluding taxables, tax-exempt issuance totaled $68.5 billion, a decline of 16.1 and 18.7 percent, respectively, from Q1’09 and Q4’09.

Taxable issuance continued to gain market share, claiming 32.6 percent of all municipal issuance in the first quarter of 2010 compared to 29.4 percent in 4Q’09. Since 2009, Build America Bonds (BABs) have accounted for the majority of the increased share of taxable municipal issuance, representing 25.9 percent of 2010’s first quarter long-term issuance total.

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