US Municipal Bond Calendar Week of July 17, 2023

Municipal Bond Visible Supply

A total of $7.9B+ of municipal bonds are slated for this week, led by TX, CA, and NY negotiated deals.

Supply at the top three issuing states are relatively balanced across near- and medium-term, but light on the long end.

NY supply is led by the $950M New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2024 Series A Subseries A-1 Tax-Exempt Bonds issue.

Year-to-date Municipal Bond Issuance Recap

After five consecutive YoY monthly declines, municipal primary market issuance increased 5% in June and finally printed the first yearly gain of 2023.

Taxable negotiated deals declined 42% YoY while tax exempt negotiated deals only declined 4% YoY. Private placement activity almost came to a halt with tax exempt PP volume reduced by 54% and taxable PP by 95%.

Housing issuance increased 8% YoY and is the only sector that grew on the year, while health care dropped the most at 45% YoY.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.