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Dec 12, 2019
Muni monthly summary - November 2019
In this month's blog we review how low interest rates have been a big factor in fueling an increase in Taxable muni issuances for refunding Tax Exempt Muni bonds.
- Low interest rates help muni issuers in refund higher coupon tax exempt bonds with proceeds of lower coupon taxable bonds
- There were more than 200 taxable issues in November 2019 totaling more than $11.75 billion of which there were 140 refunding deals for more than $8.75 billion
- The education sector led taxable issuances with 93 deals of which 67 were refunding deals
Top 5 states by number of deals were
Top 5 states by number of par size issued for refunding were
Top 5 states by number of refunding deals were
Top 5 states by par size issued for refunding were
Projected savings for issuers of some of the refunding deal in November 2019
New Issue
Older issue being refunded
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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.
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