April issuance falls, but comes in just above 10-year average

Municipal issuance dropped 7.5% year-over-year in April, again owing to a drop in taxable and refunding volumes in the face of continued market volatility and rising interest rates. The $34 billion figure is slightly up from the 10-year average of $33.612 billion.

Total April volume was $34.329 billion in 729 deals versus $37.105 billion in 1,124 issues a year earlier. Taxable issuance totaled $5.306 billion in 101 issues, down 35.1% from $8.178 billion in 202 issues a year ago. Tax-exempt issuance was down 8.5% to $26.151 billion in 620 issues from $28.589 billion in 917 issues in 2021.