September issuance plummets 43%; Q3 down 26%

Jessica Lerner

September municipal bond issuance declined 43% year-over-year, with nearly every structure and sector seeing large drops, as issuers eschewed the market amid another Federal Reserve rate hike and severe global market volatility.

Third-quarter issuance was down 26% led by a steep drop in taxable and refunding volumes, according to Refinitiv data. Total issuance for the first three quarters of the year is down 14.8% from 2022, likely leading to 2022 falling short of 2021’s and 2020’s record-breaking numbers.

Read more here: https://www.bondbuyer.com/news/september-issuance-plummets-43-q3-down-26