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Covid-19 Pandemic Drives Municipal Borrowing to 10-Year High

Low interest rates, tight government budgets provide backdrop for muni bond boom
The Federal Reserve’s commitment to low rates suggests debt issuance will remain at a high level.
Photo: Liu Jie/Xinhua/Getty Images
By
Jan. 12, 2021 5:30 am ET
Municipal-bond issuance in 2020 was the highest in a decade, reflecting the collapse of interest rates and the increased costs cities and state governments are facing from Covid-19 shutdowns.
Bonds for new projects reached $252 billion last year, according to Refinitiv, a small increase from the previous year and the highest since 2010, when a federal incentive program helped push the total above $270 billion. The new borrowing drove the total amount of outstanding muni debt above $3.9 trillion for the first time since 2013,...

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