Southwest volume fell in 2022 but not as much as other regions
Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.
Source: bondbuyer.com
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Note issuance falls 25.6% in 2022
Healthy coffers, revenue growth, and strong market technicals led to declining need for short-term borrowing among municipalities last year.
Source: bondbuyer.com
Northeast volume fell 11% in 2022 as issuers took wait-and-see attitude
"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.
Source: bondbuyer.com
California sets the tone for the Far West region
New-money volume was off in the Golden State and across the Far West, but refunding volume was down even more.
Source: bondbuyer.com
Bucking the trend, issuance rose in first half in Southeast region
Municipal bond issuers in the Southeast sold $40.7 billion of bonds in the first half of this year, a 6.3% year-over-year increase.
Source: bondbuyer.com