Muni issuance surged 47% in May, well above 10-year average

Municipal bond issuance surged in May as Fed policy uncertainty, pent-up capital needs and mega deals helped volume top $40 billion for the month, the first time since 2016. Volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

From politics to disclosure to funding, the changing climate challenges muni issuers. Learn more in our Climate Spotlight 2024 package.

Municipal bond primary market supply is set to top $14 billion next week, a high not seen in almost seven years, just as yields have hit year-to-date highs and relative value has improved. While participants expect some pressure ahead in the near-term, they also say the current yield and ratio set offers investors opportunity.

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Moody's lowered its outlook on Maryland's bond rating to negative from stable due to a depletion of the state's general fund surplus, while affirming the state's issuer and general obligation bond ratings at Aaa. The rating action comes ahead of Maryland's plans to sell $1.2 billion competitively Wednesday,

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Houston Independent School District officials unveiled a massive $4.4 billion bond proposal for the November ballot that would address aging facilities, update technology, and improve security without increasing taxes. The plan, presented to the district's Community Advisory Committee on Thursday, will be heading soon to the school board for a final vote on holding a bond election, according to a district spokesman.

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Oregon economists in their June forecast predicted a 50-50 chance the state's residents will receive a kicker tax credit in 2026 as revenues are coming in at a slow and steady pace. The state has a trigger mechanism that returns money to taxpayers every two years through a so-called kicker rebate if personal income taxes come in at least 2% higher than initial forecasts.

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