Total bond issuance down in May led by 70% drop in refundings

Municipal issuance dropped 9% year-over-year in May, again due to a decrease in taxable and refunding volumes amid continued market volatility and rising interest rates that dominated the front half of the month. May’s $32.2 billion figure is lower than the $33.884 billion 10-year average. As has been the trend in recent months, total issuance for May was down year-over-year. Pat Luby, senior municipal strategist at CreditSights, pointed to the sharp increase in yields in the three weeks of May as the biggest driver of the drop in issuance.
Source: The Bond Buyer