The municipal bond market grew in the second quarter as household and exchange-traded fund ownership of municipal securities rose, while ownership by mutual funds, U.S. banks and life insurers fell, the latest Federal Reserve data shows. … Household ownership of individual bonds — which includes direct ownership of individual bonds in brokerage accounts, fee-based advisory accounts or separately managed accounts — remained the largest category of muni ownership at 43%. Household ownership of munis rose $11.9 billion, or 0.7% quarter-over-quarter, to $1.695 trillion. Mutual funds owned 19.4% of the market at $762.9 billion, 0.3%, … Exchange-traded funds … account for 2.7% of muni ownership. U.S. banks held 13.9% of individual bonds in the second quarter, at $548.3 billion, down $18.5 billion or 3.3% quarter-over-quarter. Insurance companies had 10.8% ownership…
Source: The Bond Buyer
