The Bond Buyer highlights SWS's perspective on the high bond volume of 2024
September Volume Puts 2024 on Pace to Break Issuance Records
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Supply has been elevated in September, in part, due to dwindling pandemic aid, said Drew Gurley, a muni underwriter and managing director at Siebert Williams Shank. As the COVID-era aid ends, issuers have new-money needs, prompting them to return to the muni market, he said.
The continued trend of mega deals coming to market also contributed to the rise in supply, which included $1.6 billion of GOs from Washington, D.C., $1.6 billion of state water implementation revenue fund master trust revenue bonds from the Texas Water Development Board and $1.5 billion of tax-exempt future tax-secured subordinate bonds from the New York City Transitional Finance Authority.
These mega deals show growing investor acceptance — and demand — for larger deals, Gurley said. "We've seen a lot of cash in the market, and many issuers aren't afraid to issue billion-dollar deals," he said.
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Read the full article here.
By Jessica Lerner
The Bond Buyer
September 30, 2024
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