·
November issuance came in hot at $45B — well above the
typical November average of ~$34B over recent years. Momentum is clearly
building, and plenty of folks are calling for even heavier supply in 2026
construction/infrastructure costs keep climbing.
·
Bloomberg survey of the usual suspects (BofA, JPM, Morgan
Stanley, Janney, Ramirez, MMA, etc.): most strategists now looking for at least
$600–650B of gross MuniBond supply in 2026 — that would top this year’s record
~$546B YTD. Main drivers = refundings + filling gaps left by fading federal
aid.
This is significant for investors because the value... more yield... has presented itself in this new issuance coming every week.
·
Fund flows: mostly net inflows lately, but we did see a
chunky $1.04B outflow one week, quickly followed by a $1.1B inflow (week ending
Nov 12). Classic two-steps-forward-one-step-back.
·
Performance: Bloomberg U.S. Municipal Bond Index +4.1%
total return YTD… solid, not spectacular.
#MuniBonds #municipalbonds #Munis #WatkinsonMuniBonds #WatkinsonMunicipalBonds #SMAs #TaxEquivalentYield #TEY #MuniLand #GetRealStayRich #TBillandChill #TBillnChill #InGodWeTrust #IGWT