M U N I FA C T S
M U N I C I PA L M A R K E T B Y T H E N U M B E R S
Around
38,000
daily
trades
Approximately
$3.8
trillion
1 million
outstanding
municipal securities
capital market
Approximately
$11 billion
in par traded
every day
in municipal securities
Nearly 2/3 of municipal securities
held by retail investors either directly
or through mutual funds
Default rates for municipal single “A”
bonds were 0.05% compared to 2.73%
for corporate single “A” bonds1
Moody’s “U.S. Municipal Bond Defaults and Recoveries, 1970-2013, for single “A”
rated securities
1
F I N A N C I N G S TAT E A N D L O C A L I N F R A S T R U C T U R E
2/3 of infrastructure projects
in the United States are
financed by municipal bonds
An average of nearly
$428 billion in new municipal
securities were issued each
year in the last decade
More than 50,000 different
state and local governments
and other issuing authorities
New Hampshire
1.2
Washington
14.6
Municipal Securities
Issuance by State
(Par Amount
US$ bil)
2016
NATIONAL
TOTAL
$442 billion
Oregon
5.8
Montana
0.35
California
59
Utah
3.3
Colorado
7.2
New Mexico
2.4
Michigan
12
Iowa
2.9
Illinois
14.9
Kansas
5.4
Oklahoma
2.9
Texas
50.9
Alaska
2
Hawaii
3.3
May 2017
Wisconsin
7.4
South Dakota
0.73
Nebraska
3.3
Arizona
6.8
Source: Thomson Reuters
Date: 10/01/2016
Minnesota
8
Idaho
1.5
Wyoming
0.28
Nevada
3.6
Maine
1.4
Vermont
0.56
North Dakota
1.3
Indiana
6.6
Ohio
10.4
Pennsylvania
19
West
Virginia
Virginia
0.95
Missouri
7.2
Kentucky
5.6
4.8
North Carolina
Tennessee
6.5
5.3
Arkansas
South Carolina
2.5
6.6
Alabama
Georgia
3.6
Mississippi
8.3
2.5
Louisiana
4.7
Florida
21.5
Guam
0.41
Massachusetts
13.7
Rhode Island
1.7
Connecticut
8.5
New Jersey
16.4
Delaware
0.58
Maryland
7.1
Washington, DC
2.8
New York
51.6
Puerto Rico
0.25
Virgin Islands
0.17
■
■
■
■
0 – 15.0
15.1 – 30.0
30.1 – 45.0
45.1 – 60.0
msrb.org | emma.msrb.org
M U N I FA C T S
M U N I S V S . C O R P O R AT E S : A S I D E - B Y- S I D E C O M PA R I S O N
Municipal Securities
Corporate Securities
Market Size
$3.8 Trillion
$8.4 Trillion
No. of Securities
~1,000,000
~30,000
~50,000
~10,000
Daily Trading Volume
$10.7 Billion
$31.1 Billion
New Issuance Volume
$364 B
$1,255 B
Default Rates
0.05%
2.73%
No. of Issuers
Sources: MSRB, Federal Reserve, FINRA, SIFMA, S&P, Moody’s and World Federation of Exchanges
Note: Calendar year 2016 data through September unless otherwise noted.
ABOUT THE MSRB
The Municipal Securities Rulemaking Board (MSRB) protects investors, state and local governments and
other municipal entities, and the public interest by promoting a fair and efficient municipal securities market.
The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors
that engage in municipal securities and advisory activities. To further protect market participants, the MSRB
provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official
repository for information on virtually all municipal bonds. The MSRB also serves as an objective resource on
the municipal market, conducts extensive education and outreach to market stakeholders, and provides market
leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed
by a 21-member board of directors that has a majority of public members, in addition to representatives of
regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.
M O R E I N F O R M AT I O N
For more municipal market data or assistance with a story, contact the MSRB at
202-838-1500 or [email protected].
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MSRB Education Center.
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