MUNICIPAL MARKET BY THE NUMBERS - MSRB

MUNI FACTS

MUNICIPAL MARKET BY THE NUMBERS

Approximately

$4 trillion

capital market

Approximately

1 million

outstanding

municipal securities

Around

30,000 daily trades

in municipal securities

Approximately

$9.0 billion

in par traded

every day

Over 2/3 of municipal securities held by individual investors either directly or through mutual funds

Default rates for investment-grade municipal bonds were 0.10% compared to 2.24% for investment-grade corporate bonds1

1 Moody's "U.S. Municipal Bond Defaults and Recoveries, 1970?2020

FINANCING STATE AND LOCAL INFRASTRUCTURE

Approximately 50,000 different state and local governments and other issuing authorities

An average of nearly $435 billion in new municipal securities were issued each

year since 2015

Municipal Securities Issuance by State (Par Amount US$ bil)

Washington 12.2

Oregon 6.4

Idaho 1.5

2021

Nevada

NATIONAL

2.0

Utah

TOTAL

California 90.5

4.9

$487 billion

Montana 0.8

Wyoming 0.5

Colorado 12.5

Arizona 7.3

New Mexico 2.0

Source: Thomson Reuters

Alaska 1.3

Hawaii 3.1

New Hampshire 1.7

North Dakota 0.0

Minnesota 6.3

Vermont 0.4

South Dakota 1.3

Nebraska 3.3

Kansas 4.2

Oklahoma 3.1

Wisconsin

New York

10.5

Michigan

59.5

8.0

Iowa

Pennsylvania

4.7

Illinois 14.1

Missouri 6.1

17.4

Ohio

Indiana 11.1

7.5

West

Kentucky

Virginia 1.0

Virginia 8.4

3.3

Tennessee

Arkansas

8.9

3.4

Alabama

Mississippi 8.5

2.2

North Carolina 6.5

South Carolina 5.6

Georgia 9.3

Texas 50.2

Louisiana 4.6

Florida 17.0

Guam 0.5

Puerto Rico Virgin Islands

1.7

0.0

Maine 1.4

Massachusetts 13.5

Rhode Island 1.7

Connecticut 7.7

New Jersey 13.9

Delaware 0.8

Maryland 9.1

Washington, DC 2.8

0 ? 20.0 20.1 ? 40.0 40.1 ? 60.0 60.1 ? 80.0 80.1 ? 100.0

? 2022 Municipal Securities Rulemaking Board

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MUNI FACTS

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

Market Size No. of Securities Daily Trading Volume New Issuance Volume Default Rates1

Municipal Securities $4.0 Trillion ~1,000,000 $9.0 Billion $487 Billion 0.10%

Corporate Securities $10.0 Trillion ~43,000 $36.7 Billion $1,958 Billion 2.24%

Sources: MSRB, Federal Reserve, FINRA, SIFMA, Moody's and Bloomberg Note: Calendar year 2021 data unless otherwise noted. 1According to Moody's Investment-Grade, 10 year cumulative default rates average over the period 1970?2020

D A I LY M U N I C I PA L M A R K E T D ATA

Visit the MSRB's Electronic Municipal Market Access (EMMA?) website for daily statistics on municipal bond trading activity.

Top 20 Most Actively Traded

Securities

Most Active Municipal Issuers

State-by-State Trade Activity

Overall Trade Patterns

ABOUT THE MSRB

The Municipal Securities Rulemaking Board (MSRB) is the self-regulatory organization dedicated to promoting a fair and efficient municipal securities market.

MORE INFORMATION

For more municipal market data or assistance with a story, contact the MSRB at 202-838-1500 or MSRBSupport@.

Learn about munis in the MSRB Education Center.

Follow the MSRB on Twitter @MSRB_News.

Sign up for email updates from the MSRB.

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