U.S. municipal bond sales down 18 percent year-to-date

NEW YORK (Reuters) – States, cities and other U.S. municipal bond market issuers sold $307.3 billion of debt from the start of the year through Oct. 31, an 18 percent decline from the same period last year, according to Thomson Reuters data.

Both the amount and number of issues, which were down 21 percent, fell to their lowest year-to-date levels since 2014, according to the data.

Refundings dropped for the same 10-month period this year, with the total dollar amount falling 32.9 percent to $159.9 billion. The number of refunding issues sank 42 percent to 3,274.

The amount of new money entering the market, however, rose nearly 8 percent to $147.3 billion compared to this time last year. The number of new money deals inched up 1.6 percent to 5,108.

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