3 Ways Tax Reform Has Impacted the Muni Market

Overall, Municipal Market Analytics' Matt Fabian is predicting that total bond issuance this year will be around $320 billion -- down about $100 billion from 2017. While he and other analysts thought that governments would find a way to replace the savings opportunity with other types of bonds, that hasn't happened. "The dominant response," he says, "has simply been to not [refinance] the bond."

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