Industry Veteran Sees 2024 Muni Sales Hitting as High as $440 Billion [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
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Source: BNN Bloomberg
Municipal issuance will rise 10% to 15% to as high as $440 billion this year, the head and chief investment officer of the high-yield muni credit team at First Eagle Investments said. When the year started, he had expected a 5% increase to $400 billion but surging first-quarter sales led him to revise his estimates upward. “So far we've come out of the gates a bit on the high end,” Miller said. “I am being influenced, I have to admit, by the first quarter.” Long-term municipal sales rose more than 30% during the first quarter to about $98 billion, according to data compiled by Bloomberg. Miller's higher forecast would put 2024 near the average posted in years before the “abnormally low” issuance over the last two years, he said. “It is just getting back to normal,” said Miller, who spent almost three decades at Nuveen before joining First Eagle in January to build its high-yield public finance department from scratch. Governments are beginning to sell more debt as federal aid
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