Graph and download economic data for Yields on Municipal Bonds, Twenty Bond Average for United States (M13050USM156NNBR) from Jan 1948 to Jan 1967 about bonds, yield, interest rate, interest, rate, and USA.

This dataset compiles national-level municipal bond issuance and pricing statistics for the United States, sourced from the Securities Industry and Financial Markets Association (SIFMA). It includes time-series data on municipal bond issuance volumes, average yields, interest rates, and maturity structures, aggregated on a monthly and annual basis. The dataset provides critical macro-financial context for evaluating subnational debt trends, especially in the context of climate adaptation investments and fiscal resilience. In particular, it supports comparative analysis between local climate-related borrowing (e.g., FEMA-backed projects) and national municipal debt trends, serving as a benchmark for assessing changes in risk premiums, cost of capital, and investor behavior. This file was used to calibrate yield spreads in empirical models evaluating the market response to federally co-funded nature-based infrastructure.

Graph and download economic data for Yields on Municipal Bonds, Highest Rating for United States (M13043USM156NNBR) from Jan 1937 to Jan 1966 about bonds, yield, interest rate, interest, rate, and USA.

Municipal Bonds Market Outlook

According to our latest research, the global municipal bonds market size reached USD 4.2 trillion in 2024, with a recorded compound annual growth rate (CAGR) of 3.8% over the past five years. The market is projected to expand steadily, reaching approximately USD 5.8 trillion by 2033, as per the calculated CAGR. This growth is primarily driven by increasing infrastructure development, rising demand for stable and tax-advantaged investment options, and governments’ ongoing need for capital to fund public projects. The municipal bonds market continues to attract both individual and institutional investors due to its relative stability and attractive risk-adjusted returns compared to other fixed-income securities.

One of the main growth factors for the municipal bonds market is the persistent need for infrastructure development and modernization across both developed and emerging economies. Governments worldwide are increasingly relying on municipal bonds to finance projects such as transportation networks, water and sewage systems, schools, and hospitals. As fiscal constraints tighten and traditional funding sources become less accessible, municipal bonds offer state and local governments a viable avenue to raise capital efficiently. This trend is further reinforced by the growing awareness of the importance of sustainable and resilient infrastructure, driving the issuance of green and social municipal bonds. The proliferation of such bonds not only addresses critical societal needs but also attracts a new segment of environmentally and socially conscious investors, thereby broadening the market base.

Another key driver is the favorable tax treatment that municipal bonds offer, particularly in countries like the United States, where interest income from many municipal bonds is exempt from federal income tax and, in some cases, state and local taxes as well. This tax advantage makes municipal bonds highly attractive for high-net-worth individuals and institutional investors seeking to optimize after-tax returns. Additionally, in a global environment characterized by low interest rates and volatile equity markets, municipal bonds are perceived as a safe haven, offering steady income with relatively low default risk. This perception has led to increased allocations to municipal bonds within diversified investment portfolios, further fueling market growth.

Technological advancements and digitalization have also played a significant role in the expansion of the municipal bonds market. The advent of online trading platforms and digital distribution channels has democratized access to municipal bonds, enabling a broader spectrum of investors to participate. These platforms facilitate transparency, improve price discovery, and reduce transaction costs, making it easier for both novice and seasoned investors to buy and sell municipal bonds. Furthermore, regulatory reforms aimed at enhancing market transparency and investor protection have bolstered confidence in municipal bonds as a reliable investment class. As a result, market participation has widened, contributing to increased liquidity and overall market growth.

From a regional perspective, North America, particularly the United States, continues to dominate the municipal bonds market, accounting for the largest share of issuances and outstanding value. However, Europe and Asia Pacific are emerging as significant growth regions, driven by increasing urbanization, infrastructure spending, and the adoption of innovative financing mechanisms. In Europe, the push for sustainable finance and green investments is fostering the development of new municipal bond structures, while in Asia Pacific, rapid economic growth and urban development are prompting governments to explore municipal bonds as a means of funding critical projects. Latin America and the Middle East & Africa, though smaller in market size, are also witnessing gradual adoption of municipal bonds, supported by regulatory reforms and growing investor interest.

Type Analysis

Graph and download economic data for Index of Yields of High Grade Municipal Bonds for United States (M13023USM156NNBR) from Jan 1900 to Apr 1967 about grades, bonds, yield, interest rate, interest, rate, indexes, and USA.

The yield on US 30 Year Bond Yield rose to 4.76% on December 2, 2025, marking a 0.02 percentage points increase from the previous session. Over the past month, the yield has edged up by 0.06 points and is 0.35 points higher than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. United States 30 Year Bond Yield - values, historical data, forecasts and news - updated on December of 2025.

The Mergent Municipal Bond Securities database provides information on U.S. domestic municipal bonds beginning in 1996. It covers municipal issues from all 50 states including bonds issued by states, counties, and cities as well as other municipal entities such as hospitals, community colleges, schools, water districts, and other similar entities. The data provides information about the bond issue and the individual bonds within each bond issue, including the underwriter, bond yield, offering price, offering date, maturity, and other bond characteristics (e.g., taxable, security, use of proceeds, sale type, refunding). It also includes information on credit ratings at issuance and throughout the life of the bond from S&P, Moody’s, and Fitch. Information is provided at the bond issue level (issue_id) and at the bond level using the maturity_id. Each bond has a maturity_id and issue_id that allows for matching across tables within the Mergent dataset. The full 9-digit CUSIP for each bond is also provided. There is some coverage for geographic areas outside of the 50 states (e.g., Puerto Rico and the Virgin Islands). It also includes some bonds issued prior to 1996, and some debt instruments other than public bonds (e.g., collateralized notes, certificates of obligation, construction loan notes). However, the extent of coverage for these additional geographic areas, offering dates, and debt instruments is unknown, suggesting that researchers exercise caution before using these data. Data is current to May 5, 2023.

Both climate risk and race are factors that may affect municipal bond yields, yet each has received relatively limited empirical research attention. We analyzed > 712,000 municipal bonds representing nearly 2 trillion USD in par outstanding, focusing on credit spread or the difference between a debt issuer’s interest cost to borrow and a benchmark “risk-free” municipal rate. The relationship between credit spread and physical climate risk is significant and slightly positive, yet the coefficient indicates no meaningful spread penalty for increased physical climate risk. We also find that racial composition (the percent of a community that is Black) explains a statistically significant and meaningful portion of municipal credit spreads, even after controlling for a variety of variables in domains such as geographic location of issuer, bond structure (e.g., bond maturity), credit rating, and non-race economic variables (e.g., per capita income). Assuming 4 trillion USD in annual outstanding par across the entire municipal market, and weighting each issuer by its percent Black, an estimated 19 basis point (bp) penalty for Black Americans sums to approximately 900 million USD annually in aggregate. Our combined findings indicate a systemic mispricing of risk in the municipal bond market, where race impacts the cost of capital, and climate does not.

The Global Bond Market is Segmented by Type (Treasury Bonds, Municipal Bonds, Corporate Bonds, High-Yield Bonds, Mortgage-Backed Securities, and More), by Issuer (Public Sector Issuers, Private Sector Issuers), by Sectors (Energy and Utilities, Technology, Media and Telecom, Healthcare, Consumers, Industrial, Real Estate and More), and Region. The Market Forecasts are Provided in Terms of Value (USD).

Dataset characteristics for the whole market data and water and sewer revenue bonds only, for both response variables: market spread and spread at issue.

Index Time Series for Overlay Shares Municipal Bond ETF. The frequency of the observation is daily. Moving average series are also typically included. The fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its objective by (i) investing in one or more other ETFs that seek to obtain exposure to the performance of investment grade municipal bonds and below investment grade municipal bonds or directly in the securities held by such ETFs and (ii) selling and purchasing listed short-term put options to generate income to the fund.

Graph and download economic data for Municipal Bond Yields for New England (Q13020USQ156NNBR) from Q1 1857 to Q1 1914 about New England, bonds, yield, interest rate, interest, rate, and USA.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Blackrock MuniHoldings Quality Fund (MUE) Forecast: Navigating the Municipal Bond Market

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

The United States Municipal Bond Funds market has emerged as a pivotal element in the broader investment landscape, serving as a critical source of capital for state and local governments while offering investors a unique combination of benefits. These funds primarily invest in municipal securities, which are debt i

Fixed Income Asset Management Market Outlook

The global fixed income asset management market size was valued at approximately USD 5.7 trillion in 2023 and is projected to grow to USD 9.3 trillion by 2032, expanding at a compound annual growth rate (CAGR) of 5.5% over the forecast period. The growth of this market is primarily driven by the increasing demand for stable and predictable returns in an uncertain economic environment.

One of the significant growth factors for the fixed income asset management market is the aging global population. As more individuals approach retirement age, the demand for fixed income investments that offer stable returns and lower risk compared to equities is increasing. Retirees and near-retirees often prioritize capital preservation and income generation, which fixed income products are well-suited to provide. This demographic trend is particularly prominent in developed countries but is also becoming more relevant in emerging markets as their populations age and accumulate wealth.

Another crucial growth driver is the rising interest rate environment. As central banks around the world shift towards tightening monetary policies to combat inflation, interest rates are gradually increasing. Higher interest rates make newly issued bonds more attractive to investors due to their higher yields. This situation creates opportunities for fixed income asset managers to attract new investments and cater to clients looking for better returns in a higher interest rate environment. Additionally, higher yields can enhance the overall performance of fixed income portfolios, making them more appealing to both institutional and retail investors.

The increasing complexity and diversity of fixed income products is also contributing to market growth. The fixed income market has evolved to include a wide range of instruments beyond traditional government and corporate bonds. Products such as mortgage-backed securities, municipal bonds, and various structured financial instruments offer different risk-return profiles and investment opportunities. This diversification allows asset managers to tailor portfolios to meet specific client needs and preferences, thereby attracting a broader investor base. The development of innovative fixed income products continues to drive growth in this market by expanding the range of investment options available.

In the realm of private equity, the PE Fund Management Fee plays a crucial role in shaping the investment landscape. These fees are typically charged by fund managers to cover the operational costs of managing the fund, including research, administration, and portfolio management. The structure of these fees can vary, often comprising a management fee based on the committed capital and a performance fee tied to the fund's returns. Understanding the intricacies of these fees is essential for investors, as they can significantly impact the net returns on their investments. As private equity continues to grow as an asset class, the transparency and justification of management fees are becoming increasingly important to investors seeking to maximize their returns while ensuring alignment of interests with fund managers.

From a regional perspective, North America remains the largest market for fixed income asset management, driven by the presence of a well-established financial industry, a large pool of institutional investors, and a high level of individual wealth. However, the Asia Pacific region is expected to exhibit the highest growth rate during the forecast period. Rapid economic growth, increasing financial literacy, and a burgeoning middle class are driving demand for fixed income investments in countries such as China and India. Additionally, regulatory reforms aimed at developing local bond markets and attracting foreign investment are further propelling the market in this region.

Asset Type Analysis

The fixed income asset management market can be categorized by asset type into government bonds, corporate bonds, municipal bonds, mortgage-backed securities, and others. Each of these asset types offers unique characteristics and appeals to different segments of investors, contributing to the overall growth and diversification of the market.

Government bonds are one of the most significant segments in the fixed income market. Issued by national governments, these bonds are considered low-risk investments due to the backing of the issuing g

Index Time Series for VanEck Short High Yield Muni ETF. The frequency of the observation is daily. Moving average series are also typically included. The fund normally invests at least 80% of its total assets in securities that comprise the benchmark index. The index is composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market.

General Obligation Bonds Market Outlook

According to our latest research, the global General Obligation Bonds market size reached USD 1.22 trillion in 2024, reflecting a robust demand for public financing instruments worldwide. The market is expected to grow at a CAGR of 4.8% from 2025 to 2033, which will see the market size rise to approximately USD 1.89 trillion by 2033. This growth is primarily driven by the increasing need for infrastructure modernization, public service expansion, and the ongoing reliance of governments on low-cost, tax-backed funding mechanisms.

One of the key growth factors in the General Obligation Bonds market is the persistent global demand for infrastructure development and public service enhancements. Governments across both developed and emerging economies are prioritizing the upgrade of transportation networks, expansion of healthcare facilities, and modernization of educational institutions. These projects require substantial capital investments, and general obligation bonds, backed by the full faith and credit of the issuing government, remain a preferred funding tool due to their relatively low risk and favorable interest rates. The stability and security associated with these bonds continue to attract institutional investors, further fueling market expansion.

Another significant driver is the evolving regulatory landscape and fiscal policies that support municipal and state-level borrowing. In regions such as North America and Europe, favorable tax treatment for municipal bonds and supportive government policies have encouraged issuers to tap into the general obligation bonds market. Additionally, the increasing sophistication of financial markets, coupled with technological advancements in bond issuance and management, has made it easier for governments to access a broader investor base. This has led to greater liquidity and lower borrowing costs, further incentivizing issuers to rely on general obligation bonds for funding critical projects.

The growing awareness and adoption of sustainable finance principles are also influencing the General Obligation Bonds market. Governments are increasingly issuing bonds with specific environmental, social, and governance (ESG) objectives, such as green bonds for climate-resilient infrastructure or social bonds for healthcare and education. This trend is attracting a new class of ESG-focused investors, enhancing the market's appeal and driving innovation in bond structuring. The integration of sustainability metrics into general obligation bond offerings is expected to be a major growth catalyst throughout the forecast period.

From a regional perspective, North America continues to lead the General Obligation Bonds market, accounting for the largest share of global issuance in 2024. The United States, in particular, dominates due to its well-established municipal bond market, robust investor appetite, and the sheer scale of its infrastructure needs. Europe follows, driven by ongoing investments in public services and regulatory support for municipal finance. Meanwhile, Asia Pacific is emerging as a high-growth region, propelled by rapid urbanization, government-led development initiatives, and increasing adoption of bond financing by local governments. Latin America and the Middle East & Africa are gradually expanding their market presence, supported by economic reforms and infrastructure funding requirements.

Type Analysis

The Type segment of the General Obligation Bonds market is primarily categorized into tax-backed bonds and revenue-backed bonds. Tax-backed bonds, which are supported by the taxing power of the issuing government, remain the dominant segment due to their lower risk profile and strong investor confidence. These bonds are typically used to finance essential public projects, with the assurance that repayment will be sourced from general taxation revenues. The stability of tax-backed bonds makes them highly attractive to conservative investors, such as pension funds and insurance companies, driving consistent demand in both primary and secondary markets.

Revenue-backed bonds, while representing a smaller portion of the market, are gaining traction as governments seek to diversify their funding sources and match bond repayments with project-specific revenues. These bonds are often issued for infrastructure projects that

Index Time Series for Invesco BulletShares (R) 2025 Municipal Bond ETF. The frequency of the observation is daily. Moving average series are also typically included. The fund generally will invest at least 80% of its total assets in securities that comprise the underlying index. The underlying index seeks to measure the performance of a portfolio of U.S. dollar-denominated investment-grade municipal bonds with maturities or, in some cases, "effective maturities," in the year 2025 (collectively, "2025 Bonds").

Index Time Series for Goldman Sachs Community Municipal Bond ETF. The frequency of the observation is daily. Moving average series are also typically included. The fund seeks to achieve its investment objective by investing at least 80% of its assets in securities included in its underlying index. The index is owned and calculated by Bloomberg Index Services Limited (the "index provider").