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.

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.

Graph and download economic data for Bond Buyer Go 20-Bond Municipal Bond Index (DISCONTINUED) (WSLB20) from 1953-01-01 to 2016-10-06 about municipal, state & local, bonds, government, indexes, 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 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.

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

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.

In 2023, California was the leading state in the United States for municipal green bonds issuance. Muni green bonds issued in California amounted to *** billion U.S. dollars. Second in the ranking was the state of New York, with municipal green bonds issued worth *** billion U.S. dollars.

Between 2020 and 2023, municipal green, social, and sustainable (GSS) issuance remained rather stable in the United States, fluctuating between a low of ** billion U.S. dollars and a high of ** billion U.S. dollars. Among GSS bonds, green bonds were the most popular, with a cumulative value of ** billion U.S. dollars throughout three years.

Index Time Series for BlackRock High Yield Muni Income Bond ETF. The frequency of the observation is daily. Moving average series are also typically included. Under normal circumstances, the fund seeks to achieve its objectives by investing at least 80% of its assets in municipal bonds. Generally, the fund will invest in distressed securities when fund management believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential. It is non-diversified.

This statistic shows the value of municipal bond sales for student housing projects backed only by rents in the United States from 2007 to 2017. In 2017, the value of municipal bonds issued for student housing projects in the U.S. reached *** million U.S. dollars.

As of 2023, the New York Metropolitan Transportation Authority was the largest issuer of municipal green bonds in the United States, with an issuance amounting to **** billion U.S. dollars. Following in second place came the Indiana Finance Authority, with green bonds issued amounting to nearly **** billion U.S. dollars.

View weekly updates and historical trends for Bond Buyer Go 20-Bond Municipal Bond Index (DISCONTINUED). from United States. Source: Federal Reserve. Trac…

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

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

View weekly updates and historical trends for US Municipal Bond ETF Estimated Net Issuance. from United States. Source: Investment Company Institute. Trac…

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.

In 2023, the California Community Choice Financing Authority was the largest issuer of municipal green bonds in the United States, with an issuance amounting to nearly *********** U.S. dollars. Following in second place came the Triborough Bridge And Tunnel Authority, with green bonds issued amounting to *** billion U.S. dollars.