MSRB: municipal bond trading rose last year by nearly 10% over 2012

By Susanna Moon

Chicago, Feb. 26 - Municipal Securities Rulemaking Board said municipal bond trading rose last year by nearly 10% over 2012, with 10.6 million trades of municipal bonds during 2013.

The total par value of municipal securities traded in 2013 was $3.12 trillion, down 3% from the previous year. The top 10 most actively traded securities changed hands an average of 5,167 times in 2013.

The data is included in the MSRB's most recent annual Fact Book, which is an online sourcebook that analyzes trading data and other statistics for the $3.7 trillion municipal bond market.

The Fact Book contains data from 2013 and an analysis of the more 50 million trades that occurred in the municipal market during the last five years, according to an MSRB press release announcing the publication of the sourcebook.

The sourcebook also presents year-over-year comparisons of data on financial and other disclosures made by municipal bond issuers over the last two years, the MSRB noted.

The 2013 Fact Book includes monthly, quarterly and yearly aggregate market information from 2009 through 2013. Statistics include those based on parameters such as interest rate resets, trade timing distribution, most actively traded securities, average daily volume, sector, maturity, source of repayment and trade data by credit rating.

More sourcebook data

Selected highlights in municipal market activity in 2013 include the following:

• The average daily number of municipal security trades rose 9.5% in 2013 to 42,188 from 38,544 in 2012;

• The average daily par value of securities traded daily in 2013 was $12.4 million in 2013, compared with with 2012's $12.8 million;

• Among the 50 states, bonds issued by entities in California, New York and Texas had the highest average daily trading volume on the basis of both par value and number of trades;

• In 2013, the number of variable rate demand obligation and auction rate securities rate resets fell 13% and 18%, respectively; and

• The MSRB received 12,708 primary market document submissions in 2013, 14% less than the 14,716 received in 2012.

• The number of continuing disclosures submitted to the MSRB increased 6 percent in 2013.

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