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Fed report puts municipals at $3.69 trillion at end of first quarter
By Toni Weeks
San Luis Obispo, Calif., June 11 – The total amount of municipal securities and loans outstanding was up a tick at $3.69 trillion at the close of the first quarter of 2015, compared to the $3.65 trillion at the end of the fourth quarter of 2014, according to the Z.1 flow and outstandings report released by the Federal Reserve on Thursday.
In comparison, the amount outstanding stood at roughly $3.66 trillion at the end of the first quarter in 2014. The mark stood at $3.67 trillion at the end of 2013, $3.71 trillion at the end of 2012, $3.72 trillion at the end of 2011, $3.77 trillion at the end of 2010 and $3.67 trillion at the end of 2009.
Of the $3.69 trillion outstanding at quarter-end, the majority – $2.95 trillion – was issued by state and local governments, followed by $525.1 billion issued by non-financial corporate businesses and $223 billion issued by non-profit organizations.
On the buyside, the household sector held $1.55 trillion of the securities outstanding at the end of the first quarter, followed by mutual funds with $672.5 billion, U.S.-chartered depository institutions with $465.1 billion, property-casualty insurance companies with $320.3 billion and money market mutual funds with $273.5 billion.
Flows up by $170 billion
On a seasonally adjusted annualized and net basis, total liabilities in the municipals market increased by $170 billion during the first quarter of 2015, according to the report.
The first quarter’s $170 billion increase was driven by increases of $59.4 billion in mutual funds, $68.5 billion in U.S.-chartered depository institutions and $13 billion in the household sector.
In comparison, liabilities decreased by $52.8 billion for Treasuries and by $165.4 billion for agencies and increased by $530.6 billion for corporate and foreign bonds in the first quarter on a seasonally adjusted annual basis.
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