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GBAB - Taxable Municipal Supply Has Staying Power: 2022 Outlook
Guggenheim Taxable Municipal Managed Duration Trust of Beneficial Interest
We believe taxable muni supply could exceed $100 billion again in 2022 and total 25% of expected new issue supply.
New money supply is expected to be higher, whereas debt used to “advance refund” tax-exempt munis by issuing taxable munis may decline slightly year over year.
However, it appears that infrastructure legislation will be neutral for the muni market. The bill passed by the House of Representatives in November excludes municipal bond-friendly provisions. It’s unlikely that Senate Democrats will include these provisions in their version of the bill.