Fed fright? Check. Yield backup? Check. Fund outflows? Check. Worst performance in decades? Check. Municipal bond issuance for the month of January? Chugging right along.
While some issuers may have had to sweeten yields to entice buyers, states and localities have sold $23.9 billion in bonds this month, down about 9% from the $26.2 billion offered in January last year, with a few days still to go, data compiled by Bloomberg show. And this has been with all the trouble in the world, at least as trouble is delineated in a bond market: Rising interest rates.