New attitude for states; muni issuance growth slows


2013 produced the slowest annual rate of municipal debt growth in 20 years, says Moody's, which expects the trend to continue this year. The trend "reflects a new conservative attitude toward debt among the states," says analyst Kimberly Lyons.

The slow pace of borrowing led to a decline in net-tax support debt (NTSD) per capita to $1,054 from $1,074 in 2012.

In other news, municipal bond funds posted their third straight week of big inflows, adding $664M in the week ended on Wednesday (previous weeks saw $616M and $943M of inflows).

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