Despite rate volatility and macro uncertainty, muni issuance is on pace for one of its strongest years in decades. Host Bob Spangler, Head of U.S. Municipal Finance, sits down with Keith Solomon, Head of Municipal Products, to break down the forces shaping today’s municipal market. They explore why demand remains resilient, which sectors are driving activity, and how issuers and investors are adapting to a rapidly evolving environment.

Key Points

• Muni issuance is on track for one of its strongest years, approaching $600 billion despite rate volatility and macro uncertainty.
• Long‑term infrastructure needs are driving resilient new‑money issuance, with state and local governments continuing to fund essential services.
• Sector activity is broad‑based, led by housing, public power, healthcare, and energy‑efficiency projects responding to affordability and capacity pressures.
• Market technicals have shifted, with recent Treasury moves and lighter reinvestment cash creating muni underperformance — but also more attractive yields.
• Issuers and investors are becoming more sophisticated, embracing blended structures, bespoke deals, and private‑capital solutions.
• RBC continues to expand its leadership across key muni sectors, supported by strong local presence, national expertise, and increased balance‑sheet commitment.

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