MSRB Update: Winter 2024

The MSRB’s 2023 annual report, published last month, summarizes the MSRB’s key accomplishments over the past year and provides detailed information about its core operations and financial position.

The annual report includes audited annual financial statements for the fiscal year that ended September 30, 2023, ensuring transparency and accountability to the public around how the MSRB advances its mission.

Read the report.

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John A. Bagley
Chief Market Structure Officer 

In the MSRB’s 2023 Municipal Market Year in Review report, released in early January, we noted that last year the municipal securities market experienced significantly higher interest rates, net outflows from tax-exempt mutual funds and a record number of trades.

Last year’s market saw significant yield volatility throughout the year. Tax-exempt yields moved up and down in the first four months of the year, then rose steadily to a peak in late October before rallying in November and December to end the year down 37 basis points from year-end 2022.

The market also hit a new record for trade count, besting the record set in 2022. Overall, the number of trades was up 3% in 2023 compared to 2022 and up 72% compared to the record-low number of trades set in 2021. New daily, monthly and quarterly records were set in the fourth quarter.

Individual investor demand for municipal bonds drove the record trade count in the fourth quarter as investors chased yields not seen in 15 years. Meanwhile, institutional demand was muted. Tax-exempt mutual funds saw continued outflows, which dampened demand for municipal bonds, and banks and insurance companies reduced their municipal bond holdings.

Read the report to learn more.

I discuss many of the market events covered in the report with Director, Market Practices Carol Converso in the latest episode of the MSRB Podcast.

Additionally, we monitor the municipal bond market throughout the year and publish our analyses, which are available for free within the Market Data and Research library on MSRB.org. For weekly updates, follow our LinkedIn page where we publish a market update every Monday.

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Aleis Stokes
Chief External
Relations Officer

Aleis Stokes, who joined the MSRB in January as its new Chief External Relations Officer, will oversee the organization's corporate communications, stakeholder engagement and government relations functions.

“I am delighted to welcome Aleis to lead the MSRB’s external relations team,” said Mark Kim, MSRB CEO. “Aleis comes to us with a wealth of experience and knowledge within the financial services industry, having led critical communications and stakeholder initiatives at key banking trade associations over the past two decades. We look forward to leveraging her expertise and keen ability to build and strengthen our stakeholder relationships.”

Prior to joining the MSRB, Stokes was senior vice president of communications for the Independent Community Bankers of America (ICBA). Stokes holds a BA in advertising and public relations from Pennsylvania State University and earned Accreditation in Public Relations (APR) from the Public Relations Society of America.

Read about Aleis joining the MSRB in Politico Playbook and Politico Morning Money.