Muni Supply Propelled by Mega Deals, Loop’s Daniels Says

Muni deals are getting bigger, as expensive infrastructure projects drive borrowing in the US state and local debt market.

“We’re seeing billion-dollar deals become much more of the norm,” said Bo Daniels, head of public finance at Loop Capital Markets, the 15th biggest underwriter of municipal bonds last year. He was speaking on a panel at the Bond Buyer’s conference in Charleston, South Carolina, on Tuesday.

Municipalities have sold about $216 billion in debt so far this year as of Wednesday, up about 10% from the same period last year, according to data compiled by Bloomberg.

The surge ...