Kenneth Rogozinski
CEO at Greystone Housing Impact Investors LP
Barclays has increased their 2025 muni bond issuance forecast by 10% to a total of $530,000,000,000 to $540,000,000,000 with net issuance expected to be in the range of $175,000,000,000 to $200,000,000,000 Year to date issuance through the July was approximately $337,000,000,000 with each of the last four months having averaged over 50,000,000,000 of new issuance. Year to date fund flows through the July were a positive $17,300,000,000 with $4,200,000,000 going to traditional mutual funds and $13,100,000,000 going to ETFs. The average weekly secondary market trading volume for the past twelve months is up to $43,000,000,000 The market ended the 2025 with both the muni investment grade index and the muni high yield index generating a total return of negative 0.5%. We continue to be excited about the new construction lending joint venture with BlackRock impact opportunities. And we have mentioned on our past quarterly calls, we have seen a pullback in affordable construction lending by commercial banks as a result of the broader pressures on their commercial real estate loan portfolios.