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The Tax-exempt Municipal Bond Market – How Big and Who Buys?

April 26, 2017big Bond buys market municipal tax-exempt

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The Tax-exempt Municipal Bond Market – How Big and Who Buys?

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Outstanding state and local debt obligations totaled $2.62 trillion as of December 31, 2007, according to Federal Reserve estimates. The largest owners of tax-exempt securities are individuals like yourself, mutual and money market funds, property and casualty insurance companies, and commercial banks. In recent years, individual participation in tax-exempt municipal bonds has expanded significantly through investments in unit investment trusts and mutual and money market funds. The Bond Market Association booklet An Investor’s Guide to Municipal Bonds, page 11.