A shift is afoot in how US municipal borrowers structure their debt sales.
Typically, state and local issuers favor longer maturities of 20 to 30 years, giving them more time to repay — akin to a homeowner with a 30-year mortgage. The
Lately, however, borrowers are opting for shorter-dated debt to cater to investors that prefer those maturities. Municipal bonds issued with a maturity date of less than 15 years have totaled about $61.7 billion this year, up 24% from the ...