Three deals topped $1 billion last month. On Dec. 19, the Indiana Finance Authority issued $1.26 in industrial development bonds, the month's largest deal. The Iowa Finance Authority issued $1.19 billion in industrial development one day earlier.
New York City floated just more than $1 billion in GOs.
Some estimates are in for 2013. Gross issuance should rise to be more than $400 billion, with net issuance around plus-$20 billion, Citi's Rai said.
"And I also expect new money issuance to be closer to around $200 billion, which includes the new money portion of the combined deals."