1. Takeaway: Year over year, new issue volume has been down in every month of 2018 except April and July
Source: Thomson Reuters (9/28/18)

2. Takeaway: Across the ten sectors where issuance volume is tracked, only Public Facilities and Utilities have experienced higher issuance volume in 2018 vs. 2017
Source: Thomson Reuters (9/28/18)

3. Takeaway: While new money issuance is up by >25% in 2018, refunding and combined issuances are down by >49% and >53%, respectively
Source: Thomson Reuters (9/28/18)

4. Takeaways: YTD total issuance volume in 2018 (~$249 billion) is down almost 15% compared to 2017 (~$293 billion)
For the first half of 2018, South Carolina issuance volume is down by <2% ($ billion vs. $1.229 billion)
Source: Thomson Reuters (9/28/18)

5. Takeaway: The average underwriting spread between 2017 and 2018 dropped by almost 6%; over the last decade, spreads have dropped by >31%
* Does not include (a) private placements, (b) short term notes maturing in under 13 months, and (c) remarketing of VRDBs
Source: Thomson Reuters/The Bond Buyer (8/20/2018)

6. Issuance Volume Banker Anxiety
Takeaway: There is an inverse relationship between issuance volume and banker anxiety
Source: Any banker

7. Question: How has the 2017 Tax Act affected your approach to structuring ‎new bond issues and analyzing future refunding opportunities?

8. Question: As it relates to your and/or your firm’s business model, post-2017 tax reform what sectors/credits/ geographic regions are faring better or worse than others? Was anyone not impacted at all?

9. Question: What is the next watershed event that will impact the way you presently do business?

10. Question: What should a borrower consider when weighing whether to execute a placement or an underwriting? Are there any factors in this consideration that have taken on a higher or lesser level of importance post-2017 tax reform?

11. Question: What kind of projects/deals/ credits are best suited to a placement rather than an underwriting?

12. Question: How do you think the mix of placements and underwritings will look in 2019 and beyond?