Maturity terms declined overall, from an average of 19.8 years (22.8 years on a dollar-weighted basis) in 2001, to 3.2 years over the period (2.6 years, weighted average). The Puerto Rico Commonwealth Government Employee Retirement System issued the longest tenure bonds among the data set, having eight bond issuances between 47 and 50 years to maturity in January and June of 2008 with coupons of 6.45% and 6.5%, respectively.
Funding pensions with muni bonds
Nearly a quarter of the bonds were issued in 2009, and largely by school districts in Minnesota. A relatively low amount was issued that year, $897.4 million in total, compared to the rest of the data set. The largest annual amount of debt was issued in 2003 when $12.2 billion was sold. Illinois issued $9 billion alone in June of that year.