Overall, short-term volume fell to $24.83 billion in 1,757 issues, compared to $33.35 billion in 1,944 issues in 2021, according to data from Refinitiv. City, state, and local issuers experienced healthy coffers and continued revenue growth and collections in the year, and therefore, issued less one-year paper than the previous year, sources said. "There was just not as much of a need for short-term debt in 2022 as a result," said Tom Kozlik, managing director and head of public policy and municipal strategy at Hilltop Securities Inc.

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