Supply, though, was above the 10-year average of $36.702 billion and the third-highest supply figure for the month of July, bested only by 2025's $56.055 billion and 2020's $47.782 billion. Supply year-to-date is at $342.799 billion, essentially flat year-over-year, rising only 0.7%. The $44.9 billion figure is not that far off from CreditSight's projected $50 billion supply figure for the month, Luby said. July detailsTax-exempt issuance fell 17.5% to $41.859 billion in 648 issues from $50.754 billion in 791 issues a year ago. New-money issuance fell to $36.873 billion from $47.943 billion, down 23.1%, while refundings rose 51.6% to $5.084 billion from $3.354 billion.