Moderate growth: We anticipate 5% U.S. municipal GSSSB issuance growth in 2024, modestly outpacing the broader municipal market and reflecting pent-up demand. Affordable housing will lead: GSSSBs are especially well suited for such projects, particularly as housing affordability hit a low in 2023. Prominence of large and frequent issuers: A concentration of several large issuers will likely continue to embrace GSSSBs but could also produce volatility. Green energy and transportation as likely areas of growth: State mandates for renewable power supply will support momentum in green bond financing while mass transit operators will continue tapping the market to fund capital-intensive systems.