Municipal Bond Funds See Inflows for 7th Straight Week
Municipal bond funds reported inflows for the seventh week in a row, according to Lipper data released on Thursday.
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A legal opinion defining San Diego Unified School District bonds as special revenues was credited with the district's $470 million pre-Thanksgiving general obligation bond sale being oversubscribed. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell five basis points to 4.30% in the week ended Nov. 24 from 4.35% in the prior week. more »
Rhode Island selected Invesco and Ascencus to manage its $7 billion CollegeBoundfund 529 program, replacing AllianceBernstein. more »
In the week ended Nov. 19, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 4.35% from 4.38% in the previous week. The BB40 Index is based on the price of 40 long-term bonds. more »
Municipal market trading plummeted to $551 billion in the third quarter, the lowest level since at least 2005 when the Municipal Securities Rulemaking Board began recording the statistics, according to the board. more »
Securities and Exchange Commission chair Mary Jo White on Wednesday declined to take a position on a bill that would increase hedge fund reporting in the wake of fund purchases of Puerto Rico’s debt, saying it has both pros and cons.. more »
The 32-year-old national fixed-income shop First Empire Securities has begun underwriting new-issue municipal bonds it could offer to its institutional clients and opened a Chicago office. more »
California’s treasurer has launched an open data website that he says will make it easier to analyze $1.5 trillion in debt issued in the state since 1984. more »
Unrated Scranton, Pa., is taking steps to regain the good graces of the capital markets, said its mayor and business administrator. more »
Citigroup municipal strategist George Friedlander is delivering a presentation about how evolving technology is impacting the public finance industry at the Nov. 19 meeting of the Philadelphia Area Municipal Analyst Society (PhAMAS). more »
EAX Trading pulled the plug last week on a two-year effort to launch a municipal bond electronic trading platform aimed at the secondary market. more »
Pennsylvania's prolonged budget impasse is a credit negative for school districts and community colleges that rely on state-aid distributions, said Moody's. more »
Municipal bond funds reported inflows for the sixth week in a row, according to Lipper data released on Thursday. more »

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New York State Assemblyman Phillip Goldfeder, D-Queens, examines outer-borough growth and transit needs in New York City, as well as efforts to harden its water-exposed neighborhoods.

The notion of option-adjusted spread (OAS) is the standard analytical tool for taxable fixed income securities. It is also making inroads into the muni market. Unfortunately the usual implementation for munis is flawed, rendering the results virtually meaningless. So it is understandable that many muni professionals shy away from OAS in favor of the archaic ‘yield-to-worst’ approach. Correct implementation would undoubtedly attract converts.

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