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Muni Funds Slowly Shed Puerto Rico Debt
About 53% of open end mutual funds have exposure to some type of Puerto Rico debt, down from almost 70% in 2014, according to Morningstar Inc.
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For the ninth week in a row, municipal bond funds reported an almost $1.2 billion outflow, the largest cash withdrawal so far this year. This brought to 12 out of 27 weeks this year the funds have suffered cash withdrawals. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices increased two basis points to 4.48% for the week ended July 2 from 4.46% in the previous week. more »
Chicago's junk paper offers an enticing opportunity, says one buyside professional who views the city's credit as being on the upswing with a long term solution to its pension woes within reach. more »
Municipal bond issuers may find healthy demand for $4.9 billion of deals scheduled in the coming week, as investors look to put reinvestment money to work. more »
Issuers from Illinois, Wisconsin and Michigan compared notes on market challenges at the Bond Buyer's Midwest conference; Illinois credits face the toughest sledding. more »
Puerto Rico faces a fight from one of its biggest bondholders as it seeks to reduce debt service payments for several years. more »
Puerto Rico's insolvency is a game changer that will have a deep and far-reaching impact on the market, municipal professionals said Tuesday at a Bond Buyer conference in Chicago. more »
Muni experts expect outperformance by high credit-quality issues, a decline in refundings, troubled credits to dominate the headlines, and the Fed to raise rates in the second half of the year. more »
Puerto Rico Gov. Alejandro García Padilla may have worsened relations with traditional municipal investors when he acknowledged long-standing concerns that the commonwealth cannot pay its $72 billion in municipal bond debts. more »
Municipal volume is forecast to drop 45% as a holiday shortened week brings the second quarter to a close. more »
For the eighth week in a row, municipal bond funds reported outflows, bringing to 11 out of 26 weeks this year the funds have seen cash withdrawals. more »
For the week ended June 25, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, increased one basis point to 4.46%, from 4.45% the previous week. more »
Total net tax-supported debt fell for the first time in 28 years in 2014, a Moody’s report found. more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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