Floating Rate Note Pricing Gains Efficiency
Growth in the floating rate notes market has allowed issuers to gain cost-effective variable rate exposure and investors a way to manage interest rate risk, according to speakers at the first ever municipal conference focused on the securities.
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Households remained the biggest owners of municipal bonds in the first quarter of 2013 while mutual funds and U.S. chartered depository institutions increased their share of the $3.7 trillion market, quarterly data from the Federal Reserve Board showed. more »
Volume will inch higher this week as issuers are expected to bring an estimated $6.40 billion of new volume to the primary market led by sizable offerings that include a California health care offering, a New York water sale, and a Texas airport financing. more »
The Illinois Sports Facilities Authority has launched a search for underwriters to help refund or restructure its debt. more »
After weeks of either net outflows or only modest inflows, tax-exempt money market funds recaptured $3.13 billion of net gains as total net assets grew to $260.97 billion in the week ended June 10, according to The Money Fund Report, a service of iMoneyNet.com. more »
A difficult May in the municipal bond market has put investors on the defensive. more »
Roberto Roffo, a 20-year asset management veteran, has joined Advisors Asset Management as a senior vice president and portfolio manager as the firm plans to enhance its tax-exempt management initiatives. more »
The federal judge overseeing the case against former JPMorgan bankers Charles LeCroy and Douglas MacFaddin denied the Security and Exchange Commission's request to set a trial date. more »
Slowly rising Treasury yields and modest activity are pulling muni yields higher as the day's trading session crossed the halfway point. more »
The municipal market had little momentum to propel it forward to start the week. more »
Muni money funds continue to struggle to recoup the billions they lost this year — particulary around income tax season — and the arrival this week of $411 million is not much of a boost. more »
In a panel on the Municipal Market's Outlook at the Government Finance Officers Association’s national conference this week, Loop Capital Market's Chris Mier talked about where he things interest rates are headed. more »
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Opinion

A recent research paper suggests widespread violations of MSRB fair pricing rules are rampant in the municipal market. But scratching just below the surface reveals serious flaws in the methodology and assumptions underlying the authors' conclusions.

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