Asset levels in municipal money market funds have reached record levels for the last eight consecutive weeks. That’s the news this week as the muni funds experienced inflows of $3.03 billion for the week ending Nov. 26.The increase in assets has accelerated after a slow start to October and puts total assets in tax-free money market funds at $456.78 billion, according to the Money Fund Report. The report monitors 550 funds.Average seven-day yields over the same period were 3.04%, up four basis points from the week before and up 11 basis points from two weeks ago. The average maturity is 31 days, an increase of one day compared to the week that ended Nov. 19. This week’s data continues the trend set during the previous week but at a slower pace. Two weeks ago, tax-free money funds had inflows of over $9 billion. Taxable funds had inflows of $31.46 billion, putting total net assets at $2.563 trillion, also a record level. The combined total is $3.031 trillion of assets under management.
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Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.
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The bond plan, a key priority for Mayor Brandon Johnson, will be paid for with revenue gained by letting tax increment financing districts expire.
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Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.
April 23 -
"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
April 23 -
In a move that kicks the can down the road at the very least, the Commission has begun a process that often results in outright rejection.
April 23 -
The 2022 law, which has so far banned three major investment banks from underwriting municipal bonds in Oklahoma, could be amended to limit its reach to state agencies.
April 23