Christine Albano

ICI's report marks the 12th consecutive week of inflows bringing the total for 2021 to more than $40 billion. Lower- and non-rated deals saw 20 to 30 basis point bumps in repricings as any paper with yield is massively oversubscribed.

The fundamentals of the muni market have investors stuck in a low-rate environment without much of an alternative. Refinitiv Lipper reported $1.466 billion of inflows into municipal bond mutual funds with $813.8 million into high-yield.

Municipals saw little activity on Monday as the market prepped for the bulk of the week's $7B primary calendar arriving Tuesday and Wednesday.

PNC's Nicholas Falgione was a veteran banker remembered as an innovator among his peers.

Price indexes in the latest New York manufacturing survey came in higher than expected, furthering inflation concerns.

While the pressure was on municipal yields, which rose two to four basis points, the Investment Company Institute reported another week of inflows, with $928 million coming into municipal bond mutual funds and another $285 million into ETFs.

Tighter spreads and richer ratios are likely to continue, particularly as looming tax increases amplify the value of the tax-exemption, but analysts are hesitant to predict how much lower rates can go before investors balk.

Refinitiv Lipper reported $584 million of inflows, $341 million of which went to high-yield, as investors pull back on reinvesting to pay tax bills with the May 17 tax filing deadline looming.

Pennsylvania's competitive GO deal saw its yields fall further from recent trading while the North Texas Tollway Authority benefited from positive credit news on the transportation sector and repriced 25 basis points lower. ICI reported another round of $2-billion-plus inflows.

The municipal market largely ignored the FOMC news that it would hold rates steady. New Jersey was 20 times oversubscribed and ICI reported $2.5 billion of inflows into long-term municipal bond mutual funds.

Data released Tuesday show an improving economy, which continues to stoke fears of impending inflation. Muni investors await New Jersey's $1.57 billion transportation deal.

After swallowing nearly $10 billion of new supply on the week, the market was quiet Friday ahead of the $5.5 billion calendar coming up.

High-grade scales were little changed as ICI reports the sixth week in a row of inflows to the tune of $2.29 billion into municipal bond mutual funds.

The municipal market was steady Monday as the investors gear up for three separate billion-dollar deals heading to market from California, New York, and Connecticut issuers.

Four out of the six economic indicators released on Thursday surpassed expectations, with consumers tapping their savings to quench pent-up demand. U.S. Treasuries made gains but municipals stood on their own in an impressive two-day rally with insatiable demand.

Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.

High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.

The two firms have collaborated to include the ICE Municipal Yield Curve and spreads for all underlying trades to all Lumesis customers using its DIVER New Issue and Secondary Pricing services.

The theme of low supply, positive inflows and the anticipation of higher tax rates led triple-A benchmarks firmer by one to two basis points.

The services sector showed improvement and employment made big gains in March, but economists note the labor market remains far from full employment.