Taylor Riggs

Oppenheimer Funds, manager of 12 of the top 14 funds in exposure to Puerto Rico, has suffered the biggest outflows in the industry over the past six weeks as investors continued to shy away from the commonwealth’s debt after yields surged.

Yields on benchmark triple-A rated municipal bonds fell to the lowest in at least three months, fueled by strong reception in the primary market and a rally in Puerto Rico debt in the secondary market.

California general obligation bonds had the most volume in the secondary market Friday afternoon following a more than $2 billion pricing in the new issue market earlier in the week.

The tax-exempt market strengthened for a fourth consecutive session Friday even after this week's rally left the 10-year and 30-year yields at the lowest in three month.

The tax-exempt market’s rally gained strength in its third day after Minnesota’s new issue priced richer than the benchmark scale, pushing triple-A yields to the lowest in three months.

The tax-exempt market firmed Thursday afternoon with an increase in trading volume as sellers received good bids for bonds in the secondary market.

The tax-exempt market opened firmer Thursday morning as bond prices rose for the third consecutive session.

The tax-exempt market strengthened for the second session on Wednesday, buoyed by a firmer Treasury market, pushing the 10-year muni bond yield down to its lowest level since June.

The tax-exempt market traded several basis points stronger Wednesday afternoon, getting a lift from Treasuries and well-received new deals in the primary.

The municipal bond market opened firmer for a second session Wednesday, extending gains from Tuesday.

The municipal bond market gained strength as the week progressed, supported by the debt ceiling resolution and Puerto Rico’s investor call Tuesday, which helped calm concerns about the ability of the territory’s issuers to pay their obligations.

Against a backdrop of a softer tone and the week’s largest deals arriving in the tax-exempt market, Puerto Rico bonds traded mostly flat Wednesday, a day after commonwealth officials attempted to reassure investors of its willingness and ability to pay debts.

The tax-exempt market saw light trading volume Wednesday with an overall weaker tone as the biggest deals of the week priced in the primary.

Puerto Rico bonds opened steady Wednesday morning with light volume and few block size trades following an investor call Tuesday by the commonwealth seeking to reassure investors of its ability to pay its debt.

Puerto Rico officials sought to quell bankruptcy concerns over the commonwealth's issuers, calling such an outcome "completely out of the question" on an investor call Tuesday afternoon.

Puerto Rico general obligation and Sales Tax Financing Corp. bonds traded in odd-lot and block size trades Tuesday ahead of the commonwealth's investor call at 2 p.m. Eastern.

The tax-exempt market opened on a quiet note Tuesday morning as traders slowly got back to work following a three-day weekend.

Municipal bond market transactions dwindled Friday as traders prepared for a three-day holiday weekend, though that didn’t stop yields from rising on Puerto Rico bonds.

The municipal bond market remained quiet as Friday afternoon progressed after the Treasury bond rally faded and traders started to head home early for the three-day weekend.

Prices fell and yields rose in the municipal bond market this week as traders dealt with uncertainty surrounding the government shutdown, looming debt ceiling, and negative headlines out of Puerto Rico.