Finance

The Municipal Securities Rulemaking Board’s new report on the use of internal and external liquidity in the municipal bond market shows that for transactions under $100,000 external liquidity has steadily increased since 2011.

The Investment Company Institute reported $1.608 billion of inflows into municipal bond mutual funds for the week ending Nov. 10, up from $657 million a week prior.

A large new-issue calendar began pricing in the negotiated and competitive markets, with a few deals bumped off the day-to-day calendar.

The rating agency said the upgrade reflected financial resiliency during the COVID-19 pandemic and a strong rebound in air travel demand exceeding expectations.

Outside influence "beyond the control of the muni bond market" is needed to derail the recent positive momentum.

Investors put nearly $2 billion into municipal bond mutual funds for the most recent week with high-yield reversing a downward course to hit $1.2 billion following just $1 million a week prior.

The Investment Company Institute reported $657 million of inflows into municipal bond mutual funds while ETFs saw $828 million of inflows, a massive increase over the $43 million reported a week prior.

With less defined mechanisms than other cities, a report says, the incoming mayor has an opportunity to shape the city's reserve policy.

Triple-A benchmarks have fallen double digits since Nov. 1, with the largest moves out long. California, the District of Columbia, Wisconsin and other issuers part of a $6 billion new-issue calendar priced.

A Texas state law targets Wall Street banks for wading into the debate over guns.

The nation's second-largest county heads into the market next week with a GO refunding buoyed by an upgrade and an outlook boost.

Municipals were quiet on Monday following Friday's rally and ahead of the $9.6 billion estimated to be priced early in the week before the Veterans Day holiday close Thursday. Connecticut priced for retail.

The long end of the municipal curve rallied under a backdrop of stronger-than-expected October jobs data and upward revesions to the prior two months ahead of the arrival of $9.6 billion next week.

The rating upgrade reflects “sustained reduction in its long-term liability burden and Fitch's expectations of a stable burden going forward."

For 35 weeks in a row, investors have put cash into municipal bond funds as Refinitiv Lipper reported $603 million of inflows while high-yield funds eked out a gain of slightly more than $1 million.

The outlook revisions boosts a city with some $8 billion in borrowing in the works, including more than $1 billion before the end of this year.

After the FOMC made taper official, high-grade benchmark yields ended the day one to three basis points better while USTs ended the day higher after an up-and-down trading session that moved the 30-year back above 2%.

A federal judge signed off on sanctions against IFS Securities Inc.'s former head trader for allegedly pocketing phony commissions and unauthorized trades that bankrupted the firm.

Fitch Ratings revised the Canaveral Port Authority and Port Everglades rating outlooks to stable from negative as cruise ship activity accelerates.

The FOMC will likely take the opportunity to profess its reliance on data to decide liftoff and reiterate the threshold for a rate hike remains higher than for taper.