Markets

Municipal mutual fund losses continued last week as the Investment Company Institute reporting investors pulled $2.645 billion from the funds in the week ending Oct. 11. ETFs see more inflows, though.

The $500 million of revenue bonds to initially finance a $5 billion controversial expansion program were priced amid a turbulent market.

The city plans to sell as much as $295 million of general obligation and revenue bonds in two deals next month.

Munis are now following along with broader Treasury market weakness, and "at the same time are also attempting to manage some of the healthiest issuance that we've seen this year," said Morgan Stanley's Matthew Gastall.

Fishers, a suburb of Indianapolis, is selling $170 million of bonds for an arena to house the minor-league Indy Fuel and to host concerts and other events.

The hire by Missouri-based Stifel comes as some broker-dealers trim ranks amid weak issuance.

The commonwealth revamped its P3 law last year in the wake of a court ruling striking down a tolled bridge program.

California received a negative outlook from the rating agency in May amid revenue uncertainty. The Public Works Board lease revenue bonds are rated Aa3.

The top two municipal bond insurers wrapped $22.814 billion in the first three quarters of 2023, a slight dip of 0.5% from the $22.929 billion of deals done over the same period in 2022, according to Refinitiv data.

Royden Durham and Tony Tanner, portfolio managers at the Aquila group of funds, talk with Chip Barnett about what's special about Kentucky and Arizona -- what's the same and what's different -- within their municipal bond markets. (18 minutes)