Markets

Investors yanked $1.154 billion out of municipal bond mutual funds in the latest week, Refinitiv Lipper reported.

Gov. Steve Sisolak plans to dedicate $500 million in federal funds to developing affordable housing.

The Investment Company Institute on Wednesday reported $3.120 billion of outflows in the week ending Feb. 16, up from $993 million of outflows in the previous week.

Moody's Investors Service said the upgrade reflected the university's robust, sustainable operating margins supported by consistent growth in tuition revenue.

Between the long holiday weekend and investors trying to absorb the Russia-Ukraine developments, it was a slow start to the week in the municipal market.

Education and utilities were the municipal sectors that shrank the most.

Municipals have been resilient throughout the pandemic — with the help of federal aid — keeping the Golden Age for public finance alive.

The new-issue calendar for the holiday-shortened week is $4.98 billion, with $3.633 billion of negotiated deals and $1.347 billion of competitive loans.

Refinitiv Lipper reported outflows after inflows of $216 million the previous week.

Credit strengths include strong market position and service area economic fundamentals and an expected continued strong finance performance.