Markets

The lower inflows and high-yield outflows can be tied to the correction over the past week and may point to uncertainty from retail investors over broader market volatility.

September issuance was down more than 32% from the same month in 2020; total issuance so far this year is at $346.48 billion, down 2.4% compared to last year.

Ferguson regained its investment grade issuer rating by rebuilding its balance sheet while meeting federal consent decree mandates to overhaul police and court tactics.

With a lot of cash still needing to be put to work, the Investment Company Institute showed another large week of inflows at $1.814 billion.

The city council's budget and finance committee approved the increase and now the matter is headed to the full council.

Municipals have not tracked directly with the UST moves, where the 10- and 30-year UST has risen 24 and 26 basis points, respectively, from Wednesday. Municipals have seen yields rise by 16 and 11 basis points.

The growing P3 sector would enjoy a boost across many markets, including rural broadband, under P3-friendly provisions in the bipartisan infrastructure bill.

The district follows up on a taxable refunding with some new money and refunding as the ink dries on pension legislation that removes the threat of insolvency.

Chris Johns and JT Thompson, portfolio managers at the Aquila Group of Funds talk about the possible return of a BABs-like program and if it’s good or bad news for the tax-exempt bond market. They also discuss infrastructure, tax-exempt advance refundings and monetary policy. (21 minutes)

The high-grade muni scales saw cuts of up to four basis points in a continued selloff Monday as the market faces a robust slate of new issues.