Markets

Lebenthal & Co. said it will begin trading on MuniAxis, its new platform for odd-lot municipal bond transactions, as the market opens on Dec. 12.

Investors endorsed Illinois’ pension restructuring legislation with state paper trading at tighter spreads while rating agencies, though cautious, called the overhaul a positive step.

California water and sewer utilities have performed well in the past year, with the average agency rated AA, according to Fitch Ratings.

Massachusetts will hold its third annual investor conference, which Treasurer Steven Grossman touts as art of the commonwealth's enhanced investor disclosure program.

After 14 straight quarters of revenue growth, most U.S. states are heading into the new year with a stable outlook even as local governments will continue to feel the financial pressures they experienced over the course of the economic downturn, according to Fitch Ratings.

The municipal market is struggling to tread water Monday as light new-issue volume battles against fading Treasury yields to provide direction.

Tax-exempt money market funds had $1.08 billion in outflows, reducing total net assets to $262.74 billion in the week ended Nov. 25, according to The Money Fund Report, a service of iMoneyNet.com.

Yields in the municipal market have started Monday somewhat weaker as they search for traction.

Municipal issuance is expected to surge in the post-holiday primary market, led by a $1.2 billion revenue sale from the New York State Tobacco Settlement Authority.

Mitre Media plans the beta launch in February of a web-based tool designed to connect buyers and sellers, in the latest online marketing venture aimed at munis.