Markets

Volume in the new-issue market this week will slow to $5.54 billion, down from the robust pace of last week when municipals weakened under heavy supply.

Detroit bankruptcy, substantial outflows, heavy calendar, Ben Bernanke, economic indicators -- the municipal market had a wealth of drivers vying for influence on yields this week.

The municipal market started Friday unaffected by Detroit's Chapter 9 bankruptcy filing Thursday afternoon, the biggest in history.

Heavy outflows, at $1.56 billion, endure for municipal bond mutual funds as investor demand for tax-exempts continues to flag.

The Bond Buyer's weekly yield indexes were narrowly mixed the week ended July 18.

Municipal bond mutual funds continue to hemorrhage money as investor demand remains low.

Robust activity, largely driven by new issuance, propelled the municipal market through Thursday.

Tax-exempt money market funds suffered $852.6 million in outflows, offsetting part of the previous week's gain, as total net assets dipped to $265.13 billion in the week ended July 15, according to The Money Fund Report, a service of iMoneyNet.com.

The Bay Area Toll Authority will come to market with its first new money deal in three years, selling $750 million in subordinate toll revenue bonds.