Markets

Issuance numbers for long-term municipal bonds in May continued to underwhelm market expectations, decreasing 28% for the month.

Muni bond mutual fund flows fell back into the red at $157 million, entering territory they occupied for most of the spring.

Outflows among tax-exempt money market funds continued to fluctuate in the week ended May 27 as $1.84 billion fled the industry and total net assets settled at $257.43 billion, according to The Money Fund Report, a service of iMoneyNet.com.

Academy Securities, an investment bank with a municipal business started by a retired naval officer, wants to put those who've served in the armed forces to work in the securities industry.

A $500 million offering from NY's MTA is among the $4 billion of new issuance estimated to be priced this week as investors scramble to find bonds ahead of the heavy upcoming June 1 redemption date.

The tax-exempt market traded softer every session this week as buyers refused to put money to work at such high prices.

Income improvements among mortgage insurers this year are a credit positive for housing finance agency single family whole loan programs, according to Moody's.

Flows into municipal bond mutual funds scraped and clawed into positive territory the week of May 22, at $63 million.

Flows into tax-exempt money market funds continued to see-saw this week as $906.5 million arrived in the week ended May 20, according to The Money Fund Report, a service of iMoneyNet.com.