Markets

The Securities and Exchange Commission today charged the chief executive officer of a Chicago-based advisory firm with lying to the California Public Employers' Retirement System and other clients about the amount of money managed by the firm.

Nevada, Wyoming and Texas received high marks in a Morningstar report on how their state permanent fund programs affect credit analysis of individual bonds.

Volume numbers in the municipal bond market have shifted so far in 2013 to reflect a stronger start in new money issuance from recent years.

Philadelphia city officials have excluded the media from their investor conference, triggering objections from news outlets including The Bond Buyer.

Two large New Jersey revenue financings will make a grand entrance in the primary market with a variety of tax-exempt and taxable bonds this week, while a Texas airport offering may or may not have a smooth landing as it prepares to enter the market sporting a recent downgrade amid an estimated $7.22 billion of new volume, according to The Bond Buyer and Ipreo LLC.

Great rotation or not, more money hemorrhaged from municipal bond mutual funds as outflows occurred for the sixth straight week, at $631 million.

Inflows of $57.1 million entered the tax-exempt money market industry in the week ended April 8 and total net assets inched up to $273.12 billion, according to The Money Fund Report, a service of iMoneyNet.com.

The commonwealth's worsening fiscal crisis — underscored by a $2.5 billion fiscal year 2013 deficit — has made the decision to curtail ownership an easy one for some mutual fund managers who own troubled credits from the island, municipal experts said.