Markets

Tax-free money market funds achieved record asset growth for the week ending March 31, gaining $3.78 billion, up significantly from last week's $1.26 billion, according to the Money Fund Report, a service of iMoneynet.com.

In an effort to give retail investors more accessibility, selectivity, and diversity when it comes to buying and trading fixed-income securities, Fidelity Investments has not only enhanced its online trading platform, but also significantly expanded its inventory of bonds through a new joint venture with TheMuniCenter LLC.

Weekly reporting municipal bond mutual funds had a net inflow of $368 million during the period ending March 26, AMG Data Services reported.

A $1.2 billion offering of New York City variable-rate demand bonds and $617 million of debt for the New Jersey Economic Development Authority lead the way in the primary market this week.

For the 11th consecutive year, the nation's commercial and savings banks experienced positive growth of their municipal bond portfolios in 2007 - increasing assets by 5.2% to $144.0 billion on a cost basis and by 4.3% to $144.9 billion on a fair-value basis over 2006 figures, according to new data from Highline Financial LLC.

Nearly all The Bond Buyer's weekly yield indexes increased this week, as yesterday's weakness provided some direction to what had otherwise been a sideways market for most of the week.

Tax-free money market funds continued to see positive growth for the week ending March 24, gaining $1.26 billion, down from last week's $5.22 billion increase, according to Money Fund Report, a service of iMoneynet.com.

It has been a shaky couple of months for retail municipal bond investors.

Tax-free money market funds continued to see positive growth for the week ending March 17, gaining $5.225 billion, though down from last week's $7.251 billion, according to Money Fund Report, a service of imoneynet.com.

Two $700 million offerings - one from the Utah Transit Authority and the other from Washington's Energy Northwest - and a $600 million deal from the Georgia State Road & Tollway Authority lead the way in the new-issue market this week, which will see a slight uptick in activity.