Markets

Refinitiv Lipper reported $407.976 million of inflows from municipal bond mutual funds for the week ending Wednesday after $534.428 million of outflows into the funds the previous week.

Former Mayor Harry Sidhu pleaded guilty to federal corruption charges this month, as the city continues to recover from the year-plus closure of Disneyland.

"We've seen more buyer attention at this time of the year versus what we generally would experience as we approach the beginning of September," said Morgan Stanley's Matthew Gastall.

Over the last month or so there's been some volatility in the muni market driven by the Treasury side, said Daryl Clements, municipal portfolio manager at AllianceBernstein.

Fitch analysts mentioned the tardy ACFR in the ESG section of its most recent rating report on California general obligation bonds.

Andy DeVries of CreditSights is fairly optimistic about the eventual outcome for bondholders, though its tax-exempt paper has been trading at a discount.

The muni market "finally succumbed to the month-long rate selloff that had seen valuations test historically rich levels," said Birch Creek Capital strategists in a weekly report.

While muni buyers will see a meager slate of new issues this week, Jacksonville, Florida, heads to market with a sale of over $290 million of revenue and refunding bonds.

The new-issue calendar for the final week of August is estimated at a meager $2.979 billion. Bond Buyer 30-day visible supply sits at $5.76 billion.

Refinitiv Lipper reported $534.428 million of outflows from municipal bond mutual funds for the week ending Wednesday after $264.046 million of outflows into the funds the previous week.