Markets

The Investment Company Institute reported investors pulled $7.2 billion from municipal bond mutual funds, the largest figure since the outlier months of March 2020 when investors yanked $24 billion in two weeks.

The audit was brought on by the Internal Revenue Service in September 2021 in connection with Series 2013B bonds.

The significant cheapening of municipals in recent weeks continues to create headwinds for the overall tax-exempt market on a daily basis.

ESG investing has grown complex enough that it’s time we recognize what strategy or product is best suited for a given situation.

Recognizing what ESG strategy or product is best suited for a given situation is a crucial first step for the market to establish long-needed standards and guide usage into the effective outcomes participants wish to see.

The Iowa Fertilizer Co. will refund its Midwestern Disaster Area revenue bonds with a new structure that yields higher Fitch, Moody's and S&P ratings.

Investors pulled more from municipal bond mutual funds last week, with Refinitiv Lipper reporting $4.106 billion of outflows, bring the total to $22.3 billion of outflows year-to-date.

A taxable bond issue will raise $3.4 billion for extraordinary costs incurred by natural gas utilities during deadly Winter Storm Uri that hit Texas in 2021.

Like last week, supply for the new-calendar issuance is light at $4.804 billion with $3.182 billion of negotiated deals and $1.622 billion of competitive loans.

The second quarter should bring more opportunity and less volatility following the worst quarter in four decades, analysts said.