Inflows for all municipal all municipal bond funds slowed as munis slumped during the week ending Sept. 3rd.
Funds that report weekly said inflows totaled $379.8 million for the week, down from $446.4 million the previous week, according to Lipper FMI.
Yields on the 30-year rose by eight basis to 3.29% on Thursday from Friday last week, and by five basis points to 2.13% on the 10-year during the same period, according to data provided by Municipal Market Advisors.
The market was selling-off because munis were following the Treasury market, where yields began rising on Tuesday after positive economic news.
Assets of all weekly reporting municipal funds rose to $299.4 billion from $298.5 billion last week. The four-week moving average inflow rose to $480.8 million from $384 million.
Long-term municipal mutual fund assets rose to $161.4 billion from $160.88 billion last week. The four-week moving average of the long-term fund was an inflow of $257.7 million, up from $239.9 million last week.
High yield fund inflows declined to $104.1 million from $229.8 million the week before. This is the third week in a row high yield fund inflows have declined.
Assets increased to $461.7 billion from $454.5 billion. The four-week moving average was $241.2 million, up from $230.3 million.
The three top negotiated issuances scheduled next week are $372.7 million Chicago second lien water revenue bonds that PNC Capital Markets is expected to price.
On September 10 Wells Fargo Securities is expected to price $286.4 million Pennsylvania Turnpike Special obligation taxable bonds, and Citigroup is scheduled to sell $274 million Minneapolis St. Paul International Airport bonds on the same day.
The competitive calendar is dominated by $2.8 billion California revenue anticipation notes scheduled for auction on September 10.
