New York City Transitional Finance Authority

The Investment Company Institute on Wednesday reported another round of large outflows, this week at $3.502 billion, up from $2.647 billion of outflows in the previous week.

The City Council on Wednesday began the first of a series of hearings on Mayor Eric Adams' $98.5 billion preliminary fiscal 2023 budget.

Refinitiv Lipper reported $238.926 million of outflows, but $182.035 million of inflows to high-yield, reversing last week's outflows. New-issues faced concessions.

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

Mayor Eric Adams’s proposal to ask the state to raise the Transitional Finance Authority’s bonding authority by $19 billion is being opposed by Comptroller Brad Lander.

Marjorie Henning was named deputy comptroller for public finance and Michael Haddad is interim chief investment officer and deputy comptroller for asset management.

While move-outs still outpace move-ins, the rate at which people are leaving has slowed and returned to near pre-pandemic patterns. A return by workers to offices is also rising, but occupancy in the city remains lower than almost all major metropolitan areas in the U.S. except for San Jose and San Francisco in California.

ICI reported $1.99 billion of inflows into municipal bond mutual funds, bringing the total to $69 billion for 2021.

Daily bid-wanteds totals per Bloomberg have fallen to an average par value below $450 million from $640 million per day during the first quarter and $549 million in the second.

Returns of negative 0.40% would be the third-worst August performance of the past 10 years, according to Bloomberg data.