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Investors pulled more from municipal bond mutual funds, with Refinitiv Lipper reporting $1.3 billion of outflows, down from the $1.6 billion the week prior and bringing the total to $47 billion year-to-date.

Justices said criminal indictments against the former governor and other officials didn't pass legal muster. The attorney general's solicitor general says the case is not over.

This is the third deadline extension for PREPA mediation.

For the first half of 2022, total issuance sits at $201.556 billion, down 14.5% from $235.836 billion in 2021. Taxables are down 46.8% to $31.024 billion from $58.338 billion.

Puerto Rico-based Ocean Capital is trying to gain control of several local tax-free income funds by electing members to the funds' board of directors, but current board members have refused to give up their seats.

The state has led the way on environmental policies and spent billions on housing, but significant challenges mean its ESG scores aren't that great.

The Spotlight Dealer Diversity Program, an initiative to highlight firms owned by women, veterans, people with disabilities and individuals of underrepresented racial and ethnic groups, aims to promote them in Tradeweb’s platforms.

Daily report for June 30, 2022

NOTICE IS HEREBY GIVEN to the holders of the Bonds of the Authority set forth in the Schedule below (the “Defeased Bonds”) that there has been deposited with U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee and Escrow Agent, moneys and direct obligations of the United States of America, as permitted by the Authority’s Water and Sewer System Second General Revenue Bond Resolution, adopted by the Authority on March 30, 1994, as amended and supplemented to the date hereof (the “Second General Resolution”), the principal of and interest on which, when redeemed prior to maturity, will provide moneys which, together with the moneys deposited with the Escrow Agent at the same time, shall be sufficient and available to pay the principal amount thereof and interest due and to become due on the Defeased Bonds on and prior to the respective redemption dates as set forth in the Schedule below. The Defeased Bonds are deemed to be paid in accordance with Section 1201 of the Second General Resolution. The Trustee has been irrevocably instructed to pay the Defeased Bonds on the respective redemption dates at 100% of the principal amount thereof, plus accrued interest thereon to the respective redemption dates.

NOTICE IS HEREBY GIVEN that, upon the issuance of its Taxable General Fee Revenue Refunding Bond, Series 2022-A on April 29, 2022, Auburn University (the "University") established an irrevocable trust fund with The Bank of New York Mellon Trust Company, N.A., in which it deposited and set aside non-callable obligations of the United States of America maturing as to principal and interest in such amounts and at such times as will ensure the availability of sufficient funds to pay the principal and interest on certain of the University's outstanding General Fee Revenue Refunding Bonds, Series 2014-A (the "Refunded Bonds"). The Refunded Bonds will be called for redemption on June 1, 2024. The establishment of such trust for the benefit of the holders of the Refunded Bonds constitutes a defeasance of such bonds. The Refunded Bonds will be considered fully paid for purposes of the General Fee Revenue Trust Indenture, dated as of June 1, 1985, under which the Refunded Bonds were issued.

The Investment Company Institute reported investors pulled $4.590 billion from muni bond mutual funds in the week ending June 22, down from $6.243 billion of outflows in the previous week.

The federal lawsuit brought by Philadelphia, San Diego and Baltimore on behalf of thousands of issuers is similar to a series of closely watched state whistleblower cases that claim banks manipulated interest rates on variable-rate bonds.

Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.

Wisconsin Capital Finance Director David Erdman, who is leaving for the private sector, hands the reins of the office to his deputy on Friday.

State Treasurer Riley Moore is among of a group of GOP state officials challenging ESG efforts he calls “coercive capitalism.”

The bond proposition passed with more than 59% of the vote, according to unofficial election results.

The next generation of Senate Banking Committee Republicans has signed on to the latest salvo by Patrick Toomey — who will soon leave Congress — against the Federal Reserve Bank of Kansas City. That means the master accounts issue will live on.

Federal Reserve Chair Jerome Powell said the U.S. economy is in “strong shape” and the central bank can reduce inflation to 2% while maintaining a solid labor market.

Central bankers must not be complacent about increases in long-term inflation expectations and should act forcefully to curb rising price pressures, said Federal Reserve Bank of Cleveland President Loretta Mester.

Daily report for June 29, 2022