Buy side

Chicago will conduct a full-court press of the buy side next week.

Investors pulled $698.782 million out of municipal bond mutual funds, per Refinitiv Lipper data, versus the $206.127 million of inflows the week prior. High-yield saw small inflows.

BlackRock's Head of Municipals Peter Hayes lays out the muni landscape for the rest of the year, highlighting opportunities for the asset class after the severe volatility so far in 2022.

The condition of infrastructure projects should be included in bond pricing metrics as many infrastructure assets around the country have turned into liabilities.

The ISS ESG Muni QualityScore was previously designed for the buy- and sell-side, but it has expanded its offerings to issuers with datasets focused on their specific locations.

After 40 years in the municipal bond industry — 35 of them at American Century — Steve Permut left the California-based mutual fund firm on June 30 for retirement.

The three public finance professionals added to BondLink’s issuer relations team are part of the company’s ongoing initiative to help its network navigate a turbulent market.

The investors conference allows city officials to pitch investors on its pandemic recovery and future fiscal prospects while investors get the chance to scrutinize those efforts and pose their own questions.

Mary Colby, who retires from Charles Schwab Investment Management after 30 years in the muni industry, fought for more extensive disclosure for investors.

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.

Disclosure around ESG-related risk factors to credit as well as for ESG-labeled bonds remains a mixed landscape that reflects the heterogenous nature of the muni market itself.

Municipals head into the final week of the first half of 2022 on more stable footing, but a cautious tone hangs over the market.

Analysts uncertain about the timing and cost savings as FAFAA names syndicate for possible refunding.

Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $6.488 billion, led by $1 billion-plus of GOs from Maryland in the competitive market.

The seasonal factors of a supply and demand mismatch, reinvestment needs and strong credit fundamentals, have opened a window of opportunity.

While only 12% to 15% of municipal bond trading volume is performed electronically, various market participants say the time to embrace new technologies is now.

Despite compelling yields and ratios, buyers continue to be selective. Even if rates stabilize, municipal investors will likely be cautious for some time, waiting for fund outflows to abate, strategists said.

Valuations look increasingly attractive relative to other fixed income asset classes, even as rising interest rates continue to weigh on the market, strategists say.

In the week ending April 13, investors pulled $5.526 billion from the funds, down from $7.227 billion of outflows in the previous week, ICI reported.