Buy side

Puerto Rico’s Monday meeting with its bondholders puts the commonwealth and its creditors on an unpredictable path of negotiation and litigation, if history is a guide.

Municipal volume is projected to jump back over $8 billion in the coming week, led by billion-dollar deals from Chicago, Indiana and California.

For the 10th week in a row, municipal bond funds reported cash outflows. The weekly reporting funds saw $305.707 million of outflows in the week ended July 8, after experiencing outflows of $1.199 billion in the previous week, according to the latest Lipper data.

For the week ended July 9, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased three basis points to 4.45%, from 4.48% the previous week.

Advisors Asset Management has picked up two veteran fixed income traders as part of the expansion of its capital markets group.

StepStone is the new consultant for the $30 billion Connecticut Retirement Plans and Trust Funds’ private investment fund, state Treasurer Denise Nappier said.

Months after the original private owner of the publicly owned toll road went bankrupt, the new owner, Australian fund manager fund IFM Investors, is set to complete the financing of its takeover bid next week.

An "administrative error" by M&T Bank is blamed for a delinquent debt service payment from Beacon, N.Y., but the mistake did not impact the city's credit rating.

For the ninth week in a row, municipal bond funds reported an almost $1.2 billion outflow, the largest cash withdrawal so far this year. This brought to 12 out of 27 weeks this year the funds have suffered cash withdrawals.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices increased two basis points to 4.48% for the week ended July 2 from 4.46% in the previous week.

Chicago's junk paper offers an enticing opportunity, says one buyside professional who views the city's credit as being on the upswing with a long term solution to its pension woes within reach.

Municipal bond issuers may find healthy demand for $4.9 billion of deals scheduled in the coming week, as investors look to put reinvestment money to work.

About 53% of open end mutual funds have exposure to some type of Puerto Rico debt, down from almost 70% in 2014, according to Morningstar Inc.

Issuers from Illinois, Wisconsin and Michigan compared notes on market challenges at the Bond Buyer's Midwest conference; Illinois credits face the toughest sledding.

Puerto Rico faces a fight from one of its biggest bondholders as it seeks to reduce debt service payments for several years.

Puerto Rico's insolvency is a game changer that will have a deep and far-reaching impact on the market, municipal professionals said Tuesday at a Bond Buyer conference in Chicago.

Muni experts expect outperformance by high credit-quality issues, a decline in refundings, troubled credits to dominate the headlines, and the Fed to raise rates in the second half of the year.

Puerto Rico Gov. Alejandro García Padilla may have worsened relations with traditional municipal investors when he acknowledged long-standing concerns that the commonwealth cannot pay its $72 billion in municipal bond debts.

Municipal volume is forecast to drop 45% as a holiday shortened week brings the second quarter to a close.

For the eighth week in a row, municipal bond funds reported outflows, bringing to 11 out of 26 weeks this year the funds have seen cash withdrawals.