Buy side

Details are starting to emerge on an opaque part of the market, as issuers respond to a Standard & Poor's request for disclosure on municipalities' direct loans.

After a short-lived supply boost last week, volume will drop by an estimated $5 billion this week as issuers scale back financings and underwriters and investors head into the Fourth of July holiday.

The Bond Buyer's muni bond indexes strengthened in the week ending June 26.

Tax-exempt money market funds reported outflows of $696.9 million as total net assets settled at $255.5 billion in the week ended June 23, according to The Money Fund Report, a service of iMoneyNet.com.

Investors were not reluctant to buy the Detroit name when the Michigan Finance Authority priced $185 million of bonds for the Detroit Public Lighting Authority Wednesday.

The New York Environmental Facilities Corporation's $213 million bond sale earlier in June showed green bonds offer issuers an opportunity to diversify their investor base by bringing in buyers who do not typically purchase municipal bonds.

An estimated $8.9 billion in new issuance is expected to be priced in the primary market this week.

The Bond Buyer's muni bond indexes were mixed in the week ending June 19.

Flows among tax-exempt money market funds switched back to negative as they reported the loss of $1.2 billion in the week ended June 16, according to The Money Fund Report, a service of iMoneyNet.com.

Miami-Dade County plans to restructure three swaps associated with 1996 and 1997 bonds that have paid off with positive cash flow since being negotiated.

The Texas Department of Transportation will lead the week's new-issue activity with a $900 million sale of general obligation mobility-fund refunding bonds as volume in the municipal market is projected to stay above $6 billion for a third straight week.

As state and local governments make efforts to prepare for climate change, credit analysts are watching closely to see how impacts from weather-related events might affect credit quality.

Inflows into all municipal bond funds increased from last week without climbing back to May's levels.

The Bond Buyer's muni bond indexes were mixed in the week ending June 12.

The supply shortage in the tax-exempt market in 2014 is making summer reinvestment season especially challenging for cash-laden investors.

Investment research firm Morningstar said it will no longer provide municipal bond credit analysis or commentary.

A $1.7 billion Los Angeles Unified School District general obligation refunding planned for this week will help boost volume to the highest in three months, and help satisfy pent-up demand among eager, cash-flush investors, according to municipal traders.

This year's higher taxes played a secondary role as demand for municipal bonds surged after April 15 tax deadline passed, according to analysts.

The Bond Buyer's muni bond indexes mostly weakened in the week ending June 5.

Hedge funds and other non-traditional buyers will exit the municipal market place if munis continue to grow more expensive relative to Treasuries, BlackRock said.