Buy side

Outflows from municipal bond mutual funds continued into a 15th straight week, with withdrawals in the period ended Sept. 4 amounting to $1.31 billion, according to Lipper FMI data.

The Bond Buyer's weekly yield indexes continued to climb the week ended September 5.

Outflows curtailed the growth of tax-exempt money market funds for a second week in a row as $2.18 billion exited the industry and total net assets fell to $267.71 billion in the week ended Sept. 2, according to The Money Fund Report, a service of iMoneyNet.com.

There is undoubtedly considerable waste from inefficient advance refundings, but let's not throw out opportunities to save taxpayers' money, when warranted, by giving credence to half-baked theories based on shoddy scholarship, says Andrew Kalotay.

Citi has entered into a new partnership with TMC to offer its negotiated new-issue municipal bonds to dealers in the retail fixed-income trading system's network.

A federal judge sided with American Airlines in agreeing to set a November trial date for the federal government's civil antitrust lawsuit against the airline's merger with US Airways Group.

Investors returning from the Labor Day holiday will be met with slim pickings in the primary market this week as long-term volume is expected to drop to just over $1.50 billion this week, led by the pricing of two higher education financings on Wednesday.

The plunge in long-term municipal bond volume for 2013 continued as issuers in August floated 37.7% less than they did over the same period in 2012, the latest sign that rising interest rates are curbing issuer demand.

The Bond Buyer's weekly yield indexes continued to climb the week ended August 29.

Municipal bond mutual funds got a reprieve after three weeks of increasingly large outflows, with just $1.74 billion withdrawals in the week ended Aug. 28, according to Lipper FMI numbers.

Outflows among tax-exempt money market funds erased the inflows they gained last week - and then some -- as $1.06 billion fled the industry and total net assets dipped to $266.89 billion in the week ended Aug. 26, according to The Money Fund Report, a service of iMoneyNet.com.

Municipal bond yields have jumped enough from historic lows they reached in November that investors are beginning to see some attractive ratios, creating opportunities for both buyers and holders of tax-exempt securities.

California and New York will share the new-issue spotlight in the long-term market this week, aiming to grab investors’ attention before the Labor Day hiatus and harness some of the demand which helped sell last week’s large deals.

The market for variable-rate demand obligations has improved this year and is primed for a turnaround, according to a research report Moody's Investors Service published Friday.

The tax-exempt market ended softer every session this week as selling pressure from municipal bond funds and illiquidity pushed bond prices lower.

Municipal bond mutual funds that report weekly had a $2.14 billion outflow in the week ended Aug. 21, according to Lipper FMI numbers, the 13th consecutive week of investor withdrawal and the biggest reduction this month.

The Bond Buyer’s weekly yield indexes continued to climb the week ended August 22.

Van Eck Global plans to start an exchange-traded fund consisting largely of Puerto Rico municipal securities, a move that may broaden demand for the commonwealth's debt as it re-enters the market for the first time since a new administration took office.

Inflows of $1.02 billion into tax-exempt money market funds boosted total net assets to $267.95 billion in the week ended Aug. 19, canceling out the previous week’s losses.

Backed by rating upgrades, Atlanta plans to price $328.7 million of water and wastewater revenue bonds Tuesday and plans to sell another $240 million next month.