Buy side

In what could have appeared as an April Fool's joke, but was rather a coincidence, tax-exempt money market funds lost $1.79 billion in the week ended April 1 -- the exact same amount they lost in the prior week.

After wrapping 4 bond issues in 2012, Build America Mutual Assurance Corporation has seen a significant increase in business during the first quarter of 2013, insuring 114 transactions.

Eaton Vance moved one step closer to offering a non-transparent, actively managed municipal exchange-traded fund.

Standard & Poor's has proposed new criteria for rating affordable multifamily housing bonds, which could result in downgrades of 10% of rated issues.

Municipal bond issuance tumbled for a second straight month on far fewer deals for less money. Long-term muni volume fell 12% in March against the same period one year earlier.

A pair of large state general obligation offerings will pump a generous amount of new volume into the municipal market this week where more than $4 billion in new volume is expected to be priced on the heels of a brisk, and mostly stronger holiday-shortened trading session last Friday.

Demand for municipal bonds fell modestly for the week of March 27, as the market saw outflows to muni bond mutual funds for the fourth straight week, at $43 million.

Tax-exempt money market experienced a week of net losses as $1.79 billion fled the industry and total net assets settled at $274.86 billion in the week ending March 25.

Though analysts and municipal managers said Tuesday's Standard & Poor's downgrade of the Puerto Rico Aqueduct & Sewer Authority was widely expected, the cut — the second experienced by one of the commonwealth's issuers in as many weeks — means more stress and concern for Puerto Rico bond holders, and could likely lead to less liquidity, wider spreads, and consequently, costlier trips to market.

Most non-profit hospitals are expected to find the 2% Medicare reimbursements cuts that take effect Monday manageable, Fitch Ratings says in a new report.

The Bond Buyer's weekly yield indexes were flat to lower the week ended March 27.

A solid base in city and regional economic forecasting and planning laid an atypical foundation for Michael Brooks, senior portfolio manager at AllianceBernstein, to build a career in municipal bonds.

A bankruptcy court hearing is slated next week on settlement agreement between American Airlines Inc. and holders of its $1.4 billion of New York City airport debt.

Automated programs for the bidding process haven't transformed trading in the municipal bond market as they have in equities, but they've been making noticeable inroads in the past few years.

Municipal market issuers have noticeably scaled back new financings this Good Friday holiday shortened week, giving the market a chance to catch its collective breath after digesting a recent glut of new volume.

Investors were down on the municipal bond market for a third straight week as $261 million poured out of weekly reporting muni bond mutual funds for the week of March 20.

The Bond Buyer's weekly yield indexes were narrowly mixed the week ended March 21.

After more than 50 years in the municipal bond business, Richard "Dick" O'Brien, of the regional brokerage firm Folger Nolan Fleming Douglas, is ready to step down and spend more time with his family … and his farm.

After its downgrade of MBIA Insurance Corp., Standard & Poor's has downgraded six MBIA-insured housing bond issues.

Tax-exempt money market funds reversed a recent spate of outflows -- yet gained just a scant $24.2 million -- as total net assets barely inched up to $276.65 billion in the week ended March 18, according to The Money Fund Report, a service of iMoneyNet.com.