Buy side

Tax-free money market funds took in $82.8 million and settled with $309.12 billion in the week ended May 23, according to the Money Fund Report, a service of iMoneyNet.com.

For portfolio managers of municipal bond funds, the past several months haven’t been for the faint of heart. Still, muni fund managers report mixed experiences in riding out the prolonged flood of outflows.

On the heels of a month-long rally in the municipal bond market, some yield-seeking institutional and retail investors are turning to riskier credits to get their fix.

Outflows from municipal bond mutual funds may be coming to an end, depending on where one looks for U.S. fund flow numbers.

Despite attractive borrowing rates, issuers continue to hold back, with new-issue volume slipping for a third week, putting it on schedule to be the fourth-slowest so far this year.

Municipal bond mutual funds had net outflows of $108 million in the week ended May 18, according to Lipper FMI.

The influx of cash into tax-free money market funds last week proved to be short-lived as assets fell $914.9 million to $309.04 billion for the week ended May 16, according to the Money Fund Report, a service of iMoneyNet.com.

The popularity of direct loans and purchases of variable-rate debt continues to grow. But as more bank credit facilities for VR debt come due this year for municipal issuers, the alternative financing products present numerous risks that issuers must monitor, according to a new report by Standard & Poor’s.

New muni issuance is edging up.

Reversing a trend of outflows, tax-exempt money market funds raked in $3.33 billion to end the week of May 9 with $309.95 billion in total net assets, according to the Money Fund Report, a service of iMoneyNet.com.

The “magic” 5% tax-free yield is ­sustaining strong demand from retail investors.

These days there seems to be a lot of information available to nervous retail investors about the municipal bond market. Maybe even too much.

CHICAGO — Last year’s dire predictions that a coming record wave of expiring bank credit facilities would tax the municipal market did not come to fruition in the first quarter, according to a new report from Moody’s Investors Service.

New issuance remains sparse with a light calendar this week on the heels of last week’s slim pickings.

In a quick shift, net outflows from tax-exempt money market funds fell to $302.8 million for the week ended May 2, according to the Money Fund Report, a service of iMoneyNet.com.

After the billion-dollar Chicago financing for O’Hare International Airport temporary boosted supply and lured retail investors to its 6% yields last week, volume will again recede to its previously skimpy state with few sizable deals vying for investors’ attention this week.

In what marks the largest outflow activity so far this year, tax-exempt money market funds lost a hefty $5.17 billion and total net assets fell to $306.93 billion for the week ended April 25, according to the Money Fund Report, a service of iMoneyNet.com.

Tax-exempt municipal money market funds double-downed on outflows as a whopping $4.70 billion poured out in the week ended April 18 and total net assets fell to $312.10 billion, according to the Money Fund Report, a service of iMoneyNet.com.

Chicago's $1 billion sale of third-lien revenue bonds for O'Hare International Airport will be the centerpiece of an otherwise relatively light post-holiday market this week.

In one of the skimpiest new-issue weeks so far this year, the municipal market will see only an estimated $1.43 billion of new bonds, according to Ipreo LLC and The Bond Buyer.