Buy side

In the pre-holiday week — and following the first significant inflow activity since early October — investors withdrew $3.48 billion in assets from tax-exempt money market funds, leaving them at $405.25 billion for the week ending Dec. 14, according to the Money Fund Report, a service of iMoneyNet.com.

The Bond Buyer today added a new "advance refunding" calculator to its web site. This sophisticated tool combines analyses of savings and "option value" to help state and local governments maximize the savings they can reap from refunding their outstanding debt.

Municipal Market Data's TM3 Web site implemented a number of changes yesterday to cope with a rapidly shifting landscape in municipals.

Investors who own bonds floated by public power utilities are political junkies by necessity, a new report says.

Two large note deals and a handful of long-term financings will come to market this week as part of an estimated $4.69 billion in new volume, according to Ipreo LLC and The Bond Buyer.

The tide of money washing into municipal bond mutual funds picked up again last week, offering hope that mutual funds will continue to provide a pillar of support to municipals.

The municipal bond industry might be catching an early glimpse into what the “new normal” will look like.

Phil Fischer, for decades one of the predominant voices in public finance, is retiring.

The Bond Buyer’s weekly yield indexes declined this week, as gains experienced through Wednesday withstood yesterday’s losses.

For the first time since early October, tax-exempt money market funds generated inflows for the week ending Dec. 7 as total assets rose by $2.59 billion and settled at $408.73 billion for the week ending Dec. 7, according to the Money Fund Report, a service of iMoneyNet.com.

In raising more cash to placate the rating agencies, Assured Guaranty Ltd. also pleased bondholders.

Reality has set in for municipal closed-end funds. And reality is not so bad.

Wayne Godlin, a municipal veteran with 26 years of experience, has joined the global investment management firm AllianceBernstein LP as a member of its municipal bond portfolio management team.

In a year that has seen nearly $58 billion of Build America Bond issuance, this week might afford one of the last opportunities in 2009 for investors to buy into sizeable offerings of the taxable debt.

Each passing week confirms the “new normal” in municipal bond mutual funds.

The technicals and the fundamentals are at war.

The Bond Buyer’s weekly yield indexes declined this week, as the municipal market grew slightly firmer in each of the week’s sessions.

Tax-exempt money market fund assets declined by $2.09 billion and ended with $406.15 trillion for the week ending Nov. 30, according to the Money Fund Report, a service of iMoneyNet.com.

Pacific Investment Management Co. is the latest company to jump into the municipal bond exchange-traded fund business.

Municipalities are preparing a decent slate consisting heavily of taxable bonds for sale this week following a holiday-shortened week with little activity.