Buy side

In what is the single-largest note deal so far this year, California will issue $8.8 billion of revenue anticipation notes this week, more than double the estimated $4.37 billion of long-term volume expected to be priced in the primary market, according to Ipreo LLC and The Bond Buyer.

WASHINGTON — The Treasury Department’s guarantee program for money market funds expired Friday after generating $1.2 billion of fees from funds that participated in the program.

The Bond Buyer’s weekly yield indexes declined this week, as tax-exempts showed gains in nearly all the week’s sessions.

After slight inflows last week, tax-exempt money market funds fell by $5.33 billion and settled at $437.36 billion for the week ending Sept. 14, according to the Money Fund Report, a service of iMoneyNet.com. The drop coincided with the Sept. 15 corporate tax deadline.

Interactive Data Corp. and Pluris Valuation Advisors LLC have teamed up to provide what they contend will be first-of-its-kind daily pricing data for illiquid student loan and other municipal auction-rate securities.

CHICAGO - Michigan could partner with private companies to build or operate its highways and bridges to boost badly needed transportation revenue under a bill being considered by the Legislature.

Volume in the primary market is expected to be an estimated $9.11 billion of new issues, according to data from Ipreo LLC and The Bond Buyer. That follows a revised $2.31 billion of deals priced the week of Labor Day, according to Thomson Reuters.

Standard & Poor’s revised its outlook to negative on two series of outstanding debt issued by Ward County on behalf of Trinity Health, the main tertiary provider in northwest North Dakota.

Weekly reporting municipal bond mutual funds had a net inflow of $1.07 billion during the week ending Sept. 9, AMG Data Services ­reported.

SAN FRANCISCO — Build America Bonds rapidly gained investor acceptance in their first four months in the market, but they continued to trade differently from traditional municipal bonds during that period, according to preliminary findings from Loop Capital Markets.

The Bond Buyer’s weekly yield indexes declined this holiday-shortened week, as the municipal market grew firmer in most of the week’s sessions, with the majority of the gains situated on the long end of the curve.

After seeing money flee in recent weeks, tax-exempt money market funds inched up slightly by $1.29 billion for the week ending Sept. 7 to settle at $442.70 billion, according to the Money Fund Report, a service of iMoneyNet.com.

The trend of money moving into longer-term municipal bond mutual funds continued last week as the pace of inflows remained near historic highs by every measure.

Supply-hungry investors will face a thin calendar of post-holiday fare as an estimated $2.99 billion is expected to enter the municipal market this week, according to Ipreo LLC and The Bond Buyer.

Closed-end municipal bond funds have come screaming back to life as the confluence of cheap financing costs and hearty long-term rates has bolstered dividends and lured investors to tax-equivalent yields of often 10% or more.

The Bond Buyer’s weekly yield indexes declined this week, as gains on the long end of the municipal yield curve helped carry tax-exempts to a firmer footing, despite a quietening of activity ahead of the forthcoming three-day holiday weekend.

Tax-exempt money market funds both saw outflows and set record-low yields for the week ending Aug. 31 on the heels of losing very little cash and yields remaining unchanged the previous week, according to the Money Fund Report, a service of iMoneyNet.com.

When Nassau County, N.Y., goes to market today with a $110 million competitive deal, it will follow a trend that has emerged since the creation this year of the taxable Build America Bonds program.

The tremendous sums of cash landing in municipal bond mutual funds have started hitting longer-term funds as investors reach for better yields and feel more comfortable with the outlook for inflation.

BlackRock Inc. made a big splash in the exchange-traded funds business this summer with its purchase of the investment unit of Barclays Global Investors, and analysts and executives are waiting for the next shoe to drop.