Buy side

The municipal market is poised to welcome an estimated $5.16 billion in total new volume his week - the highest level in recent months - anchored by a $450 million revenue issue from the California State University Trustees and $510.5 million of general obligation bonds from Maryland.

Even during the toughest of times, people still drink water and go to the bathroom.

Although outflows among tax-exempt money market funds slowed considerably during the week ending Feb. 23, the funds settled at $482.27 billion in total assets after losing $151.1 million, according to the Money Fund Report, a service of iMoneyNet.com.

The Bond Buyer's weekly yield indexes were narrowly mixed this week, despite tax-exempt yields rising modestly in each of the week's sessions.

Based on traditional measures of value, the high-quality municipal bond has returned to something approaching normal. Not so for lower-grade bonds.

Issuers in New York, Texas, and Pennsylvania will bring three of the largest deals to the primary market this week amid a relatively small slate of offerings, part of an estimated $3.97 billion planned for the negotiated and competitive markets combined.

Advisors Asset Management Inc. launched the biggest-ever municipal bond unit investment trust earlier this month as a rally in munis lured investors to the company's new low-cost structure.

Cash influxes into municipal bond mutual funds slowed a bit last week as a hot streak in munis cooled.

Most of The Bond Buyer's weekly yield indexes rose during this holiday-shortened week, as the market carried a weaker tone, with yields either remaining flat or slightly increasing in each session.

In his 25 years in the municipal bond industry, James Colby has learned that one obscure corner of the market sometimes offers substantial value for those privy to it. This is one of those times.

Tax-free money market funds fell by $4.31 billion to $482.42 billion for the week ending Feb. 16, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

Sizable transportation, health care, utility, and state general obligation deals will highlight a plentiful new-issue calendar that calls for an estimated $4.56 billion in new volume this week, according to Thomson Reuters.

Cash continued flooding municipal bond mutual funds last week as a growing appetite for mild risk continued bolstering the muni market.

Nearly all The Bond Buyer's weekly yield indexes decreased this week, as municipals were either flat or slightly firmer in each of the week's sessions.

For those investors hoping to take advantage of the plump yields on Puerto Rico's debt, the municipal bond team at Janney Montgomery Scott has some advice: Be careful.

Tax-free money market funds continued to see outflows for the week ending Feb. 9, as total assets declined by $2.2 billion to settle at $486.73 billion, according to the Money Fund Report, a service of iMoneyNet.com.

If the clouds hovering over the municipal bond industry have a silver lining, portfolio managers say it is investors finally giving them cash to work with when yields are compelling.

Volume is expected to accelerate slightly this week, with $4 billion of negotiated and competitive deals on the calendar, compared with the revised $3.16 billion that ushered in the first week of February, according to Thomson Reuters.

Cash influxes into municipal bond mutual funds accelerated last week as investors increasingly recognized the relative safety and value of state and local government debt.

Outflows from tax-free money market funds slowed to $4.56 billion for the week ending Feb. 2, settling at $488.8 billion, according to the Money Fund Report, a service of iMoneyNet.com.