Buy side

Top executives at Vanguard Group expect robust growth in 2009 from its target-date and exchange-traded funds, but in this economy analysts are skeptical.

Yeshiva University's tax-exempt bonds have been hammered this week as the private, nonprofit university acknowledged potential losses in an investment scheme and a shrinking endowment.

Most executives wouldn't consider themselves "fortunate" if they took over one of the largest fund companies weeks before an historic market collapse.

Advisors Asset Management Inc. hopes to reshape the landscape for municipal bond unit investment trusts with a series of bigger, lower-cost UITs.

Growth in the municipal bond market slowed in the third quarter as financial market turmoil increased, issuers sold less debt, and retail investors pared down their holdings.

In the last full trading week before the municipal market slows for its usual holiday pause, uncertainty continues due to the status of Illinois' $1.4 billion general obligation certificates sale - with few other new deals on tap to fill the void amid overall market weakness and volatility.

The forced selling plaguing municipal bonds has distorted some segments of the market into bizarre contortions.

Clients withdrew cash from municipal bond mutual funds last week at a clip not seen since October.

Nearly all The Bond Buyer's weekly yield indexes rose again this week, as tax-exempt yields continued to rise in all the week's sessions.

The assets of tax-exempt money market funds inched up by $1.34 billion for the week ending Dec. 8, causing total assets to grow slightly to $494.92 billion for the period, according to the Money Fund Report, a service of iMoneynet.com of Westborough, Mass.

With the end of 2008 just a few weeks away and 30-day visible supply hovering around $17 billion, only a handful of issuers are expected to make their way to the primary market this week.

Money continued to drain out of municipal bond mutual funds last week - albeit at a slower pace - as the financial crisis continued, chasing capital into safe havens.

Nearly all The Bond Buyer's weekly yield indexes climbed this week, as tax-exempt yields grew weaker in all the week's sessions.

Tax-exempt money market fund assets took a slight dip for the week ending Dec. 1, losing $500.2 million and settling at $493.58 billion after climbing $1.61 billion and reaching $494.08 billion the previous week, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The municipal bond market is entering a critical phase as local governments hope a still-skittish market can digest a near-record volume of new bonds over the next 30 days.

Pacific Investment Management Co. froze dividends yesterday on six municipal bond funds because the value of their investments is insufficient to cover the funds' debt.

It used to be that a good stretch for Treasuries probably also meant a good stretch for municipal bonds. No longer.

Pacific Investment Management Co. may freeze the dividend on the Pimco California Municipal Income Fund II because the value of its investments are insufficient to cover its debt.

Tax-exempt money market funds saw inflows of $1.61 billion for the week ending Nov. 24 and reached $494.08 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

Compared to last week's lull in new-issue volume ahead of the Thanksgiving holiday, this week investors will have plenty of deals to choose from - including a handful of some of the most sizable offerings that the otherwise relatively lackluster primary market has seen in recent months.