Buy side

The Bond Buyer's weekly yield indexes were mostly higher this week, as early week gains were washed out by losses over the past two trading sessions.

New York issuers will dominate the new-issue activity this week as both the Triborough Bridge and Tunnel Authority and the New York City Municipal Water Finance Authority come to the primary market amid an anticipated slate of $7.5 billion, according to Thomson Reuters.

Weekly reporting municipal bond mutual funds had a net inflow of $272 million during the period ending July 9, AMG Data Services reported.

After two weeks of outflows, tax-exempt money market funds swelled by $11.77 billion to end the week of July 7 with $514.80 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The Bond Buyer's weekly yield indexes declined this week, as munis grew firmer in each of the week's sessions.

Thornburg Investment Management has hired Christopher M. Ryon, former head of Vanguard Group's intermediate- and long-term tax-exempt funds, as an associate portfolio manager.

A $1 billion North Texas Tollway Authority revenue refunding and a handful of hefty note deals will headline the fairly brisk post-holiday activity in the primary market this week as part of an expected $5.96 billion of competitive and negotiated new-issue volume, according to Thomson Reuters. Last week the market saw a revised $3.39 billion in total volume.

Tax-exempt money market funds began the second half of the year on a sour note, suffering outflows of $10.62 billion, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

DALLAS - After winning a positive response from the market with a $125 million deal last month, the North Texas Tollway Authority is ready to continue its record year in debt issuance by pricing $1 billion of second-tier revenue bonds this week.

Nearly all The Bond Buyer's weekly yield indexes declined this week, as tax-exempts finished firmer in each of the week's sessions.

SAN FRANCISCO - Long-term municipal bond issuance dropped 4.1% in the first half of 2008, as issuers with auction-rate securities rushed to refinance and most others tried to avoid a turbulent market.

Weekly reporting municipal bond mutual funds had a net inflow of $461 million during the period ending June 25, AMG Data Services reported.

As the municipal market closes the book on the first half of 2008 and prepares for the start of the summer reinvestment season tomorrow, activity in the primary market will slow as underwriters, investors, and issuers cut the week short ahead of Friday's July 4th holiday.

Most of The Bond Buyer's weekly yield indexes rose last week, as municipal bonds cheapened significantly compared to Treasuries.

Outflows to the tune of $3.81 billion caused tax-exempt money market funds to end the week of June 23 with $513.65 billion, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The ongoing credit crunch is starting to hit mutual funds, according to a recent review by Standard & Poor's that revised credit quality ratings on eight tax-exempt mutual funds.

Broker-dealers ended the first quarter of 2008 with 31.7% more in municipal debt on their books than they had at the end of 2007, according to Federal Reserve flow of funds data that is likely due to the freeze in the auction-rate securities market.

Weekly reporting municipal bond mutual funds had a net inflow of $374 million during the period ending June 18, AMG Data Services reported.

A $1.5 billion California general obligation sale and a trio of mammoth note deals will headline this week's activity in the primary market amid an estimated $6.46 billion in new-issue volume. Last week, the market welcomed a revised $7.28 billion, according to Thomson Reuters.

Most of The Bond Buyer's weekly yield indexes rose this week, as a number of large issues weighed on the market.