Investment funds

There are plenty of taxable deals on the upcoming week’s new-issue calendar while several large deals from issuers in New York will be in the spotlight after Moody's downgrades.

ICI reports another $2 billion inflow week while new issues fare well. High-grades around the 2026 maturity were trading in large blocks showing stability.

Secondary trading picked up somewhat while the new-issue market saw a large amount of taxables in the negotiated space while Pennsylvania competitively sold $470 million of general obligation bonds.

Municipals were steady to weaker, with yields up by as much as three basis points on the long end Thursday.

Municipal bonds finished out the month on a strong note, with yields dropping by as much as two basis points on Friday.

For the 10th week in a row, investors put cash into tax-exempt mutual funds with Refinitiv Lipper reporting a $857 million inflow.

Matt Boardman, head of fixed income for RBC Wealth Management, talks with Chip Barnett, about how the municipal bond market has changed over the past few months in light of the coronavirus pandemic. He talks about how the economic effects due to COVID-19 caused a "sudden and violent" dislocation in munis for over two months and how we’ve now returned to being a more rational and reasonable market and remains vibrant and strong.

New deals thrive and inflows continue as Lipper reports $1.2 billion into municipal bond mutual funds.

Taxable equivalent yields on exempts are close to converging into taxables.

In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.

The municipal market kept with a cautious tone on Thursday as the new-issue market continues to digest deals.

The municipal bond market again sold off as much as a half percentage point across the curve.

Some market professionals were quick to say that the step would not be sufficient to soften the blows hammering the wider muni market.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

Barber and Amoroso will work together during a temporary transition phase.

The 2017 Tax Cuts and Jobs Act continues to influence the composition of the municipal bond market.

Demand for municipal bonds is much stronger in 2020 than it was to end 2019, illustrated by record inflows into the asset class in the latest reporting week.

Former N.Y. Giants tight-end and two-time Super Bowl champion Mark Bavaro is taking on an expanded role at Academy Securities.

The House of Representatives' vote to impeach a president for only the third time ever had 'zero' impact on the municipal market, while stocks soared.

If anyone had doubts about the market's ability to digest the largest weekly issuance influx in nearly two years, those can be put to bed now that all the deals have come and gone.