Investments

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.

CALIFORNIACalifornia Educational Facilities AuthorityNov 25, 2008 . . . . . . $72,485,000

INDIANABartholomew Consolidated School CorporationNov 25, 2008 . . . . . . $3,900,000

Most of The Bond Buyer's weekly yield indexes pushed higher this week, as tax-exempts grew weaker in all the week's sessions despite light to moderate activity and Treasury market gains.

Fitch Ratings this week downgraded $19.5 million of facility revenue bonds issued by Midland Lutheran College to BB from BB-plus.

WASHINGTON - Federal regulators yesterday announced $800 billion of new lending and debt purchasing programs designed to free up the housing, auto, credit card and student loan markets, but said they will not cover tax-exempt securities, drawing concerns from the muni market.

ALABAMABirmingham Water Works and Sewer BoardNov 21, 2008 . . . . . . $10,000,000

ILLINOISOakbrook Terrace (City)Nov 25, 2008 . . . . . . $5,000,000

Moody’s Investors Service has lowered its rating on $83.9 million of revenue bonds issued by the University of Central Arkansas to A3 from A2 and put the credit on the watch list for further downgrades.

ALABAMANorth Marshall Utilities BoardOct 18, 2008 . . . . . . $5,450,000

ILLINOISNorth Aurora VillageNov 24, 2008 . . . . . . $9,000,000

There will be few deals in the primary market for investors to digest this week as many issues will be put on hold until after the Thanksgiving holiday. The result will be a drop in volume to an estimated $2.25 billion after reaching as high as $5.09 billion last week - the strongest in several weeks after supply gradually inched its way up amid the nation's ongoing fiscal recovery effort, according to data from Thomson Reuters.

Withdrawals from municipal bond mutual funds accelerated last week as the financial crisis sapped demand for almost every investment except Treasuries.

ARKANSASOuachita CountyJul 31, 2008 . . . . . . $9,800,000

NEW YORKPort Jervis City School DistrictNov 21, 2008 . . . . . . $800,000

WASHINGTON - Georgetown University this week restructured $115 million of auction-rate securities into variable-rate demand obligations using an increasingly popular technique: leveraging joint support from both the liquidity provider and the issuer.

DALLAS - The deepening recession is putting Texas schools and universities in a tighter squeeze as investment losses have sharply reduced two funds used to guarantee bond issues.

The Department of Education yesterday announced that it will purchase student loans on a short-term basis that were issued for the 2007-2008 academic year, using untapped authority Congress granted it in legislation enacted in May.

Nearly all The Bond Buyer's weekly yield indexes were somewhat lower this week on the whole, as municipals showed gains but lagged behind a massive Treasury rally.