Municipal bond funds

Another week of inflows as reported by ICI and the municipal market continues to push on. There is money to put to work, sources say, depending on who is willing.

Moody's cut NYC's $39 billion of outstanding GOs to Aa2 citing the effects of COVID-19 and also lowered the debt rating of New York State.

The Puerto Rico Housing Finance Authority’s deal came in three times oversubscribed and was an important step in the Commonwealth’s return to the capital markets.

Without more fiscal support, the outlook becomes murkier with the possibility of economic data disappointment and volatility in rates, and historically muni demand dampeners, Morgan Stanley said.

The new-issue market saw deals from Houston, the Illinois Finance Authority and the City and County of San Francisco, Calif., hit the screens.

Duane McAllister and Lyle Fitterer of Baird talk with Chip Barnett about low rates and credit quality. They discuss the best scenarios for investors and issuers in these challenging times. (20 minutes)

Longer-dated municipals strengthened Thursday as transportation deals from Oregon, Texas and Atlanta issuers came to market.

Muni yields fell a basis point on some AAA curves Wednesday as deals from Maryland and California hit the screens.

Refinitiv Lipper reported $139.364 million of muni fund inflows, the 17th week in a row of positive results, but the lowest gain since July.

The Florida State Board of Administration Finance Corp. deal was upsized by $1 billion on a day that gave muni buyers a wide variety of paper to choose from.