Mutual funds

Supply for the holiday-shortened week is $4.8 billion. Municipals performed the worst since 1980 in the first quarter of 2022, but some analysts see the pain subsiding.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $3.247 billion of outflows, of that $1 billion was high-yield. ETFs are still seeing inflows.

Investors pulled more from municipal bond mutual funds as the Investment Company Institute reported $4.5 billion of outflows in the week ending March 30.

Hawkish Fed comments caused UST yields to rise by as much as 17 basis points, just as munis had caught a bid. The new-issue market fared well in digesting large deals amid the volatility.

Municipals have taken a hit in the first months of 2022, but higher yield levels and cheaper ratios have offered possibilities for both retail and institutional buyers, analysts say.

Without a reversal in UST or municipal bond mutual fund outflows, munis will continue to be pressured.

More outflows from municipal bond mutual funds were reported as bid lists surpass $1 billion 22 times in 2022.

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Outflows continue but dropped significantly in the latest week with Refinitiv Lipper reporting $662 million of outflows from municipal bond mutual funds following $2.823 billion the week prior.

As municipals continue to underperform the moves in U.S. Treasuries, current ratios are attractive and present a buying opportunity.

ETFs pulled in just more than $2 billion in February while muni mutual funds saw $8.5 billion of outflows.

Ongoing turmoil in the Ukraine is roiling markets, municipals included. Refinitiv Lipper reported more outflows, with high-yield seeing $818.218 million pulled out in the latest week.

Investors yanked $1.154 billion out of municipal bond mutual funds in the latest week, Refinitiv Lipper reported.

The Investment Company Institute on Wednesday reported $3.120 billion of outflows in the week ending Feb. 16, up from $993 million of outflows in the previous week.

Refinitiv Lipper reported outflows after inflows of $216 million the previous week.

Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.

Municipals were stronger again on the day, though, and new-issues were repriced to lower yields.

The UST selloff and rate fears spooked investors in January, but experts predict more opportunity and a stronger tone for munis in the remainder of the first quarter.

Short-end muni yields have risen more than 30 basis points on some triple-A scales over the past five trading sessions.

Returns are deep in the red with the Bloomberg Municipal Index at negative 1.85%, while high-yield sits at negative 1.81%.