Primary bond market

Refinitiv Lipper reported $2.262 billion of outflows from municipal bond mutual funds for the week ending Wednesday after $2.057 billion the week prior.

The Investment Company Institute reported $5.128 billion of outflows for the week ending Oct. 5 after $5.374 billion of outflows the previous week.

The rating outlook boost to positive from stable follows recent progress on steadying reserve rates and paying down debt, S&P said.

Munis are in the black so far in October and some participants see signs of continued improvement.

While October is typically a busy issuance month, 2022 is not shaping up to be as more issuers are sidelined by volatility. The primary market will see another light calendar in the holiday-shortened week.

U.S. Treasuries saw more losses and municipal to UST ratios fell on the day's moves with the long bond valuation below 100%.

Steve Genyk, head of middle markets, will assume leadership of the public finance team on an interim basis, the firm said.

Bids wanteds are on the rise, but a constructive secondary market showed a steady to firmer market in the past two sessions. ICI's latest outflows figure is the highest since June.

Triple-A yields fell four to 10 basis points across the curve amid robust secondary trading with high-grade names showing clear moves to lower yields.

Munis open October firmer, underperforming a UST rally, but September closed out the month with 3.84% losses — the single largest monthly loss since September 2008.