Public finance

Tax-exempt money market funds lost cash for a second straight week as $2.27 billion exited the industry and total net assets declined to $263.74 billion in the week ended Sept. 23, according to The Money Fund Report, a service of iMoneyNet.com.

CALIFORNIA

ARKANSAS

Table as of: 09/25/2013 17:29 PM Invisible Supply Issuer and purpose Amount

Unfunded pensions for government employees are a growing burden for municipalities across the nation, Moody's Investors Service said in a report Thursday.

Investortools has joined with Kalotay Analytics to give its municipal bond portfolio-manager clients a more accurate gauge to find prices as interest rates change.

The municipal bond industry’s total assets fell by $7.5 billion in the second quarter of 2013 to $3.721 trillion, while households reduced their ownership of tax-exempt securities by $15.5 billion to $1.647 trillion, according to the flow of funds data as of June 30 released today by the Federal Reserve Board.

Issuing municipal bonds is a complex process fraught with potential conflicts, Chris Mier, managing director of the analytical services division for Loop Capital Markets, told bond issuers here Wednesday.

The recent rally in high-yield municipal bonds should continue, driven by a lack of supply, as investors reposition their portfolios, muni watchers say.

COLORADO

ALABAMA

Table as of: 09/23/2013 15:31 PM Invisible Supply Issuer and purpose Amount

MICHIGAN

IOWA

Current default trends and bankruptcy events indicate that the level of recoveries from troubled municipal bond debt may be substantially lower in the future, Kroll Bond Ratings Agency said in a report Monday.

Distressed credits from Puerto Rico continue to see active trading and price appreciation in the secondary market while activity is virtually at a standstill for bonds from bankrupt Detroit as the city wrestles with what is expected to be a long and complicated recovery.

Bel Air Investment Advisors, LLC has hired two municipal finance veterans to join its fixed income team in Los Angeles.

Table as of: 09/20/2013 13:20 PM Invisible Supply Issuer and purpose Amount

INDIANA

ALABAMA