Public finance

ARIZONAYavapai County Industrial Development AuthoritySep 28, 2011 . . . . . . $72,175,000

Municipal bond mutual funds saw inflows for a fourth consecutive week, doubling last week's numbers.

The common talking point that municipal bonds are now driven by credit rather than rates seems a bit off the mark in a week like this.

Tax-exempt money market funds continued to suffer large outflows for a third straight week as investors withdrew $2.83 billion and total net assets fell to $289.29 billion in the week ended Sept. 26, according to the Money Fund Report, a service of iMoneyNet.com.

Table as of: 09/28/2011 14:27 PM Invisible Supply Issuer and purpose Amount

ARKANSASWaldron School District No. 45 of Scott CountySep 28, 2011 . . . . . . $1,885,000

ARIZONAGlendale Industrial Development AuthoritySep 28, 2011 . . . . . . $50,000,000

ARIZONAArizona Transportation BoardSep 27, 2011 . . . . . . $159,460,000

ALABAMAOxford Commercial Development AuthoritySep 26, 2011 . . . . . . $7,275,000

Table as of: 09/28/2011 10:12 AM Invisible Supply Issuer and purpose Amount

ILLINOISDeerfield VillageSep 26, 2011 . . . . . . $9,900,000

CALIFORNIADry Creek Joint Elementary School DistrictSep 23, 2011 . . . . . . $2,900,000

Yield and spread opportunities in the tax-exempt market in the first half of 2011 led banks to invest a larger portion of their assets in municipal securities compared to the same period last year, according to industry analysts and quarterly data provided by Highline Financial LLC.

LOUISIANASt. John the Baptist Parish School District No 1Sep 22, 2011 . . . . . . $8,000,000

ARIZONALa Paz CountySep 22, 2011 . . . . . . $18,115,000

Muni investors have herded into short-term debt the last few months thinking that if rates rise, longer-term bonds will plummet in value and it will be good to have cash on hand to reinvest at higher rates. But are short-term bonds really such a safe haven?

Plunging interest rates are luring more issuers to market, encouraging market participants to believe muni volume for the final months of 2011 can increase from recent anemic levels.

ARKANSASHot Springs School District No. 6 of Garland CountySep 22, 2011 . . . . . . $21,665,000

ALABAMAChambers County Board of EducationSep 21, 2011 . . . . . . $6,040,000

Eye-popping declines in muni yields on Thursday might finally prod investors into accepting low yields and prompt issuers to take advantage of some of the lowest borrowing costs in history.