Public finance

ALABAMACity of DaphneApr 19, 2010 . . . . . . $2,035,000

Table as of: 04/26/2010 11:25 AM Invisible Supply Issuer and purpose Amount* Approval

Wherever the money’s going, it’s not going to municipal bond mutual funds.

Volume will be noticeably lighter and smaller-sized offerings will take the spotlight this week in lieu of the meatier deals that have dominated primary activity recently.

CALIFORNIAKern County Board of EducationApr 22, 2010 . . . . . . $7,700,000

ALABAMAPickens CountyApr 15, 2010 . . . . . . $2,665,000

WASHINGTON — The Financial Industry Regulatory Authority announced yesterday that it has fined HSBC Securities Inc. $1.5 million and U.S. Bancorp Investments Inc. $275,000 to settle sales-practice violations for municipal and other auction-rate securities the firms sold to retail customers.

All of The Bond Buyer’s weekly yield indexes on long-term debt declined this week, as municipals firmed up in nearly every session.

Tax-exempt money market funds posted the second-largest outflows of the year — and more than doubled last week’s losses — as the total invested fell $5.42 billion to $363.09 billion in net assets for the week ending April 19, according to the Money Fund Report, a service of iMoneyNet.com.

CALIFORNIADavis Joint Unified School DistrictApr 21, 2010 . . . . . . $9,860,000

CONNECTICUTConnecticutApr 20, 2010 . . . . . . $353,085,000

ARKANSASDover School District No. 17 of Pope CountyApr 20, 2010 . . . . . . $5,845,000

CALIFORNIACalifornia Pollution Control Financing AuthorityApr 20, 2010 . . . . . . $150,495,000

Many of the biggest property and casualty insurers have been paring their holdings of municipal bonds to shield themselves from exposure to troubled state and local government credit.

ILLINOISBuffalo Grove VillageApr 19, 2010 . . . . . . $2,600,000

CALIFORNIALos Angeles County Schools Pooled Financing ProgramApr 8, 2010 . . . . . . $47,285,000

Moody’s Investors Service kicked off a wide-scale “upward shift” in municipal credit ratings yesterday, assigning stronger grades to 34 states and Puerto Rico.

INDIANAMerrillville (Town)Apr 15, 2010 . . . . . . $540,000

ARIZONADouglas Unified School District No. 27Apr 16, 2010 . . . . . . $7,648,000

Two large state general obligation deals consisting of taxable Build America Bonds are headed to the market this week amid an estimated $5.58 billion in total new volume, according to Ipreo LLC and The Bond Buyer.