Public finance

Investors withdrew more cash from municipal bond mutual funds than they invested last week for the second time in less than a month, possibly heralding the end of the tidal wave of money that has washed over the industry for more than a year.

CALIFORNIACeres Unified School DistrictApr 13, 2010 . . . . . . $14,999,717

ALABAMAAlabama Public School and College AuthorityApr 14, 2010 . . . . . . $109,775,000

Nearly all The Bond Buyer’s weekly yield indexes declined this week, as the municipal market rebounded from last week’s losses.

Reversing the gains they accumulated last week, tax-exempt funds were hit with outflows of $2.10 billion and finished with total net assets of $368.51 billion for the week ending April 12, according to the Money Fund Report, a service of iMoneyNet.com.

ALABAMAAlabama Public School and College AuthorityApr 14, 2010 . . . . . . $71,210,000

ALABAMABirmingham Special Care Facilities Financing AuthorityApr 14, 2010 . . . . . . $750,000

Anyone studying the path of yields on double-A or triple-A rated municipal bonds over time might want to put a little asterisk next to April 2010.

CALIFORNIASan Francisco Community College DistrictApr 13, 2010 . . . . . . $30,660,000

ALABAMABlount County Water AuthorityApr 12, 2010 . . . . . . $5,720,000

MICHIGANHart Public SchoolsApr 12, 2010 . . . . . . $2,000,000

CALIFORNIACalifornia Infrastructure and Economic Development BankApr 9, 2010 . . . . . . $15,345,000

COLORADOAcademy School District No. 20Apr 8, 2010 . . . . . . $60,927,077

Many of the biggest institutions that own municipal bonds beefed up their holdings last year as state and local government debt became something of a preferred asset.

Investors once again entrusted money to municipal bond mutual funds last week after briefly withdrawing money for the first time in well over a year.

Chicago will come to market with a $1.04 billion offering of revenue bonds this week on behalf of Chicago O'Hare International Airport, leading roughly $6.7 billion in expected new issuance, according to Ipreo LLC and The Bond Buyer.

CONNECTICUTStratford (Town)Apr 8, 2010 . . . . . . $3,800,000

ALABAMAPerry CountyApr 8, 2010 . . . . . . $2,000,000

Municipal closed-end funds continue to surge to new peaks despite the specter of higher interest rates threatening to throw a wet blanket on all the fun.

Nearly all The Bond Buyer's weekly yield indexes rose this week as weakness inside of 20 years on the municipal yield curve persisted through Wednesday, before subsiding yesterday.