Public finance

UBS Global Asset Management is surrendering one of its municipal bond closed-end funds following a coup by activist shareholders.

Cash hurts.That painful truth is a primary pillar supporting municipal bonds today.

Nearly all The Bond Buyer’s weekly yield indexes declined this week, as the municipal market carried a firmer tone throughout most of the week, despite little day-to-day movement.

ALABAMANorth Baldwin UtilitiesDec 16, 2009 . . . . . . $3,560,000

Table as of: 01/20/2010 15:01 PM Invisible Supply Issuer and purpose Amount* Approval

CONNECTICUTDarien (Town)Jan 20, 2010 . . . . . . $4,000,000

In an effort to help educate investors, the Municipal Securities Rulemaking Board yesterday issued a “fact sheet” containing seven questions they can ask their financial professionals when considering investing in municipal bonds.

Table as of: 01/19/2010 16:23 PM Invisible Supply Issuer and purpose Amount* Approval

KENTUCKYBreckinridge County Public Properties CorporationJan 19, 2010 . . . . . . $13,345,000

CONNECTICUTPutnam (Town)Jan 14, 2010 . . . . . . $5,350,000

OREGONNorth Clackamas Parks & Recreation DistrictJan 14, 2010 . . . . . . $5,660,000

ARIZONALiberty Elementary School District No. 25Jan 14, 2010 . . . . . . $3,390,000

Standard & Poor’s downgrade of California last week raises a crucial question: does the Golden State’s debt at some point become no longer appropriate for conservative retail investors?

This week’s largest financings include deals in the health care, transportation, and environmental sectors that are expected to price as part of an estimated $5.44 billion in volume, according to Ipreo LLC and The Bond Buyer.

CALIFORNIAAtwater Public Financing AuthorityJan 14, 2010 . . . . . . $54,345,000

ARIZONAArizonaJan 13, 2010 . . . . . . $709,090,000

The Bond Buyer’s weekly yield indexes were flat to slightly lower this week as the primary market took center stage with over $9 billion sold, in the most active week of new issuance so far in the new year.

Matt Dalton is willing to buy the debt of a bankrupt borrower — and he can’t find any for sale at a suitable price.

Only in municipal bonds.Matt Dalton is willing to buy the debt of a bankrupt borrower — and he can’t find any for sale at a suitable price.

Outflows to the tune of $948.2 million caused tax-exempt money market funds to end the week of Jan. 11 with total assets of $401.29 billion, after starting 2010 the previous week with inflows of nearly $3 billion, according to the Money Fund Report, a service of iMoneyNet.com.