Public finance

Nearly all The Bond Buyer’s weekly yield indexes rose this week as tax-exempts weakened in almost all the week’s sessions.

In a universe of more than 260 closed-end municipal bond funds, Thomas J. Herzfeld likes one. The rest he is selling.

ARIZONAArizona Transportation BoardJun 2, 2009 . . . . . . $440,000,000

ARKANSASPulaski County Special School District of Pulaski CountyJun 3, 2009 . . . . . . $81,365,000

IOWACherokee (City)May 14, 2009 . . . . . . $945,000

COLORADOBoulder (City)Jun 2, 2009 . . . . . . $6,305,000

CALIFORNIASouth Pasadena Public Financing AuthorityMay 14, 2009 . . . . . . $43,405,000

IOWAGrinnell (City)Jun 1, 2009 . . . . . . $500,000

CALIFORNIALakeside Union School DistrictMay 27, 2009 . . . . . . $7,487,246

ARIZONATempe (City)May 28, 2009 . . . . . . $56,055,000

Money continues to flow into municipal bond mutual funds at a record-setting rate as investors become more comfortable exiting ironclad, short-term safe havens.

Investors flush with June 1 coupon and maturity payments looking to reinvest these proceeds at the height of spring reinvestment season this week will be met with a wide selection of new issues.

ALASKAMatanuska-Susitna BoroughMay 27, 2009 . . . . . . $19,030,000

ARKANSASElkins School District No. 10 of Washington CountyMay 28, 2009 . . . . . . $3,915,000

The most important bonds in California right now are the ones that haven’t been issued yet — and may never be.

Nearly all The Bond Buyer’s weekly yield indexes rose this week, reflecting sustained weakness in the municipal market, despite the one-year note index declining to an all-time low.

After a short-lived period of inflows, tax-free money market funds declined by $124.8 million for the week ending May 25, and settled at $469.02 billion in total assets — after two prior weeks of positive cash-flow activity, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

CALIFORNIASanta Clara Unified School DistrictMay 27, 2009 . . . . . . $12,000,000

ALABAMABarbour CountyApr 28, 2009 . . . . . . $3,875,000

The "newness" premium on Build America Bonds has thinned.