Public finance

With the end of 2008 just a few weeks away and 30-day visible supply hovering around $17 billion, only a handful of issuers are expected to make their way to the primary market this week.

Money continued to drain out of municipal bond mutual funds last week - albeit at a slower pace - as the financial crisis continued, chasing capital into safe havens.

CALIFORNIAOcean View School DistrictDec 3, 2008 . . . . . . $3,995,247

INDIANAHanover Community School CorporationDec 5, 2008 . . . . . . $4,678,000

Nearly all The Bond Buyer's weekly yield indexes climbed this week, as tax-exempt yields grew weaker in all the week's sessions.

Tax-exempt money market fund assets took a slight dip for the week ending Dec. 1, losing $500.2 million and settling at $493.58 billion after climbing $1.61 billion and reaching $494.08 billion the previous week, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

The municipal bond market is entering a critical phase as local governments hope a still-skittish market can digest a near-record volume of new bonds over the next 30 days.

ARIZONAMaricopa County Industrial Development AuthorityNov 19, 2008 . . . . . . $3,600,000

ARKANSASAshdown School District No. 31 of Little River CountyDec 4, 2008 . . . . . . $9,445,000

CALIFORNIASouthern California Public Power AuthorityDec 2, 2008 . . . . . . $104,560,000

ARKANSASForeman School District No. 25 of Little River CountyDec 3, 2008 . . . . . . $260,000

CALIFORNIAMaywood Public Financing AuthorityNov 12, 2008 . . . . . . $3,185,000

ALABAMALimestone County Board of EducationDec 2, 2008 . . . . . . $8,185,000

Pacific Investment Management Co. froze dividends yesterday on six municipal bond funds because the value of their investments is insufficient to cover the funds' debt.

It used to be that a good stretch for Treasuries probably also meant a good stretch for municipal bonds. No longer.

ARKANSASLittle Rock (City)Nov 20, 2008 . . . . . . $16,000,000

ILLINOISEast Moline (City)Dec 1, 2008 . . . . . . $1,190,000

Pacific Investment Management Co. may freeze the dividend on the Pimco California Municipal Income Fund II because the value of its investments are insufficient to cover its debt.

Tax-exempt money market funds saw inflows of $1.61 billion for the week ending Nov. 24 and reached $494.08 billion in total assets, according to the Money Fund Report, a service of iMoneyNet.com of Westborough, Mass.

Compared to last week's lull in new-issue volume ahead of the Thanksgiving holiday, this week investors will have plenty of deals to choose from - including a handful of some of the most sizable offerings that the otherwise relatively lackluster primary market has seen in recent months.