Public finance

The Investment Company Institute reported investors pulled $4.590 billion from muni bond mutual funds in the week ending June 22, down from $6.243 billion of outflows in the previous week.

Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.

The bond proposition passed with more than 59% of the vote, according to unofficial election results.

Disclosure around ESG-related risk factors to credit as well as for ESG-labeled bonds remains a mixed landscape that reflects the heterogenous nature of the muni market itself.

A new-issue supply-focused buy-side had their sights on the $8 billion-plus flowing into the primary market this week, while municipal traders remained cautious, keeping an eye on bid-wanted lists in the secondary market.

Detroit still may ask the federal bankruptcy court to intervene in a pension fund matter that could add to the city's financial stress.

Bondholders contest Puerto Rico Oversight Board's claim that parties are engaging constructively in mediation.

The U.S. Conference of Mayors launched the P3 task force as cities prepare for an influx of federal infrastructure aid.

A bearish market sentiment and elevated muni to UST ratios often represent a buy signal. Taxable equivalent yields are compelling for buy-and-hold investors, analysts say.

Unsecured Creditors Committee attorney Luc Despins, said, “After five years, the results are in: the strategy has gone nowhere.” 

The finances of the controversial project remain unclear, but the favorable Texas Supreme Court ruling means the project has a chance of advancing.

Bankruptcy judge set deadlines for voting on the Highways and Transportation Authority plan of adjustment, moving it closer to confirmation.

Municipals head into the final week of the first half of 2022 on more stable footing, but a cautious tone hangs over the market.

Cook County projects a surplus this year and a $18.2 million gap for fiscal 2023 while it readies two bond sales.

The judge set May 2 deadline that was extended until June 1 and then July 1. Mediators now want until Aug. 1.

Refinitiv Lipper reported smaller outflows at $1.6 billion, down from the $5.6 billion the week prior. It brings the total outflows to $45.7 billion year-to-date.

An appeals court ruled the Oversight Board can stop laws that are inconsistent with PROMESA's purpose.

The National League of Cities’ 2022 State of Cities report shows a shift to funding infrastructure through a public safety lens in a post-COVID world.