Secondary bond market

The audit was brought on by the Internal Revenue Service in September 2021 in connection with Series 2013B bonds.

The significant cheapening of municipals in recent weeks continues to create headwinds for the overall tax-exempt market on a daily basis.

Investors pulled more from municipal bond mutual funds last week, with Refinitiv Lipper reporting $4.106 billion of outflows, bring the total to $22.3 billion of outflows year-to-date.

Like last week, supply for the new-calendar issuance is light at $4.804 billion with $3.182 billion of negotiated deals and $1.622 billion of competitive loans.

The second quarter should bring more opportunity and less volatility following the worst quarter in four decades, analysts said.

Investors pulled more from municipal bond mutual funds as the Investment Company Institute on Wednesday reported $4.786 billion of outflows, up from $4.459 billion of outflows in the previous week.

Apollo will make an equity and credit investment that will significantly increase SWS’s underwriting capacity for municipal and corporate debt, as well as equity offerings, the firms said.

The March consumer price index offered little to deter the Federal Reserve from its aggressive plans, but markets saw it as a positive, having feared an upside miss.

With the Federal Reserve planning aggressive rate hikes and balance sheet reduction, Dec Mullarkey, managing director of investment strategy and asset allocation at SLC Management, discusses the Federal Open Market Committee meeting minutes, his analysis of the economy and what to expect going forward. Gary Siegel hosts. (33 minutes)

Triple-A yields continue to rise, with the two-year muni just below 2%, the five well above and the 10-year approaching 2.5%.