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The ongoing credit crunch is starting to hit mutual funds, according to a recent review by Standard & Poor's that revised credit quality ratings on eight tax-exempt mutual funds. The [...]

The turmoil in the municipal market over bond insurers' exposure to ill-fated products derived from subprime mortgages has continued, with recent downgrades of monoline insurers suffering from severe financial deficiencies. [...]

In the year since hurricanes Katrina and Rita ripped through the Gulf Coast region -- and crippled its tax base, revenue stream, and overall financial wellbeing -- several mutual fund [...]

In the ever-changing world of mutual funds, the industry's leaders are increasingly joining forces to boost earnings and performance, while more and more smaller investment firms are putting out 'for [...]

LSEG Lipper reported Thursday that investors added $147 million to muni mutual funds for the week ending Wednesday after outflows of $514.5 million the week prior. High-yield saw some outflows, though. [ABSTRACT FROM AUTHOR]

Municipal bonds remained stable on Thursday, with inflows returning to municipal bond mutual funds. U.S. Treasuries weakened in the five-year and longer maturities, while equities ended on a positive note. Trade volumes were lighter due to the upcoming holiday-shortened final week of 2023, and new-issue volume was limited. Muni yields have been decreasing along with U.S. Treasury yields over the past month, and there is potential for further decreases if the economic slowdown persists. The end of the outflow cycle for muni mutual funds may be approaching, as investors added $147 million to these funds in the most recent week. The year is ending on a more positive note compared to the beginning, with an optimistic outlook for 2024. [Extracted from the article]

The municipal market showed a positive tone and strong investor interest ahead of the Thanksgiving holiday. Municipal-to-Treasury ratios were favorable, indicating a healthy market. Municipal mutual funds experienced outflows, while exchange-traded funds saw inflows. Investors are optimistic that the Federal Reserve will not raise interest rates further and that the economy will slow down next year. The market is expected to remain relatively quiet for the rest of the year, with some deals being pulled forward from October due to rising rates. Tax loss harvesting is driving trading volumes in the municipal market. The new-issue muni calendar for the week is estimated at $7.33 billion. Overall, the market is expected to focus on new-issue supply and positive technical factors in January. [Extracted from the article]

Municipal bonds remained steady on Wednesday as investors assessed new issuances in the primary market, while U.S. Treasuries experienced a decline after a rally the previous day. Municipal yields were relatively unchanged, while UST yields increased on the short end. The municipal-to-Treasury ratios have fallen since the beginning of the month. In the primary market, Wells Fargo Bank priced $215 million of homeownership mortgage bonds for the South Dakota Housing Development Authority, and J.P. Morgan Securities priced $175.530 million of non-AMT deep-water port revenue bonds for the Louisiana Offshore Terminal Authority. Municipal mutual fund losses slowed, and exchange-traded funds saw inflows. The market rally in November has lessened October losses, but rates will continue to be influenced by factors such as geopolitics, macroeconomic risks, Fed policy uncertainty, and potential bond issuances by states and municipalities. The market is expected to slow down next week due to the Thanksgiving holiday. The New York trader noted heavy bid wanted lists, which could affect profitability at year-end without new deals. The Bond Buyer 30-day visible supply is $6.29 billion. Refunding deals may increase if rates continue to drop. The rally in the market was driven by the consumer price index number, which slowed to 3.2% last month, and speculation that the Federal Reserve Board may stop raising rates. AAA scales and yield curves remained relatively unchanged. Treasuries were weaker. In the primary market, [Extracted from the article]

The two-year UST was yielding 5.021% (+7), the three-year was at 4.741% (+8), the five-year at 4.443% (+7), the 10-year at 4.299% (+4), the 20-year at 4.561% (flat) and the 30-year Treasury was yielding 4.368% (-1) at 4 p.m. ICI reports outflows Source: The Investment Company Institute PHOTO (BLACK & WHITE) PHOTO (BLACK & WHITE) Municipals were weaker in secondary trading, but the primary market took focus with billion-dollar retail pricings on deals from California and the Port Authority of New York and New Jersey. In addition, they said, higher-duration, A-rated paper may help participants to lock in yields for longer and may experience price appreciation if investors redirect assets toward perceived "safe-haven" instruments, such as municipal bonds. [Extracted from the article]

Municipals were steady to firmer in spots to close out August as inflows returned to muni mutual funds. "September and October are much softer reinvestment months, so we don't expect a strong municipal market if supply picks up", he said. [Extracted from the article]

Munis were slightly weaker in spots, but triple-A yield curves largely ignored U.S. Treasury losses following the release of economic data that saw initial jobless claims fall below expectations. Munis are returning 0.68%, while Treasuries are returning 1.94% However, year-to-date, he said munis are "out in the lead" at 3.37% versus 2.52% for Treasuries. [Extracted from the article]

"With the favorable market tone and promising outperformance for munis, ratios, although stable throughout the past several trading sessions, remain on the richer side as value opportunities continue unevenly along the muni curve", Lipton said. Municipals were little changed in secondary trading Wednesday while sizable deals from Massachusetts, the Triborough Bridge and Tunnel Authority and others enjoyed ample demand in the primary and municipal bond mutual funds saw more inflows. "Given the combination of attractive yields and strong credit conditions, we have a positive view on the muni market over the remainder of the year", Cooper Howard, fixed income strategist specializing in municipals at Charles Schwab, said Wednesday. [Extracted from the article]

Even though yields have moved to higher ground, some participants say that even cheaper levels are needed to bring about more retail conviction. Muni-to-UST ratios are still rich. [ABSTRACT FROM AUTHOR]

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Improving market conditions, recently buoyed by an attractive entry point for investors, led to Nuveen's current decision to resume opening the funds for new investors. Two municipal mutual funds managed by Nuveen will again open to new investors next month after a soft closure more than nine months ago, the firm said last week. The amount was more than the funds had accumulated during the first full eight months of any cale Nuveen high-yield funds reopen to new investors ndar year since Lipper began tracking weekly flows in 1992, according to its data. [Extracted from the article]

Muni-UST ratios Source: ICE Data Services GRAPH: Munis a Little Firmer, Short-Term USTs Sell Off After Powell GRAPH: Munis a Little Firmer, Short-Term USTs Sell Off After Powell Municipals were a little firmer in spots Tuesday, while equities and short-term U.S. Treasuries sold off after Federal Reserve Board Chair Jerome Powell suggested interest rates could be hiked higher than expected to combat inflation. [Extracted from the article]

Outflows returned, with the Investment Company Institute reporting investors pulled $1.148 billion from mutual funds in the week ending Feb. 22, after $931 million of inflows the previous week. [ABSTRACT FROM AUTHOR]

Municipals were mixed Thursday as outflows from muni mutual funds intensified. An improving tone was apparent in the municipal market midweek - after a topsy-turvy ride last week when the market saw a close to 50-basis point adjustment to the front end of the triple-A municipal yield curve. [Extracted from the article]

The municipal market is expected to "outperform the historical seasonal trend in the first quarter and the full-year [2023] total returns to be positive for the Muni and HY Muni Indices", according to CreditSights strategists Pat Luby and Sam Berzok. Municipal bonds were little changed Tuesday outside of the one-year as the Federal Reserve began its two-day meeting that will decide the direction of monetary policy. [Extracted from the article]

Municipals were a bit stronger Friday as traders geared up to see a rather healthy slate of new issues head to market during a holiday-shortened trading week. The deal consists of Series 2023A and 2023B bonds, which will be priced in five tranches consisting of senior lien and second lien bonds, social bonds and tax-exempt and taxable refunding bonds. "The municipal market lacks enough bonds to meet the insatiable demand that appeared right out of the gate in 2023", said Michael Pietronico, chief executive officer at Miller Tabak Asset Management. [Extracted from the article]

Outflows lessened, with the Investment Company Institute reporting investors pulled $3.157 billion from mutual funds in the week ending Jan. 4, after $3.402 billion of outflows the previous week. [ABSTRACT FROM AUTHOR]

SMA growth prompted the firm to bring on Lloyd Nemerever as vice president, portfolio manager and head of municipal bonds SMA strategies for Franklin Tem- pleton Fixed Income. In fixed income, purchasing a mutual fund or exchange-traded fund when yields are relatively low enables the client to gain access to a seasoned portfolio that was invested over a longer time horizon. "Ultimately what municipal investors should look at is the sensitivity and quality of their portfolios", Valeri said. [Extracted from the article]

Municipals were little changed to a basis point or two firmer in spots Tuesday, while U.S. Treasuries made gains and equities were rattled by comments from large bank CEOs warning of tough economic times ahead. Demand in the municipal market is high as new-issue pricing remains sparse, according to one municipal expert. They noted "new-issue supply has been muted and demand should be strong for several weeks as billions of dollars return to the municipal market via coupons being paid" on Dec. 1 and Jan. 1, 2023. [Extracted from the article]

Municipals were weaker in spots Wednesday as mutual funds continued to see more outflows, while U.S. Treasuries and equities were mixed. The Investment Company Institute reported $2.034 billion of outflows from muni bond mutual funds in the week ending Sept. 7 compared to $2.594 billion of outflows the previous week. [Extracted from the article]

The Investment Company Institute reported $755 million of outflows from muni bond mutual funds in the week ending August 24 compared to $320 million of inflows the previous week. [ABSTRACT FROM AUTHOR]

Outflows from municipal bond mutual funds continued as investors pulled $1.180 billion out of funds in the latest week, according to Refinitiv Lipper data. [ABSTRACT FROM AUTHOR]

Municipals were weaker on the long end of the curve, largely ignoring the U.S. Treasury rally where yields fell double-digits Thursday, while outflows from municipal bond mutual funds returned. Triple-A yields were cut up to three basis points while UST saw yields fall 12 to 16 basis points 10-years and in. He said the municipal market has proven quite resilient over the last few weeks given the Treasury market volatility. [Extracted from the article]

After 40 years in the municipal bond industry — 35 of them at American Century — Steve Permut left the California-based mutual fund firm on June 30 for retirement. [ABSTRACT FROM AUTHOR]

A new-issue supply-focused buy-side had their sights on the $8 billion-plus expected to enter the primary market this week, while municipal traders remained cautious, keeping an eye on bid-wanted lists in the secondary market, tax-exempt professionals said. Municipals were steady to weaker in spots as the primary market picked up, while U.S. Treasuries were a little better and equities sold off. [Extracted from the article]

After nine months of a soft closure, two Nuveen high-yield mutual funds will resume accepting purchases from new investors in the face of improved market conditions. [ABSTRACT FROM AUTHOR]

The Investment Company Institute reported investors pulled $7.2 billion from municipal bond mutual funds, the largest figure since the outlier months of March 2020 when investors yanked $24 billion in two weeks. [ABSTRACT FROM AUTHOR]

Municipals were steady to firmer in spots Monday, while U.S. Treasuries strengthened inside five years but key parts of the curve remained inverted while equities ended in the black. Muni yield movements are closely tracking the Treasury market's high volatility, Lipton said, and it will likely require a calming of that volatility, as well as a more favorable technical muni backdrop, to ignite persistent market conviction and sustained outperformance. [Extracted from the article]

"Because the muni market is retail-oriented, and the typical retail investor is very sensitive to NAV declines, redemptions out of mutual funds tend to follow a market sell- off", Barber continued. Following a bumpy first quarter in the municipal market, opportunities are ripe and demand high as the upcoming second quarter approaches. [Extracted from the article]

Municipals rallied Thursday on a flightto-safety bid after Russian troops invaded Ukraine, outperforming U.S. Treasuries while equities reversed major losses to end in the black. Exchange-traded muni funds reported smaller inflows of $288.247 million after inflows of $493.186 million in the previous week while high-yield saw outflows to the tune of $282.504 million after $775.854 million the week prior. [Extracted from the article]

National funds had inflows of $1.355 billion after inflows of $1.817 billion while high-yield muni funds reported inflows of $548.643 million in the latest week, after inflows of $1.223 billion the previous week. Municipals were little changed on light trading Thursday as the last of the week's large new issues priced while Refinitiv Lipper reported $1.4 billion of inflows into municipal bond mutual funds but showed small outflows from exchange-traded funds. [Extracted from the article]

Amid a flattening municipal yield curve and inversion of the Treasury market, new issues fared better than the secondary on Thursday as participants prepared for month end. [ABSTRACT FROM AUTHOR]

Exchange-traded muni funds reported inflows of $69.869 million, after inflows of $255.564 million in the previous week. Municipals were steady but with a firmer bent Thursday as new issues were the focus even as volatility in U.S. Treasuries returned and yields swung higher, moving the 20-year bond above the 30-year. [Extracted from the article]

The Investment Company Institute reported $385 million of inflows while ETFs fell to $124 million. [ABSTRACT FROM AUTHOR]

The benchmark U.S. Treasury bond ended Monday at 1.48% in 10-years, at 70% ratio to municipals, and 1.99% in 30 years, at an 80% ratio to municipals - both one basis point weaker than Friday. "The market would welcome supply and that highlights how technical supply has been and highlights the flight-to-quality and flight to safe haven, and we continue to view the muni market in that context", he added. [Extracted from the article]

With Treasuries off a touch and a glut of billion-dollar deals pricing in the primary market, the short end traded sideways on Wednesday, he said. Investors digested three mammoth deals of $1 billion or more in the primary market on a heavy day of issuance as municipals remained unchanged, Treasuries were mostly steady, and more than $2.5 billion flowed into long-term municipal bonds. [Extracted from the article]

"Munis are a little weaker today in sympathy with Treasuries, but I think that the overall level in muni yields is resulting in a little less interest also", he said on Tuesday. Municipals felt the pressure of an increase of supply and a weaker U.S. Treasury market, and benchmarks saw two- to three-basis-point cuts to scales, but new issues repriced to lower yields. [Extracted from the article]

Municipals were mixed in secondary trading after U.S. Treasuries dipped to lows not seen since the beginning of the year but rose as the afternoon progressed on mixed economic news. Mackey said while the ratio of municipals to Treasuries is stable, it could still be a little rich for some investors' taste. "There is so much cash that has been coming into muni funds over the past two months, people just need to put the money to work", said Howard Mackey, managing director at NW Financial Group LLC in Hoboken, New Jersey. [Extracted from the article]

"The muni tone had already been favorable given compelling technicals underscored by seasonal reinvestment demand, and we have witnessed plenty of occasions whereby munis set out on their own course regardless of direction taken by Treasury prices", Lipton said. Municipal trading was light and triple-A benchmarks were a touch stronger on the short end as the last of the week's larger-than-usual calendar closed accounts and the municipal market largely charted its own course. [Extracted from the article]

Municipals were stronger Wednesday as the New York City Municipal Water Finance Authority deal was offered to institutions who gave it a warm reception. The yield on the 10-year fell two basis points to 0.99% while the yield on the 30-year dropped two basis points to 1.50%. [Extracted from the article]

The Investment Company Institute on Wednesday reported $2.533 billion of inflows into municipal bond mutual funds, the highest since February. [ABSTRACT FROM AUTHOR]

National funds had inflows of $2.317 billion after inflows of $906.119 million while high-yield muni funds reported inflows of $816.349 million in the latest week, after inflows of $372.003 million the previous week. Municipal bonds were mostly steady Thursday after a report showing an unexpectedly high increase in consumer prices pushed U.S. Treasuries and stocks higher. [Extracted from the article]

The mutual fund company targets more yield and duration opportunities with its Municipal Intermediate Fund, which will invest primarily in investment-grade bonds across municipal sectors. [ABSTRACT FROM AUTHOR]

While the pressure was on municipal yields, which rose two to four basis points, the Investment Company Institute reported another week of inflows, with $928 million coming into municipal bond mutual funds and another $285 million into ETFs. [ABSTRACT FROM AUTHOR]

The Investment Company Institute reported outflows from municipal bond mutual funds but inflows into exchange-traded funds. The February consumer price index came in as expected, while the core was below expectations, and analysts expect bigger rises ahead. [ABSTRACT FROM AUTHOR]

Refinitiv Lipper reported $2.64 billion of inflows into municipal bond mutual funds. The overwhelming demand for the large deals priced this week demonstrates the flood of available cash that continues to support a strong market. [ABSTRACT FROM AUTHOR]