The past week may have been an otherwise lackluster one for the tax-exempt market, but municipal bond mutual funds saw heavy demand in the form of inflows.
Funds that report their flows weekly recorded inflows of
For perspective, muni bond funds have seen inflows for 26 consecutive weeks, as well as 55 of the past 58 weeks.
A holiday-shortened week precipitated moderate activity in the market. Robust issuance in the primary contrasted with mixed activity in the secondary for the week, traders noted.
Treasury yields outperformed on the intermediate and long ends of the curve, leaving muni ratios to them cheaper.
Assets for all muni funds that report their flows weekly rose for a fourth straight week to
The value of the holdings for weekly reporting funds plunged by
The four-week moving average for all municipal bond mutual funds that report their flows weekly saw
Long-term bond funds that report their flows weekly saw robust inflows to the tune of almost
High-yield muni funds reported inflows, continuing their hot hand. Flows have been positive for 43 of the previous 46 weeks.
High-yield funds that report weekly saw
Assets for high-yield funds that report their flows weekly increased to
The value of the holdings for weekly reporting high-yield funds rose by
The four-week moving average for all high-yield municipal bond funds that report their flows weekly was
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