Municipal bond mutual funds continued their hot streak. As the market saw modest firming on the week, muni bond funds saw inflows for a ninth consecutive week.
<p> The numbers fell from those of the previous week. There were net inflows of
Muni bond funds are up
The uptick in volume this week arrived with few small concessions. Traders noted that the new issuance was priced well and absorbed.
Tax-exempt yields fell slightly on the intermediate and long ends of the curve; they narrowly outperformed their Treasury cousins. Muni ratios to Treasuries remain cheap, with maturities across the curve all settling above 105% by Thursday’s close.
Investors also have wheelbarrows full of redemption money that will need a home. And they seem largely wary of equities’ performance, of late.
This past week, assets for all funds that report their flows weekly fell to
The value of the holdings for weekly reporting funds fell by
The four-week moving average for all municipal bond mutual funds that report their flows weekly saw a
Long-term bond funds continued to see hefty inflows, in fact, the bulk of the overall figure for muni bond funds. Long-term bond funds that report their flows weekly saw inflows to the tune of
High-yield muni funds posted a strong week. They have seen inflows for 12 consecutive weeks, and 26 of the previous 27 weeks.
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 funds decreased by
The four-week moving average for all high-yield muni bond funds that report their flows weekly was a
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