Markets

PureCycle Technologies, which bought back its muni bonds earlier this year, continues to sell them on to support its liquidity needs, CFO Jaime Vasquez said.

Municipals ignored USTs losses, leading to lower muni to UST ratios and adding to the better performance across the curve and credit spectrum.

The doctrine of separation of powers bars the court from telling him how to invest the county's money, he claims.

The borrower is planning to use a convertible taxable "Cinderella" structure in the wake of a delay in securing tax exemption for a chunk of the deal.

The focus: municipal advisors — part of your regulatory responsibilities and duties (if you don't agree to evaluate pricing and/or structure, you must expressly disclose it to the client) and broker-dealers (fair dealing). 

Tax-exempt money market funds reached a 2024 high of assets under management at $136.84 billion for the week ending Wednesday, according to the Investment Company Institute.

"A sharply lower new-issuance calendar, peak yields, large redemption money and mutual funds inflows are all positive performance factors for the market," BofA strategists said.

Dan Close, Head of Municipals at Nuveen and Margot Kleinman, Director of Research at the firm, joins The Bond Buyer's Lynne Funk to delve into the high-yield market as the New Year -- and new rate environment -- kick off.

Despite the post-election selloff, inflows continued this week as LSEG Lipper reported investors added $1.263 billion to municipal bond mutual funds for the week ending Wednesday, compared to $658.5 million of inflows the prior week. High-yield inflows returned.

The red wave that took the presidency and the Senate — along with increased odds of a Republican victory in the House — was hanging heavily over fixed income markets Wednesday, with munis and UST yields rising up to 17 basis points, with the largest losses out long.