Munis weaker in spots while outflows top $3.6B

By Jessica Lerner

Municipals were slightly weaker in spots Thursday while a more robust primary market provided distraction again as the New York Urban Development Corp. sold $1.4 billion in the competitive market. U.S. Treasuries were weaker 10 years and in, and equities sold off.

Outflows from municipal bond mutual funds intensified as investors pulled $3.601 billion out of funds in the latest week, versus the $2.007 billion of outflows the prior week, according to Refinitiv Lipper data.

High-yield saw outflows of $1.038 billion after $566.931 million of outflows the week prior. Exchange-traded funds saw outflows of $295.838 million after $8.993 million of outflows the previous week.

Read more here: https://www.bondbuyer.com/news/munis-weaker-in-spots-while-outflows-top-3-6b