- There were $1.1B in withdrawals from municipal bond mutual funds and ETFs in the week ended Wednesday, according to Lipper, bringing the string of weekly outflows to 17 straight. Losses during this stretch now sum to $26.7B.
- Munis have a few things going against them: First, it's the general skittishness in fixed income as rates rise. Second, the Detroit bankruptcy has many wondering if other municipalities will follow suit. Puerto Rico comes to mind, but - unlike the case with Detroit - the territory's leadership shows little sign of wanting to stiff creditors. Third is yet another regurgitation of rumors that D.C. lawmakers have their eye on the income tax exemption.
- MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU, NY.
17 consecutive weeks of outflows for muni funds
Sep 20 2013, 08:42 ET