Collapse Continues. Muni Bonds Has 8th Straight Week Of Outflows
US cities are incredibly dependent on muni bonds. Now, for the eight straight week, people have been dumping muni bonds.
It’s been a rough week for municipal bond funds and ETFs, which had $1.56 billion in net outflows in the week ended Wednesday, Barrons reporter Michael Aneiro writes.
This is the eighth straight week of net outflows.
…
Typically, Muni bond funds bring in $50 million in net inflows in a week, asserts Aneiro.
http://www.mfwire.com/article.asp?template=article&storyID=45010&wire=MFWire&wireID=2&bhcp=1
Cities are in dire financial stress, even issuing muni bonds, to pay for already existing muni bonds, and overweight govt employee pension funds. There truly is no bailout scenario, because the cities have gambled the funds, leveraging greed in sweep accounts tied to the manipulated LIBOR rates. In essence, this is a corporate takeover by the British Crown controlled Commonwealth..
Here’s a Bloomberg article about how banks made money by doing interest rate swaps with Detroit, and now Detroit is sad, because like a lot of municipalities Detroit swapped its floating rate bonds to fixed to hedge the risk of rates going up, and rates went down, and now the PV of Detroit’s swap liabilities is like $350mm, which is big, and that’s sort of that. I’m generally unmoved by the notion that municipalities should be able to get out of swaps that move against them for free, and while I’m sure there’s some nefarious record of mis-selling and fee-inflating in here somewhere, which would justify you getting all mad at Detroit’s banks, Bloomberg has not dug it up. The evidence so far is “rates went down,” so whatever.
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