Markets

The $250 million in debt being issued for Montana Renewables is equal to nearly half the state's issuance for last year.

The banking sector crisis caused a flight-to-quality bid in USTs last week.

Investors will be greeted Monday with a new-issue calendar estimated at $4.064 billion.

The collapse of Silicon Valley Bank and Signature Bank clouds the economic landscape and complicates monetary policy decisions but it's a long way off from the troubles banks and broker-dealers faced in the 2008 financial crisis.

Outflows continued as Refinitiv Lipper reported $461.123 million was pulled from municipal bond mutual funds in the week that ended Wednesday after $307.815 million of outflows the week prior.

The collapse of Silicon Valley Bank and Signature Bank won't impact the Fed or the market enough to cause rates to drop and refunding volume to significantly increase, according to muni experts.

"The main question for investors recently has been: will we see bank selling of municipals that exerts pressure on the market, and what kind of market effects could occur," Barclays strategists said.

Moody's Investors joined S&P Global Ratings in lifting the state into the A category with a single notch upgrade to A3 Tuesday.

"The muni market is no different than others, where fear and greed drive the trends," said Peter Delahunt, StoneX's managing director.

The transportation revenue bond sale comes as legislative work on a new budget package is ramping up with the GOP expected to craft its own operating and capital spending plans.