The municipal bond market weakened Friday, following Treasuries, after eight days of steady to stronger gains that pushed yields lower by nearly 20 basis points.

Activity was higher than a typical quiet Friday afternoon as Hawaii issued over $800 million of bonds for retail investors. Bank of America Merrill Lynch held the first of two retail order periods for $806.8 million of Hawaii general obligation bonds, rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s and Fitch Ratings. A second retail order period is expected Monday followed by institutional pricing Tuesday.

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