Primary bond market

Outflows lessened, with the Investment Company Institute reporting investors pulled $344 million from mutual funds in the week ending March 1, after $1.148 billion of outflows the previous week.

The two-year UST is now a full point above the 10-year UST, something that hasn't happened since 1981.

Federal Reserve Chair Jerome Powell will testify beore Congress twice this week and Friday brings the latest employment report.

The "week's substantial primary market calendar of $10-plus billion will be a big test for where market demand stands," said Tom Kozlik, head of public policy and municipal strategy at HilltopSecurities Inc.

The 10- and 30-year Treasuries haven't reached these levels since November.

Outflows returned, with the Investment Company Institute reporting investors pulled $1.148 billion from mutual funds in the week ending Feb. 22, after $931 million of inflows the previous week.

The 514-bed hospital in Boston's South End is taking on the new debt as it pushes for net-zero emissions at all of its facilities by 2030.

Facing calls to disqualify six more underwriters from negotiated bond sales, the state Bond Commission opted to sell GOs competitively.

The bond markets are witnessing a rare situation that could hinder spending on infrastructure projects around the country, said Amanda Hindlian, president of fixed income and data services at ICE.

Total volume for the month was $18.303 billion in 391 issues versus $31.602 billion in 877 issues a year earlier, according to Refinitiv data.

The availability of higher yields has brought some investors into the market — even though volume in the primary and secondary markets are on the thin side and the municipal market is a bit of a mixed bag right now.

Chicago's school district will tap its investment-grade dedicated capital improvement tax credit for the first time in five years in a $529 million deal.

Gov. Ron DeSantis on Monday signed the bill to rename the Reedy Creek Improvement District and end Disney's self-governance. Separately, the Legislature will look at prohibiting the issuance of environmental, social and governance bonds and using associated ratings.

Investors will be greeted Monday with a new-issue calendar estimated at $4.098 billion.

An improving tone was apparent in the municipal market midweek — after a topsy-turvy ride last week when the market saw a close to 50-basis point adjustment to the front end of the triple-A municipal yield curve.

Inflows continued with the Investment Company Institute reporting investors added $931 million to mutual funds in the week ending Feb. 15, after $2.194 billion of inflows the previous week.

"The close to 50 bp adjustment to the front end of the AAA municipal curve, taken at face value, appears to be a huge step toward pricing normalization for tax-exempts," said Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence.

Investors will be greeted Monday with a new-issue calendar estimated at $3.603 billion.

"As we spoke with our underwriting partners and our municipal advisors, given [market] volatility, we shortened that retail order period to one day," says OMB's David Womack.

Refinitiv Lipper reported $68.054 million was pulled from municipal bond mutual funds in the week that ended Wednesday after $775.006 million of inflows the week prior.