Primary bond market

Denver is selling $274 million of dedicated tax bonds in a deal to fund projects at the National Western Stock Show complex and Colorado Convention Center.

Municipals largely ignored the moves to higher yields in U.S. Treasuries as participants await the largest new-issue calendar of 2021 and big-name deals out of New York and Illinois.

Inflows return, stimulus set, new deals on fire — the municipal market reaped all the benefits. Initial jobless claims dropped more than expected in the week, as reopening continued slowly, but the total remains higher than any week before the COVID crisis hit.

The Securities and Exchange Commission has increased its focus on climate change disclosure in the corporate market.

The Investment Company Institute reported outflows from municipal bond mutual funds but inflows into exchange-traded funds. The February consumer price index came in as expected, while the core was below expectations, and analysts expect bigger rises ahead.

S&P moved Illinois' outlook to stable from negative amid revenue numbers that beat pandemic-driven low expectations. The rating remains the lowest among states.

Munis were stronger across the curve as secondary trading was constructive and bellwether credits moved yields lower.

The creation of the Municipal Liquidity Facility helped not only eligible entities but also those left out of using the program.

Despite the recent outflows and volatility of the Treasury market, municipal bonds have and should continue to outperform as stimulus from Washington provides some respite.

The museum is borrowing through the tax-exempt market for the first time to finance is ongoing transformation plans.

With the reset in yields in the rear view, valuations — especially relative to Treasury — will likely support continued robust demand.

Refinitiv Lipper reported $600 million of outflows from municipal bond mutual funds as the market correction caught up. High-yield funds lost a massive $722 million after $330 million a week prior.

A year after COVID disrupted the markets, Sylvia Yeh and Scott Diamond, co-heads of fixed income at Goldman Sachs Asset Management discuss their strategies for 2021 and the important role of retail, consider the new regime in Washington, and contemplate where ESG fits into their portfolio as the muni market incorporates the burgeoning investor interest in it. Lynne Funk hosts (35 minutes)

The Beige Book suggests the economy is recovering, with optimism for 6-12 months ahead, while economists don't envision inflation rising enough for the Fed to take action any time soon.

Institutional pricing of New York City and competitive deals from Baltimore and Cambridge, Mass., should help give a sense of where yields are heading, while Ohio offers up GOs for a market that's been little changed for three days after a large sell-off.

The sell-off in the back half of February brought negative 1.59% returns for the month and a negative 0.96% return for the year so far. Taxables and high-yields fared slightly better.

The prominent private university will add $600 million to corporate CUSIP deal numbers that recorded a more than 200% increase last year.

The market took a much-needed breather Friday and U.S. Treasuries pared Thursday's losses to see the 10-year fall 12 basis points to 1.42% and the 30-year 17 basis points to 2.11%. Municipals were steady at 1.14% in 10 years and 1.82% in 30.

While issuance fell significantly from 2020, it was higher than January's and only the fifth time in 35 years that volume exceeded $30 billion in February.

Municipal bond mutual funds took notice of rate movements with Refinitiv Lipper reporting $37 million of inflows after 15 weeks of multi-billion inflows, the lowest since Dec. 2. High-yield funds took a big hit with $330 million of outflows.