Primary bond market

A repricing of Illinois GOs saw the bonds bumped by 12 to 20 basis points from Tuesday's preliminary pricing wires and 17 to 25 basis points from Monday's price talk.

BJC Health System is selling $805 million of mostly refunding debt with its ratings and balance sheet intact as its manages COVID-19 pandemic wounds.

A reversal of fund flows and the arrival of the economic aid for states and local governments helped boost the market's morale ahead of $10 billion in new-issues supply this week.

The pair of unregistered brokers will pay over $2 million in civil penalties.

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.