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"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.

S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.

The top five bond financings have an average dollar volume of more than $1.9 billion.

"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."

A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.

Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.

The Basel III Endgame proposal to restructure capital holding levels comes under fire.

Friday price talk for the unrated tax-exempt paper was between 11% and 15%.

The board approved that step at its second quarter board meeting held this week.

The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.