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Whether PREPA can pay the administrative expense claim doesn't affect its validity, the bond parties said.

However, the new-issue calendar may not be "absorbed as easily, given valuations have grown less compelling after this week's performance," said Birch Creek strategists.

Armed with higher ratings since its last sale four years ago, the city is set to return to the market with a bang. 

The National Association of Bond Lawyers is looking for answers from the Internal Revenue Service regarding a few questions.

The MSRB's decision to rescind the one-minute trade reporting deadline "comes after months of dialogue and engagement with market participants," MSRB President and CEO Mark Kim said.

Chicago is facing myriad headwinds. But its GO bond sale last week was oversubscribed and city officials said that allowed them to lower yields in repricing.

The university cut campuses in areas with declining populations; this week it plans to issue bonds to fund football stadium renovations.

The top five May bond financings totaled more than $5 billion.

The nonfarm payrolls report shows the economy is "hanging in there," though it is slowing, said Jeff MacDonald of Fiduciary Trust International.

Observers say a bankruptcy by Genera PR could complicate the PREPA bankruptcy.