California

Outflows continued with the Investment Company Institute reporting investors pulled $128 million from mutual funds in the week ending March 29, after $693 million of outflows the previous week.

California filed a disclosure notice March 30 saying it would cover lease revenue bond payments for a damaged Central Valley agriculture lab.

Outside of economic data, "a light forward calendar is driving strong demand in the secondary market and with new issues, with some deals being significantly oversubscribed," SWBC's Roberto Roffo said.

Moody's Investors Service downgraded Providence St. Joseph Health a notch to A2, following similar moves by S&P Global Ratings and Fitch Ratings.

The Tulare lab is not required to make lease payments that pay the debt if the building is rendered inoperable.

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

The Irvine Facilities Finance Authority will price $455 million in special tax bonds to develop the Great Park in the Orange County, California, city.

Massive transit projects have funding momentum, and traditional road and bridge projects are advancing as well despite political opposition and some shaky funding.

The City Council will vote Tuesday night on whether to approve bonds for the formerly stalled project.

The state seeks "long-term stable funding" to advance the nation's largest infrastructure project, which remains in slow motion after almost 15 years.