Markets

California’s Infrastructure bank hit the municipal market with a big note offering on Monday, while a New York City Transitional Finance Authority deal was offered to retail buyers.

The California Academy of Sciences refinanced debt used to build its facility.

Banker David Schott has joined Stern Brothers' New York office.

Wayne County plans to issue the debt, secured with a state intercept, though the Michigan Finance Authority.

The big New York City issue was priced for retail investors and a large California note issue was offered to buyers, while municipals turned weaker in secondary trade.

Service sector “activity remained strong in July,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing growth in the central Atlantic region “expanded at a slower pace in July.”

During the new issue pricing period is when institutions place their orders. Independent advisors and their clients are wise to follow the money.

The region's services sector “continued to expand,” as the general business conditions index rose to 44.3 in July from 39.1 in June.

The Central Basin Municipal Water District was downgraded three notches to Baa1 by Moody's, which assigns a negative outlook.