Markets

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.

Moody's changed the outlook on its Aa3 rating to positive from stable.

Illinois' 10-year GO paper is trading 10 to 15 basis point tighter than before its rating outlook went to stable from negative.

The Fairfield-Suisun school district will use proceeds to modernize its schools.

Municipals turned weaker on Monday as traders prepared their strategies ahead of the week’s issuance.