Markets

The municipal bond market is looking at a $6.87 billion new issue calendar this week, dominated by the state of California’s $2.5 billion general obligation bond deal.

The State of California is expected to wet the whistle of investors when it brings a scheduled $2.5 billion deal to a supply-strapped market.

Primary municipal bond market volume is expected to perk up to $6.9 billion in the coming week, more than one-third of it in a single deal from the Golden State.

S&P Global Ratings said it has revised its outlook on the state of New Jersey to stable from negative.

Top-shelf municipal bonds were weaker at mid-session, according to traders who are looking ahead to next week’s $6.87 billion new issue calendar.

Top-shelf municipal bonds were slightly weaker in early activity, according to traders, who are looking ahead to next week’s new issue slate.

The value of U.S. durable goods new orders fell 6.8% in July, below expectations for a 6.1% decline, as transportation orders fell 19.0%, but nontransportation orders posted a 0.5% gain, data released Friday by the Commerce Department showed.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was unchanged at 4.01% for the third consecutive week.

Illinois is putting the ratings of some already strained school districts at risk, said S&P Global Ratings.

The new hires will bolster the firm's P3 and high ed/healthcare teams.