The California secondary market remains mostly steady to strong as high-profile local municipal bankruptcies unfold, but it has not been without some minor turbulence, according to muni experts.

Spreads on some credits have tightened remarkably in the last month as the cities of Stockton, Mammoth Lakes and San Bernardino either filed or moved toward bankruptcy, but there has been some sporadic weakness as wary investors keep their distance from what they feel is a worsening situation.

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