A warm reception for a large California general obligation offering marked a strong start to the week for the municipal market.

Yields for California’s various-purpose and refunding GO bonds were adjusted lower by two basis points in the belly of the curve for institutional investors from Friday’s retail offering. Traders in California say that Friday’s first retail order period for the $1.5 billion deal began as the muni market enjoyed a lot of wind in its sails and investors jumped aboard.

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