State of California

The par value of muni underwriting fell for the top five firms as volume receded from the 2016 record.

California's population is nearly 40 million, according to the state's Department of Finance.

Issuers rushing to close PABs and refunding deals propelled issuance past the single-month record set before 1986 tax reform.

The California Chamber of Commerce supports a developing $8.9 billion bond proposal as well as a $4 billion measure that is already on the June ballot.

Municipal issuers continue to race to market with deals before the calendar turns over, as the tax bill may limit issuance in 2018.

The possibility of the municipal market losing both advance refundings and private activity bonds brought a spike in issuance that's likely to extend into December.

The 12-cent-per-gallon fuel tax increase took effect Nov. 1.

Without tax-exempt private activity bonds, charters would have to turn to more expensive and restrictive capital sources.

Municipal bonds were markedly weaker at midday as market participants remain fixated on the newly released Senate tax reform proposal and how it compares with the House version.

Municipal bond market participants are scanning the news closely for details of tax reform provisions that affect them.