State of California

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Taxables march on while ICI reports billions of inflows and secondary trading shows long-end strength.

California's progressive tax system preserved revenues amid the COVID-19 pandemic, Legislative Analyst Gabriel Petek told a Bond Buyer conference audience.

Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

Revenues for the year came in $8.7 billion above projections in the fiscal 2021 budget, but expectations were down.

Municipals were little changed on Thursday as the supply surge continued ahead of the U.S. elections.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

Municipal bond issuers are coming market at a 26.2% faster pace than they were at this point last year.

Recent orders from the California Supreme Court in public pension cases indicate litigation on the matter has not ended.

A blaze in the wine country north of San Francisco more than quadrupled in size overnight to 11,000 acres.