State of California

The latest revenue and spending report by the state’s nonpartisan Legislative Analyst’s Office is in stark contrast to the doom predicted early this year.

Large blocks of New Jersey paper changed hands with yields that pushed spreads below 100 basis points on some maturities for the recently downgraded state.

The state's uncoordinated approach to allocating private activity bonds and funding affordable housing let $2.7 billion of authority go to waste, she said.

California voters have approved a second infusion of bond funding for stem cell research.

Municipal yields rose as much as five basis points on the long end, but the losses were not as pronounced as UST. Light dealer inventories and scarce secondary trading let munis outperform Treasuries.

As the week drew to a close, municipal bond market participants looked ahead to a smaller-than-usual supply slate dominated by revenue bond deals.

To little surprise, the Federal Reserve left interest rates unchanged. Refinitiv Lipper reported tax-exempt muni bond funds lost about $954 million.

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.

The state's new accounting system gets the blame again for California's second year with an extremely late CAFR.

The governors in Oregon and California point out that climate change has exacerbated the conditions that start and accelerate wildfires.

As the long Labor Day holiday beckoned, munis remained mostly steady in quiet trading. Cal trades up.