State of California

Municipal bonds were steady to weaker as billions of dollars in new deals hit the screens Tuesday.

The California Supreme Court upheld the state's 2013 pension reform, but said its ruling is not a reexamination of the "California Rule" on public pensions.

Muni yields fell by as much as three basis points, according to readings on the AAA muni scales. However, some traders and analysts said this market is too tight given COVID-19 threats. Lipper reported $1.8 billion of inflows in the latest week.

Municipals were little changed as all eyes focused on the primary.

Municipal bonds finished steady on Friday ahead of next week's $7.8 billion new-issue slate while high-grade paper trades up in the secondary. Investors are looking for stability.

More will be clear once the state gets a full tally of receipts from the July 15 tax deadline, but a rocky road lies ahead in any case.

Long-dated municipals end strong as new supply hits the screens while taxable issuance continues its run to near-record levels.

Municipal bond prices remained steady as more supply hits the screens.

Despite the coronavirus wrecking havoc all over the world and with the brunt of the damage occurring in the second quarter of the year, municipal bond issuers have sold just over $23 billion more than they did at this time last year.

Municipals showed strength Tuesday in the face of new supply as long yields dipped as much as two basis points.