State of California

Municipals finished little changed ahead of this week's new-issue slate while retail investors are coming back into the market.

The municipal market saw a $40 billion-plus month for the second time this year, as issuers flooded the market with bond sales during the month of June.

Municipal bonds finished mostly steady on Friday ahead of a $7.2 billion holiday week new issue calendar.

The California Institute for Regenerative Medicine, which has been on life support for years, is expected to close if the measure fails.

California legislators met the letter of the law in passing the budget by Monday's deadline, but the state is a long way from a final spending plan.

Lawmakers have until June 15 to adopt a budget. Democratic leaders in the legislature have not embraced Gov. Gavin Newsom's proposed cuts.

Bond volume was 4.2% lower than it was a year ago but increased from March and April’s low totals.

California may need to use interfund borrowing to get its budget into balance, Gavin Newsom said.

California lawmakers have tough decisions ahead as they work to balance the budget, Gavin Newsom said in introducing the "May Revise" budget.

Depending on recovery, state's deficit could soar to $126 billion.