State of California

Moody's lifted California to Aa2 ahead of plans to sell $1.1 billion of general obligation bonds.

Rampant issuance continues with $12.4 billion, heavy on taxable deals. Meanwhile, the end of this volatile week had the secondary getting whacked with AAA benchmarks showing big cuts.

Issuers from New York, Florida and Nebraska offered buyers notes, bonds and taxable deals.

The general obligation bond measure would allocate $9 billion to K-12 schools and $6 billion to the state's universities and community colleges.

Competitive issues dominated Wednesday’s calendar with issuers from Nevada, Texas and New Jersey leading the pack.

A large calendar this week should spark high demand, market participants say.

This week's new deals will price into a market that has seen declining yields as stocks and Treasuries have weathered market volatility.

Through three quarters municipal bond issuers are coming to market more frequently than they did during the same period of 2018, as low rates and yields are too good to pass up and demand for muni bonds is closing in on an all-time high.

The strength of the state’s credit profile, coupled with a supply-demand imbalance for tax-exempt bonds, has helped the state in the market, a new report says.

The municipal market continues to flex its muscles even as the U.S. economy seems to be slowing, which could lead to an even flatter yield curve.