State of Colorado

The lack of a significant new-issue calendar is encouraging some investors to purchase ahead of the first of the month, but others are putting buying off until the arrival of Aug. 1 redemptions.

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.

State officials say Colorado needs to cut $3.3 billion from the budget for fiscal year 2021 after the largest revenue drop in the state’s history.

Proposition CC, which would have allowed the state to retain revenues above a 27-year-old formula, was defeated.

Jared Polis proposed a $34.5 billion budget, including $13.8 billion for the general fund.

Proposition CC would loosen the strings of the 1992 TABOR Amendment by letting the state government retain more money for education and transportation.

Municipal bond buyers saw some big note and bond deals hit the market on Wednesday, led by issuers in Georgia and Colorado.

The education sector dominated the municipal bond market on Thursday as several big deals hit the screens.

The $31 billion spending plan takes a cautious approach to spending after failed efforts to bond for transportation.

Municipal bond issuance jumped 29.2% in February, and may climb further as the initial effects of the 2017 tax act fade.