State of Texas

Vice President/Senior Analyst, Moody’s Investors Service

The numbers were not as bad as first forecast, with sales tax revenues, which account for 59% of the budget, inching up.

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

Municipal bond volume kept rolling in August, producing the second-highest volume for the month in the past decade, marking the third consecutive month this year of greater-than $40 billion.

Municipal bonds ended unchanged on Monday ahead of this week $8 billion of new issuance.

The muni market steadied Wednesday as a strong dose of supply hit the screens.

Municipals were slightly weaker on Tuesday as investors take stock of inventories and exceedingly low yields for a market that might be ripe for a correction.

Municipal investors are somewhat tepid on current low rates Monday ahead of the week's $`11.5 billion of new supply.

Municipals continued to correct, with yields on the AAA scales rising by as much as three basis points as signs point to investor pullback from current low yields.

The competitive sale is scheduled for Aug. 19 with Stifel Nicolaus as financial advisor.