Primary bond market

The rating agency cited ongoing positive financial and enplanement trends at the airport, which is planning a refunding.

Bond Buyer Senior Reporter Keeley Webster shares an interview with California Treasurer Fiona Ma on her run for lieutenant governor as a prelude to a fireside chat Wells Fargo Director Julia Kim conducted with the state treasurer at The Bond Buyer's California Public Finance conference.

Another month of muni losses "may spark additional sale pressure as some investors throw in the towel, but we suspect any further weakness would represent a strong entry point for [investment grade] buyers," Birch Creek Capital said in a weekly report.

States use tax proceeds in a way that appeals to voters because recreational marijuana is often legalized through a referendum process.

If Treasury rates become "more stabilized," it provides "a good reason to be somewhat constructive on munis for a while," BofA Global Research said in a report.

The Grand River Dam Authority, the state's largest public power utility, is expected to start issuing the debt later this year.

Investors continue to pull money from muni mutual funds with LSEG Lipper reporting $934.7 million of outflows for the week ending Wednesday after $297 million of outflows the week prior.

Municipal mutual fund losses continued last week — but to a lesser extent — as the Investment Company Institute Wednesday reported investors pulled $1.291 billion from the funds in the week ending Oct. 18 after $2.645 million of outflows the previous week.

The biggest challenge to the public finance industry at large remains market volatility, according to respondents in The Bond Buyer's Live Market Survey. Forty-six percent named it their top concern, with a recession or economic downturn coming in second at 33%.

Munis experienced some firmness Tuesday, but "whether or not that's going to be for more than a nanosecond remains to be seen," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.