Primary bond market

The Board of Education enters the market with two speculative grade ratings and one investment grade after affirmations from the agencies across the board.

An elevated new-issue market is on the horizon with $14.87 billion, per The Bond Buyer's 30-day visible supply.

The new-issue muni calendar is estimated at $8.522 billion next week with $6.075 billion of negotiated deals on tap and $2.446 billion on the competitive calendar, according to Ipreo and The Bond Buyer.

"Transmission is often a pressing need. Routing power around more efficiently with fewer losses helps to maintain the integrity of the system," said John Hallacy.

LSEG Lipper data Thursday showed $297 million of outflows from municipal bond mutual funds for the week ending Wednesday after $780.1 million of outflows the week prior.

Pessimism reigned during the state of the union panel at The Bond Buyer's California Public Finance conference in San Francisco.

Municipal mutual fund losses continued last week as the Investment Company Institute reporting investors pulled $2.645 billion from the funds in the week ending Oct. 11. ETFs see more inflows, though.

The $500 million of revenue bonds to initially finance a $5 billion controversial expansion program were priced amid a turbulent market.

The city plans to sell as much as $295 million of general obligation and revenue bonds in two deals next month.

Munis are now following along with broader Treasury market weakness, and "at the same time are also attempting to manage some of the healthiest issuance that we've seen this year," said Morgan Stanley's Matthew Gastall.