Tax-exempt bonds

Vance has called for eliminating the SALT deduction, calling it "massively redistributive toward the lower- and middle-income brackets."

While the muni market lobbies for its wish list, investors keep in mind that any tax rate changes affect appetite and market technicals.

It's one of the most controversial uses of tax-exempt debt, but repeated legislative efforts to eliminate it have failed.

Tribal advocates hope that Congress will take up expanded tribal access to the tax-exempt market next year as the U.S. tax code takes center stage.

A recent report calls for the elimination of the muni bond tax-exemption.

The snub could become more important next year when Tax Cuts and Jobs Act provisions expire and tax issues take center stage at Congress.

In "my nearly 50 years in finance, I've never seen more demand for energy infrastructure," BlackRock CEO Larry Fink said in his latest investor letter.

Citi's exit comes amid the larger trend of broker-dealers downsizing balance sheets, which can hurt secondary market liquidity, particularly in times of stress. Other market players are coming into the fold.

The traditional tax exemption "does take some of the volatility out," said Mark Ritacco, chief government affairs officer for the National Association of Counties.

A 2017 issuance is in danger of losing its tax-exempt status.