A tender offer and a debt service shortfall related to bonds issued in the wake of Winter Storm Uri popped up this month as its financial impact lingers.
"With rates volatility seemingly subsiding in the past few weeks, we could start to see outflows decrease and demand flow back into munis," according to AmeriVet Securities' Jason Wong.
A series of atmospheric rivers and cyclone bomb storms in California have resulted in billions in damage. Lawmakers look to bond measures to help prevent future problems.
For long-term muni bonds, BofA strategists noted that macro market and supply/demand conditions "are dominating the picture, pushing the high-grade muni market to a relatively rich valuation versus Treasuries."
Alabama officials and private interests say large reserves of metallurgical coal, a necessary ingredient in steel production, will spell economic fortune.
The rating agency affirmed Louisiana at AA-minus. The state also received its first-ever rating from Kroll Bond Rating Agency: a AA rating and stable outlook.
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