News and Information from Bond Buyer

A Cathedral City, Calif., master-planned community has drawn on reserves twice in the past six months for bonds issued to build the project's infrastructure.

Now that health care is taking a back seat to tax reform in the Trump administration, municipal portfolio managers are maintaining their investment strategies while bracing for changes on overall market demand and other technicals.

The shroud of massive federal funding cuts hang over New York City's hospital system despite the Republican Congress' failure to eliminate Obamacare, said the city's top health administrator.

Top-rated municipal bonds were unchanged at midday, traders said, as the last of the week's big new issues hit the market on Thursday, topped by a large tobacco sale from California and a higher education deal out of Massachusetts.

California leaders have announced their agreement on a five-year $52.4 billion transportation infrastructure investment package that would raise roughly $5 billion in new annual revenue for state and local governments.

The Treasury Department said Thursday it will auction $39 billion 91-day bills and $33 billion 182-day discount bills Monday.

S&P Global Ratings said it has raised its long-term and underlying rating on the city of Allen Park, Mich.'s existing general obligation debt to BB from CCC-plus.

Municipal bond traders will be seeing the last of the week's big new issues hit the market on Thursday, topped by a large tobacco sale from California and a higher education deal out of Massachusetts.

While the removal of accommodation needs to pick up the pace from the once a year rate increases of the past two years, the Federal Open Market Committee does not need to raise rates at every meeting, Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.

Indicator Last Report Forecast Actual GDP Q3: +3.5% Q4: +2.0% Q4: +2.1% Final Sales Q3: +3.0% Q4: +1.0% Q4: +1.1% Initial Claims 3/18: 261,000 3/25: 248,000 3/25: 258,000 Continuing Claims 3/11: 1.987M 3/18: 2.020M 3/18: 2.052M

Mar. 30, 2017 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.88 1.6 2.34 3.13 Florida Aa1/AAA/AAA 0.86 1.61 2.36 3.16 Georgia Aaa/AAA/AAA 0.86 1.55 2.23 3.01 Kentucky Aa2/A+/AA- 0.91 1.71 2.45 3.25 Louisiana Aa3/AA-/AA- 0.99 1.9 2.76 3.54 Mississippi Aa2/AA/AA 0.88 1.65 2.43 3.21 North Carolina Aaa/AAA/AAA 0.86 1.55 2.22 3 South Carolina Aaa/AA+/AAA 0.86 1.58 2.26 3.03 Tennessee Aaa/AAA/AAA 0.86 1.55 2.23 3.01 Virginia Aaa/AAA/AAA 0.85 1.53 2.21 2.99 West Virginia Aa2/AA-/AA 0.88 1.65 2.42 3.24

3/29/2017 3/22/2017 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 4 $80,835 3 $60,000 20,835 Florida 1 37,720 2 71,975 -34,255 Georgia 6 1,233,095 6 1,248,395 -15,300 Kentucky 3 75,385 3 48,420 26,965 Louisiana 0 0 1 189,115 -189,115 Mississippi 2 238,130 1 223,630 14,500 North Carolina 0 0 4 442,565 -442,565 South Carolina 4 41,240 3 38,145 3,095 Tennessee 0 0 2 14,000 -14,000 Virginia 3 375,275 0 0 375,275 West Virginia 0 0 0 0 0

Thursday, March 30 Issuer St Description Amount

Thursday, March 30 Issuer St Description Amount

Week Of March 27 Issuer St Description Amount

ARKANSAS

ALABAMA

SIFMA is releasing for comment draft riders to model bond documents for issue price rules, including one that would allow underwriters to revoke bids in competitive sales.

Illinois Gov. Bruce Rauner and lawmakers veered in opposite directions, casting more doubt on the prospects for a budget resolution.

Bill Baroni and Bridget Anne Kelly, former allies of New Jersey Governor Chris Christie, are headed to prison for their roles in a politically motivated plot to create traffic jams near the George Washington Bridge in the scandal known as Bridgegate.