News and Information from Bond Buyer

The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1 1/4% coupon at a 1.261% yield, a price of 99.978342.

In the latest installment of Muni Minute, we take a quick look at the big tobacco bond sale coming from the Golden State Tobacco Securitization Corp.

The New Jersey Turnpike Authority is likely to face spread penalties for its $525 million revenue bond deal this week, but strong demand is still expected despite the state's credit woes.

Top-rated municipal bonds were stronger at mid-session, according to traders, as two big deals from Connecticut and San Jose were priced for retail investors.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.780% high rate, up from 0.760% the prior week, and the six-months incurred a 0.905% high rate, up from 0.890% the week before.

In many ways, if Puerto Rico is a cup of coffee, the USVI is a shot of espresso.

The Treasury Department said Monday it will sell $55 billion of four-week discount bills Tuesday.

Texas factory activity, as measured by the production index, "increased for the ninth consecutive month in March," according to the monthly Texas Manufacturing Outlook Survey conducted by the Federal Reserve Bank of Dallas, released Monday.

Municipal bond traders are returning to their desks on Monday, looking ahead to the week's $5.96 billion new issue calendar. The slate is made up of $4.53 billion of negotiated deals and $1.43 billion of competitive sales.

Day Indicator Last Report Forecast Tuesday Consumer Confidence Feb.: 114.8 March: 113.9 Wednesday Pending Home Sales Jan.: -2.8% Feb.: +2.0% Thursday GDP Q3: +3.5% Q4: +2.0% Thursday Final Sales Q3: +3.0% Q4: +1.0% Thursday Initial Claims 3/18: 258,000 3/25: 248,000 Thursday Continuing Claims 3/11: 2.000M 3/18: 2.020M Friday Personal Income Jan.: +0.4% Feb.: +0.4% Friday Consumption Jan.: +0.2% Feb.: +0.2% Friday Chicago PMI Feb.: 57.4 March: 56.8 Friday Michigan Sentiment Feb.: 96.3 March: 97.6 Friday Current Conditions Feb.: 111.5 March: 114.0 Friday Expectations Feb.: 86.5 March: 87.0

INDIANA

ARIZONA

Mar. 27, 2017 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 0.99 2.13 3.03 3.77 Delaware Aaa/AAA/AAA 0.86 1.57 2.27 3.06 Maine Aa2/AA/AA 0.86 1.62 2.38 3.2 Maryland Aaa/AAA/AAA 0.86 1.59 2.29 3.07 Massachusetts Aa1/AA+/AA+ 0.88 1.64 2.45 3.26 New Hampshire Aa1/AA/AA+ 0.88 1.66 2.4 3.19 New Jersey A2/A/A 1.26 2.46 3.3 4.07 New York Aa1/AA+/AA+ 0.86 1.61 2.37 3.24 Pennsylvania Aa3/AA-/AA- 1.01 2 2.88 3.67 Rhode Island Aa2/AA/AA 0.89 1.69 2.5 3.33 Vermont Aaa/AA+/AAA 0.86 1.59 2.3 3.08 Dist. of Columbia Aa1/AA/AA 0.88 1.67 2.45 3.28 Puerto Rico Caa3/CC/CC 54.66 17.33 12.28 9.12

3/24/2017 3/17/2017 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 $769,000 0 $0 $769,000 Delaware 0 0 0 0 0 Maine 1 3,440 1 10,000 -6,560 Maryland 8 585,385 1 32,510 552,875 Massachusetts 4 198,341 1 2,735 195,606 New Hampshire 2 23,890 1 11,000 12,890 New Jersey 8 604,695 8 248,223 356,472 New York 14 700,258 15 888,116 -187,858 Pennsylvania 14 376,355 15 289,650 86,705 Rhode Island 2 72,425 2 54,400 18,025 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Tuesday, March 28 Issuer St Description Amount

Monday, March 27 Issuer St Description Amount

Week Of March 27 Issuer St Description Amount

Illinois Gov. Bruce Rauner Friday vetoed legislation designed to save Chicago’s municipal and laborers’ funds from insolvency.

Government

San Francisco's financial position has improved since the publication of its five-year plan in December, though pension funding issues lurk in the background.