News and Information from Bond Buyer

Top-rated municipal bonds were unchanged at mid-session, according to traders, ahead of the week's $4.3 billion new issue calendar. Market participants will be keeping an eye on yields, which have been rather volatile the past few weeks.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.515% high rate, down from 0.535% the prior week, and the six-months incurred a 0.670% high rate, unchanged from 0.670% the week before.

Trump’s proposed budget “will emaciate public services and protections,” said the director of Public Citizen’s Congress Watch Division.

The Treasury Department said Monday it will sell $18 billion of four-week discount bills Tuesday.

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

HJ Sims has announced it has expanded its Puerto Rico advisory team in Guaynabo by adding four new experts in its office in Guaynabo: Roberto Feria Cestero, Carlos Alvarado, Maria "Magie" Mena, and Adrian Fernandez.

Pending home sales decreased 2.8% to an index reading of 106.4 in January, after an upwardly revised 0.8% gain to 109.5 in December, first reported as a 1.6% gain to 109.0, according to a report released Monday by the National Association of Realtors.

Indicator Last Report Forecast Actual Durable Goods Orders Dec.: -0.8% Jan.: +1.7% Jan.: +1.8% ex-Trans Dec.: +0.9% Jan.: +0.5% Jan.: -0.2% Pending Home Sales Dec.: +0.8% Jan.: +0.8% Jan.: -2.8%

Municipal bond traders are returning to work Monday, set to take on the week's $4.3 billion new issue calendar. They will also be keeping an eye on yields, which have been rather volatile the past few weeks.

Troubles at the Oroville Dam in Northern California highlight the need for infrastructure maintenance and investment.

Feb. 27, 2017 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.02 2.08 3.04 3.8 Delaware Aaa/AAA/AAA 0.82 1.52 2.33 3.08 Maine Aa2/AA/AA 0.82 1.59 2.45 3.22 Maryland Aaa/AAA/AAA 0.82 1.55 2.36 3.09 Massachusetts Aa1/AA+/AA+ 0.84 1.61 2.51 3.29 New Hampshire Aa1/AA/AA+ 0.84 1.61 2.46 3.21 New Jersey A2/A/A 1.22 2.45 3.34 4.06 New York Aa1/AA+/AA+ 0.82 1.56 2.43 3.26 Pennsylvania Aa3/AA-/AA- 1 2.03 3.01 3.74 Rhode Island Aa2/AA/AA 0.87 1.71 2.65 3.43 Vermont Aaa/AA+/AAA 0.82 1.54 2.36 3.1 Dist. of Columbia Aa1/AA/AA 0.85 1.6 2.51 3.3 Puerto Rico Caa3/CC/CC 37.82 14.03 10.44 8.09

2/24/2017 2/17/2017 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $8,500 1 $17,500 -$9,000 Delaware 1 43,505 1 225,000 -181,495 Maine 2 17,495 1 35,000 -17,505 Maryland 7 1,744,570 2 675,000 1,069,570 Massachusetts 2 67,455 3 31,839 35,616 New Hampshire 1 12,000 0 0 12,000 New Jersey 6 244,123 4 109,294 134,829 New York 8 478,845 11 151,270 327,575 Pennsylvania 14 375,690 11 330,500 45,190 Rhode Island 1 40,000 1 40,000 0 Vermont 1 36,295 0 0 36,295 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Tuesday, February 28 Issuer St Description Amount

Monday, February 27 Issuer St Description Amount

Week Of February 27 Issuer St Description Amount

ALABAMA

Day Indicator Last Report Forecast Monday Durable Goods Orders Dec.: -0.4% Jan.: +1.7% Monday ex-Trans Dec.: +0.5% Jan.: +0.5% Monday Pending Home Sales Dec.: +1.6% Jan.: +0.8% Tuesday GDP Q3: +3.5% Q4: +2.1% Tuesday Final Sales Q3: +3.0% Q4: n/a Tuesday Chicago PMI Jan.: 50.3 Feb.: 53.0 Tuesday Consumer Confidence Jan.: 111.8 Feb.: 111.0 Wednesday Personal Income Dec.: +0.3% Jan.: +0.3% Wednesday Consumption Dec.: +0.5% Jan.: +0.3% Wednesday Core PCE Price Index Dec.: +0.1% Jan.: +0.2% Wednesday Construction Spending Dec.: -0.2% Jan.: +0.6% Wednesday ISM Manufacturing PMI Jan.: 56.0 Feb.: 56.0 Thursday Initial Claims 2/18: 244,000 2/25: 245,000 Thursday Continuing Claims 2/11: 2.060M 2/18: 2.065M Friday ISM Non-Manufacturing PMI Jan.: 56.5 Feb.: 56.5

Government

Assured Guaranty Ltd. reported gains in operating earnings and shareholders’ equity last year as it again led the municipal bond insurance industry in both par amount and number of deals.

Municipal market issuance is expected to lag behind investor demand in the coming week.