News and Information from Bond Buyer

Feb. 13, 2017 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.08 2.07 2.96 3.77 Delaware Aaa/AAA/AAA 0.88 1.51 2.27 3.05 Maine Aa2/AA/AA 0.88 1.58 2.39 3.19 Maryland Aaa/AAA/AAA 0.88 1.53 2.3 3.06 Massachusetts Aa1/AA+/AA+ 0.9 1.6 2.44 3.26 New Hampshire Aa1/AA/AA+ 0.9 1.6 2.4 3.18 New Jersey A2/A/A 1.28 2.44 3.25 4.03 New York Aa1/AA+/AA+ 0.88 1.55 2.37 3.23 Pennsylvania Aa3/AA-/AA- 1.06 2.02 2.96 3.71 Rhode Island Aa2/AA/AA 0.93 1.7 2.59 3.4 Vermont Aaa/AA+/AAA 0.88 1.53 2.3 3.07 Dist. of Columbia Aa1/AA/AA 0.91 1.59 2.45 3.27 Puerto Rico Caa3/CC/CC 38.88 14.72 10.63 8.16

2/10/2017 2/3/2017 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 $240,095 0 $0 $240,095 Delaware 0 0 1 40,015 -40,015 Maine 1 51,000 0 0 51,000 Maryland 4 792,695 1 63,800 728,895 Massachusetts 2 60,140 2 54,056 6,084 New Hampshire 0 0 0 0 0 New Jersey 0 0 3 88,276 -88,276 New York 5 582,220 12 1,156,025 -573,805 Pennsylvania 19 754,950 16 382,175 372,775 Rhode Island 2 40,000 1 40,000 0 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

MISSOURI

Monday, February 13 Issuer St Description Amount

Monday, February 13 Issuer St Description Amount

Week Of February 13 Issuer St Description Amount

Week Of February 13 Issuer St Description Amount

ARIZONA

Day Indicator Last Report Forecast Tuesday PPI Dec.: +0.3% Jan.: +0.3% Tuesday PPI Core Dec.: +0.2% Jan.: +0.2% Wednesday CPI Dec.: +0.3% Jan.: +0.3% Wednesday CPI Core Dec.: +0.2% Jan.: +0.2% Wednesday Empire State Manufacturing Jan.: 6.5 Feb.: 7.0 Wednesday Retail Sales Dec.: +0.6% Jan.: +0.1% Wednesday ex-Autos Dec.: +0.2% Jan.: +0.4% Wednesday Industrial Production Dec.: +0.8% Jan.: unch Wednesday Capacity Utilization Dec.: 75.5% Jan.: 75.5% Wednesday Business Inventories Nov.: +0.7% Dec.: +0.4% Wednesday NAHB Housing Index Jan.: 67 Feb.: 67 Thursday Initial Jobless Claims 2/4: 234,000 2/11: 245,000 Thursday Continuing Claims 1/28: 2.078M 2/4: 2.060M Thursday Housing Starts Dec.: 1.230M Jan.: 1.222M Thursday Building Permits Dec.: 1.210M Jan.: 1.230M Thursday Philly Fed Manufacturing Jan.: 23.6 Feb.: 18.0 Friday Leading Indicators Dec.: +0.5% Jan.: +0.5%

Puerto Rico Gov. Ricardo Rosselló has said that he is setting aside $146 million for the payment of general obligation bonds.

Government

Multiple tax hikes, strict spending limits, and borrowing to pay off old bills are all needed to dig Illinois out of its deep fiscal hole, the Chicago Civic Federation warned.

Major investment firms made unethical and probably illegal loans to Puerto Rico’s government from 2000 to 2008, according to a report from a populist financial industry watchdog.

House Financial Services Committee Republicans have floated a revised version of a their Financial CHOICE Act that would require the Securities and Exchange Commission to review municipal market and other self-regulatory organizations' inefficiencies as well as reform its enforcement process

Top shelf municipal bonds finished weaker on Friday, traders said, ahead of a more manageable new issue calendar for the upcoming week. Ipreo estimates volume at $5.6 billion, down from a revised total of $7.7 billion in the previous week, according to updated figures from Thomson Reuters.

Spending grew faster than revenues in Los Angeles in fiscal 2016 prompting the city controller to warn city leaders to be cautious as they begin the budget process.

The federal government ran a $51.3 billion surplus in January, the Treasury Department reported Friday.

Chicago is stepping up a long-stalled effort to establish an express rail service from downtown Chicago to O'Hare International Airport, its mayor said.

Municipal bond issuers in the Northeast sold $116.4 billion of debt in 2016, according to Thomson Reuters data, a 13% increase that echoed a national trend.

The Fed is not behind the curve, Federal Reserve Bank of Cleveland President Loretta Mester said Friday.