News and Information from Bond Buyer

Wayne County Executive Warren Evans said he is keeping the county’s options open for a jail site after the backers behind a Major League Soccer expansion bid proposed a site swap.

The Treasury Department auctioned $23 billion of 10-year notes with a 2 1/4% coupon at a 2.333% high yield, a price of 99.263516.

Top-quality municipal bonds were stronger at mid-session, according to traders, who were seeing another big wave of issuance sweep over the market.

Unemployment and foreclosures warrant a closer look in geographic areas of concern.

President Trump, in promising massive transportation investments, did not mention what the fiscal impact would be on interest rates. Nor did he discuss the critical role of local and state governments in financing the nation’s public infrastructure.

Facing another budget shortfall, Louisiana Gov. John Bel Edwards will ask lawmakers to take up tax and budget reform measures.

Labor market conditions were "little changed and momentum remained high in January," as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) climbed to 0.25 in January from a revised 0.24 in December, first reported as 0.23, according to the Bank.

Municipal bond traders are set to see another wave of issuance hit the market on Wednesday, led by issuers in California and Utah.

Wednesday, February 8 Issuer St Description Amount

Wednesday, February 8 Issuer St Description Amount

Week Of February 6 Issuer St Description Amount

Feb. 8, 2017 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB/BBB 2.25 3.82 4.55 5.14 Indiana Aaa/AAA/AA+ 0.9 1.63 2.42 3.2 Iowa Aaa/AAA/AAA 0.9 1.62 2.4 3.18 Michigan Aa1/AA-/AA 0.95 1.71 2.52 3.32 Minnesota Aa1/AA+/AAA 0.91 1.59 2.34 3.09 Missouri Aaa/AAA/AAA 0.9 1.57 2.31 3.09 Nebraska NR/AAA/NR 0.9 1.65 2.47 3.28 North Dakota Aa1/AA+/NR 0.93 1.68 2.5 3.28 Ohio Aa1/AA+/AA+ 0.92 1.63 2.45 3.25 South Dakota NR/AA+/AAA 0.92 1.65 2.5 3.3 Wisconsin Aa2/AA/AA 0.92 1.64 2.47 3.26

CALIFORNIA

CALIFORNIA

2/7/2017 1/31/2017 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $65,587 8 $102,095 -$36,508 Indiana 5 50,360 6 52,685 -2,325 Iowa 5 90,180 6 106,270 -16,090 Michigan 16 109,490 14 254,545 -145,055 Minnesota 20 212,587 15 155,225 57,362 Missouri 3 154,650 2 13,060 141,590 Nebraska 5 84,495 1 4,695 79,800 North Dakota 1 5,000 1 2,550 2,450 Ohio 6 260,255 3 192,425 67,830 South Dakota 1 3,965 1 3,965 0 Wisconsin 21 206,930 16 84,950 121,980

In a year that promises dramatic changes, government officials and leaders in municipal finance will consider how to adjust to new policies and a new president at The Bond Buyer’s Texas Public Finance Conference.

Government

The Port Authority of New York and New Jersey has begun a request for proposals process for a train connection to LaGuardia Airport.

In a far-reaching state-of-the-state address, Oklahoma Gov. Mary Fallin called for a $350 million bond program to finance infrastructure, a fuel-tax increase to build roads, raises for teachers and elimination of the state income tax.

Michigan Gov. Rick Snyder has formed a task force charged with recommending how to tackle local governments’ unfunded retirement obligations.