News and Information from Bond Buyer

Massachusetts Gov. Charlie Baker's budget will include $91 million in additional Chapter 70 education funding to municipalities and $40 million extra in unrestricted local aid.

Jan. 23, 2017 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.09 2.12 2.95 3.71 Delaware Aaa/AAA/AAA 0.89 1.59 2.25 3 Maine Aa2/AA/AA 0.91 1.66 2.37 3.14 Maryland Aaa/AAA/AAA 0.89 1.61 2.28 3.01 Massachusetts Aa1/AA+/AA+ 0.91 1.67 2.38 3.19 New Hampshire Aa1/AA/AA+ 0.93 1.7 2.38 3.13 New Jersey A2/A/A 1.24 2.37 3.22 3.96 New York Aa1/AA+/AA+ 0.89 1.63 2.35 3.18 Pennsylvania Aa3/AA-/AA- 1.07 2.07 2.91 3.66 Rhode Island Aa2/AA/AA 0.94 1.78 2.57 3.35 Vermont Aaa/AA+/AAA 0.89 1.61 2.28 3.02 Dist. of Columbia Aa1/AA/AA 0.92 1.7 2.43 3.22 Puerto Rico Caa3/CC/CC 43.14 15.6 11.41 8.41

1/20/2017 1/13/2017 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $14,000 0 $0 $14,000 Delaware 1 39,940 1 39,940 0 Maine 1 9,915 1 7,300 2,615 Maryland 8 549,735 3 336,365 213,370 Massachusetts 2 132,885 6 478,153 -345,268 New Hampshire 0 0 0 0 0 New Jersey 2 7,393 7 137,193 -129,800 New York 9 95,905 7 103,972 -8,067 Pennsylvania 18 863,490 20 924,220 -60,730 Rhode Island 3 52,415 1 40,000 12,415 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, January 23 Issuer St Description Amount

Monday, January 23 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Existing Home Sales Nov.: 5.61M Dec.: 5.50M Thursday Initial Claims 1/14: 234,000 1/21: 245,000 Thursday Continuing Claims 1/7: 2.046M 1/14: 2.045 Thursday Leading Indicators Nov.: unch Dec.: +0.5% Thursday New Home Sales Nov.: 592,000 Dec.: 586,000 Friday Durable Goods Orders Nov.: -4.6% Dec.: +2.6% Friday ex-Trans Nov.: +0.5% Dec.: +0.5% Friday GDP Q3: +3.5% Q4: +2.2% Friday Final Sales Q3: +3.0% Q4: +2.4% Friday Michigan Sentiment Dec.: 98.2 Jan.: 98.1 Friday Current Conditions Dec.: 111.9 Jan.: 112.5 Friday Expectations Dec.: 89.5 Jan.: 88.9

Week Of January 23 Issuer St Description Amount

Week Of January 23 Issuer St Description Amount

PENNSYLVANIA

ALABAMA

Airports, high-speed rail, and roads, particularly in dense metropolitan areas, could be particularly appealing targets.

Government

Illinois Senate leaders will push for midweek passage of their “Grand Bargain” legislation in hopes of breaking more than18 months of political gridlock.

The California Public Finance Authority will price $110 million in revenue bonds next week for Henry Mayo Newhall Hospital in Valencia, Calif. in the hospital’s first public market offering without the benefit of bond insurance in more than a decade.

Top shelf municipal bonds ended weaker on Friday, according to traders, who were looking ahead to the upcoming new issue calendar. Ipreo estimates volume for the new week at $6.8 billion, up from a revised $4.8 billion sold in the prior week, according to updated date from Thomson Reuters.

States are expected to issue more road debt as federal transportation funding continues to stagnate.

A $60 million bond refinancing deal was structured in part to boost the fiscal health of the struggling Rensselaer School District in upstate New York.

Wisconsin expects $454 million more in general fund taxes will be collected through the next two-year budget cycle as Gov. Scott Walker prepares to release a new budget next month.

Muni professionals’ predictions about the economy, volume, demand, and credit spreads panned out, but they were taken off guard by the political roller coaster that roiled the tax-exempt market in 2016.

The Bay Area Toll Authority is set to sell $450 million of bonds Jan. 26 to fund capital projects and refund outstanding debt.