News and Information from Bond Buyer

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

Top-shelf municipal bonds were weaker at mid-session, according to traders, who were looking ahead to next week's new issue calendar.

Rhode Island Gov. Gina Raimondo proposed a $9.3 billion budget that calls for two years of free tuition at public colleges for in-state students.

Municipal bond traders will be taking a breather on Friday as they detail inventory from the week's supply slate and look ahead to next week's new issue calendar.

Toeing the line set forth in the Summary of Economic Projections, Federal Reserve Bank of Philadelphia President Patrick T. Harker said Friday he expects three rate hikes this year.

Monday, January 23 Issuer St Description Amount

Monday, January 23 Issuer St Description Amount

Week Of January 23 Issuer St Description Amount

Friday, January 20 Issuer St Description Amount

CALIFORNIA

ALABAMA

Jan. 20, 2017 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aa2/AA+/AA+ 0.95 1.89 2.64 3.47 California Aa3/AA-/AA- 0.87 1.63 2.43 3.16 Hawaii Aa1/AA+/AA 0.9 1.64 2.35 3.12 Idaho Aa1/AA+/AA+ 0.87 1.65 2.35 3.11 Montana Aa1/AA/AA+ 0.87 1.64 2.36 3.13 Nevada Aa2/AA/AA+ 0.91 1.69 2.41 3.18 Oregon Aa1/AA+/AA+ 0.89 1.6 2.23 3 Washington Aa1/AA+/AA+ 0.9 1.65 2.38 3.18 Wyoming NR/AAA/NR 0.87 1.61 2.27 3.02

1/19/2017 1/12/2017 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 $0 0 $0 $0 California 27 1719195 36 1009455 709,740 Hawaii 0 0 0 0 0 Idaho 0 0 1 68760 -68,760 Montana 0 0 0 0 0 Nevada 1 55000 1 15000 40,000 Oregon 0 0 2 244880 -244,880 Washington 4 183635 3 158915 24,720 Wyoming 1 90000 1 90000 0

Chicago’s spread penalties in the primary market hit a new peak Thursday on its $1.2 billion general obligation sale.

Government

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased one basis point to 4.19% from 4.20% from the previous week.

Local government issuers increasingly relied on certificates of obligation in the past decade, bypassing voter approval to raise capital more quickly, according to Texas Comptroller Glenn Hegar.

The San Antonio City Council will ask voters to approve $850 million of bonds, the largest package in the city’s history, for projects that include redevelopment of Hemisfair Park.

Unspent proceeds at the time of a current refunding will not cause Build America Bonds to lose their qualified status for Treasury subsidy payments, the Internal Revenue Service recently found in a recent private letter ruling.

Louisiana now pegs its official mid-year deficit at $304 million, a number that is complicating the state’s ability to issue new debt.