News and Information from Bond Buyer

Indicator Last Report Forecast Actual Empire State Manufacturing Dec. 7.6 Jan.: 9.0 Jan.: 6.5

Jan. 18, 2017 Midwest: Plain/Insured GO Yield Curve* Midwest: GO Yield Curves for Jan. 13 , 2017 State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB/BBB+ 2.25 3.77 4.38 4.97 Indiana Aaa/AAA/AA+ 0.90 1.63 2.28 3.03 Iowa Aaa/AAA/AAA 0.90 1.62 2.26 3.01 Michigan Aa1/AA?/AA 0.95 1.71 2.38 3.15 Minnesota Aa1/AA+/AAA 0.91 1.59 2.19 2.92 Missouri Aaa/AAA/AAA 0.90 1.57 2.17 2.92 Nebraska NR/AAA/NR 0.90 1.65 2.33 3.11 North Dakota Aa1/AA+/NR 0.93 1.68 2.36 3.11 Ohio Aa1/AA+/AA+ 0.92 1.65 2.31 3.07 South Dakota NR/AA+/AAA 0.92 1.65 2.36 3.13 Wisconsin Aa2/AA/AA 0.93 1.65 2.32 3.08

Week Of January 17 Issuer St Description Amount

1/17/2017 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 14 $1,447,440 17 $1,999,210 -$551,770 Indiana 8 163,370 11 347,560 ?184,190 Iowa 1 3,400 3 121,910 ?118,510 Michigan 25 361,100 27 1,017,415 ?656,315 Minnesota 18 275,775 19 403,895 ?128,120 Missouri 4 72,890 5 83,300 ?10,410 Nebraska 3 14,815 1 4,695 10,120 North Dakota 1 3,310 2 11,120 ?7,810 Ohio 2 82,170 8 656,460 ?574,290 South Dakota 1 3,965 1 3,965 0 Wisconsin 17 171,995 13 570,060 ?398,065

CALIFORNIA

MINNESOTA

Treasury Secretary Jack Lew and Department of Health and Human Services Secretary Sylvia Burwell are urging Congress to pass legislation to help Puerto Rico before the commonwealth is forced to confront more serious health care and economic challenges.

Government

In its first deal of the year, the Texas Transportation Commission sees another opportunity to achieve savings with $800 million of refunding bonds.

A five-year-old Illinois law that safeguards not-for-profit hospitals’ local tax exemptions in exchange for meeting minimum charity and community care standards is before the Illinois Supreme Court.

A significant increase in Birmingham, Ala.’s pension liabilities led Fitch Ratings to cut the city’s issuer default and bond ratings by one notch to AA-minus, and to revise the rating outlook to negative.

Women-owned Stern Brothers & Co. has added California investment banker Lauro Garcia to grow its Golden State business.

The MTA’s tentative deal with New York transit employees provides some certainty while ignoring spiraling health-care and pension costs untouched, say muni bond observers.

Top-shelf municipal bonds ended Tuesday lower, as yields on some maturities were down as many as four basis points, according to traders. The first of the week’s issuance started to trickle in as well.

The U.S. Virgin Islands withdrew a $219 million bond sale, raising the specter of tax increases and government services cuts after preliminary pricing showed a lack of investor demand for the territory’s debt.

What are the challenges of running a giant electric provider? Long Island Power Authority (LIPA) CEO Tom Falcone discusses his experience of leaving Wall Street after 13 years to run LIPA in the catastrophic wake of Hurricane Sandy. Hosted by Andrew Coen.

It was a year of disappointing investment returns from 11 local government pension funds in Illinois, according to the latest annual report from a state government commission.

Road report sees need for additional annual transportation capital spending to resolve growing infrastructure backlog.

Ten investment advisory firms have agreed to pay penalties totaling $660,456 to settle Securities and Exchange Commission charges that they violated the SEC's investment advisor pay-to-play rule.