News and Information from Bond Buyer

The Treasury Department said Thursday it will auction $34 billion 91-day bills and $28 billion 182-day discount bills Tuesday.

The Supreme Court of California has a case before it with the potential to alter the political and legal conversations about pensions in the Golden State and beyond.

The Treasury Department said it will auction $28 billion seven-year notes on Dec. 29.

Manufacturing activity in the Federal Reserve Bank of Kansas City's region "improved considerably to its highest growth rate in over two years" in December, according to the bank's monthly manufacturing survey, released Thursday.

Indicator Last Report Forecast Actual Durable Goods Orders Oct.: +4.8% Nov.: -4.0% Nov.: -4.6% ex-Trans Oct.: +0.9% Nov.: +0.2% Nov.: +0.5% GDP Q2: +1.4% Q3: +3.3% Q3: +3.5% Final Sales Q2: +2.6% Q3: +2.8% Q3: +3.0% Initial Claims 12/10: 254,000 12/17: 257,000 12/17: 275,000 Continuing Claims 12/3: 2.021M 12/10: 2.018M 12/10: 2.036M Personal Income Oct.: +0.5% Nov.: +0.3% Nov.: unch Consumption Oct.: +0.4% Nov.: +0.3% Nov.: +0.2% Core PCE Price Indx Oct.: +0.1% Nov.: +0.1% Nov.: unch Leading Indicators Oct.: +0.1% Nov.: +0.2% Nov.: unch

Top-shelf municipal bonds were steady on Thursday morning, according to traders who were still at their desks. The primary market is nearing shut-down mode as the holidays approach.

The composite index of Leading Economic Indicators was unchanged in November following an unrevised 0.1% increase in October, the Conference Board reported Thursday.

The Chicago Fed National Activity Index for November plunged to negative 0.27 from an upwardly revised negative 0.05 in October, first reported as negative 0.08, while the three-month moving average (CFNAI-MA3) narrowed to negative 0.14 from a revised negative 0.20 in October, first reported as negative 0.27 the Federal Reserve Bank of Chicago reported Thursday.

Full repeal of the Affordable Care Act may cut hospital revenue by close to $400 billion over the next 10 years, putting pressure on healthcare bond ratings and state and local budgets.

Dec. 22, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 1.01 1.93 2.56 3.3 Florida Aa1/AAA/AAA 1 1.95 2.61 3.35 Georgia Aaa/AAA/AAA 0.97 1.84 2.45 3.18 Kentucky Aa2/A+/AA- 1.02 2 2.67 3.42 Louisiana Aa3/AA/AA 1.06 2.22 3 3.78 Mississippi Aa2/AA/AA 1.01 1.97 2.64 3.41 North Carolina Aaa/AAA/AAA 0.97 1.84 2.44 3.17 South Carolina Aaa/AA+/AAA 0.97 1.85 2.49 3.21 Tennessee Aaa/AA+/AAA 0.97 1.85 2.46 3.18 Virginia Aaa/AAA/AAA 0.96 1.83 2.43 3.16 West Virginia Aa1/AA-/AA 1 1.95 2.64 3.38

12/21/2016 12/14/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 6 $137,055 10 $354,935 -217,880 Florida 5 321,260 6 375,750 -54,490 Georgia 1 33,860 2 50,855 -16,995 Kentucky 1 43,965 2 49,000 -5,035 Louisiana 1 42,235 1 42,235 0 Mississippi 1 223,630 1 223,630 0 North Carolina 1 25,000 2 61,625 -36,625 South Carolina 1 18,220 3 38,630 -20,410 Tennessee 0 0 1 9,000 -9,000 Virginia 0 0 0 0 0 West Virginia 0 0 0 0 0

MINNESOTA

Thursday, December 22 Issuer St Description Amount

Thursday, December 22 Issuer St Description Amount

Thursday, December 22 Issuer St Description Amount

CALIFORNIA

The Puerto Rico Oversight Board presented its first take on what needs to be done to bring the commonwealth out of its fiscal crisis.

Government

Top-shelf municipal bonds were slightly stronger at Wednesday’s market close, according to traders, as yields on some maturities were as many as three basis points lower.

Hamline University in Minnesota is at risk of losing of its investment grade credit due to balance sheet strains after a downgrade to Baa3.