News and Information from Bond Buyer

The Puerto Rico Electric Power Authority extended a restructuring agreement with creditors until March 31.

The board of the California Public Employees’ Retirement System could decide as soon as Dec. 20 on the best method of reducing its rate-of-return expectations

Builders' confidence in the market for new single-family homes surged as the National Association of Home Builders' housing market index rose to 70 in December from an unrevised 63 in November.

Indicator Last Report Forecast Actual CPI Oct.: +0.4% Nov.: +0.2% Nov.: +0.2% CPI Core Oct.: +0.1% Nov.: +0.2% Nov.: +0.2% Current Account Q2: -$118.3B Q3: -$111.6B Q3: -$113.0B Empire State Manufacturing Nov.: 1.5 Dec. 3.0 Dec. 9.0 Initial Jobless Claims 12/3: 258,000 12/10: 255,000 12/10: 254,000 Continuing Claims 11/26: 2.007M 12/3: 2.020M 12/3: 2.018M Philly Fed Manufacturing Nov.: 7.6 Dec.: 9.0 Dec.: 21.5 NAHB Housing Index Nov.: 63 Dec.: 63 Dec.: 70

The region's manufacturing sector expanded in December, as the general business conditions index surged to 21.5 from 7.6 in November, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The Empire State Manufacturing Survey showed "business activity grew modestly in New York State," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index increased to 9.0 in December from 1.5 in November.

Municipal bond traders are set for a quiet day on Thursday, one day after the Federal Open Market Committee raised its fed funds target rate by 25 basis points to between 0.50% and 0.75%.

Dec. 15, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.96 1.84 2.48 3.3 Florida Aa1/AAA/AAA 0.95 1.86 2.53 3.34 Georgia Aaa/AAA/AAA 0.92 1.75 2.37 3.18 Kentucky Aa2/A+/AA- 0.97 1.91 2.59 3.42 Louisiana Aa3/AA/AA 1.01 2.1 2.92 3.78 Mississippi Aa2/AA/AA 0.96 1.89 2.6 3.43 North Carolina Aaa/AAA/AAA 0.92 1.75 2.36 3.17 South Carolina Aaa/AA+/AAA 0.92 1.76 2.41 3.21 Tennessee Aaa/AA+/AAA 0.92 1.76 2.38 3.18 Virginia Aaa/AAA/AAA 0.91 1.74 2.35 3.16 West Virginia Aa1/AA-/AA 0.95 1.85 2.53 3.35

12/14/2016 12/7/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 10 $354,935 7 $187,100 167,835 Florida 6 375,750 9 450,730 -74,980 Georgia 2 50,855 1 15,000 35,855 Kentucky 2 49,000 9 128,995 -79,995 Louisiana 1 42,235 1 42,235 0 Mississippi 1 223,630 1 223,630 0 North Carolina 2 61,625 3 167,212 -105,587 South Carolina 3 38,630 3 38,630 0 Tennessee 1 9,000 2 35,285 -26,285 Virginia 0 0 1 21,770 -21,770 West Virginia 0 0 1 46,835 -46,835

Thursday, December 15 Issuer St Description Amount

Thursday, December 15 Issuer St Description Amount

Week Of December 12 Issuer St Description Amount

Week Of December 12 Issuer St Description Amount

CALIFORNIA

ALABAMA

Government

The Oklahoma Turnpike Authority plans to price $480 million of toll revenue bonds in January after the state Supreme Court shielded the debt from future litigation.

Puerto Rico’s November General Fund revenues came in 8.9% better than budgeted.

The Quicken Loans Arena – home of the National Basketball Association’s Cleveland Cavaliers – will receive a partially bond-financed $140 million makeover.

Top-rated municipal bonds finished mixed on Wednesday, according to traders, after the Federal Open Market Committee voted unanimously to raise its fed funds target rate by 25 basis points to between 0.50% and 0.75%.