News and Information from Bond Buyer

Top-rated municipal bonds were weaker at mid-session, according to traders, who are facing a smaller than usual $4 billion primary calendar as the Federal Reserve gets set to meet in Washington.

The high tender rate for the Treasury Department's latest 182-day discount bills was 0.645%, up from 0.615% the week before.

The Treasury Department Monday auctioned $24 billion of three-year notes with a 1 3/8% coupon at a 1.452% high yield, a price of 99.774758.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

Consumer expectations on inflation "only shifted minimally since October, while expectations about the labor market became more negative," according to the Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

California collected nearly $8 billion in revenues for November topping projections in the governor's 2016-17 budget by 7.5%.

Municipal bond traders return to work on Monday, facing a smaller than usual $4 billion new-issue calendar as the Federal Reserve gets set to meet in Washington for its last scheduled gathering of the year.

Dallas saw its Moody's Investors Service rating fall one notch to A1 as it grapples with a crisis in its public safety pension fund.

Dec. 12, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.12 2.24 2.94 3.78 Delaware Aaa/AAA/AAA 0.92 1.74 2.29 3.09 Maine Aa2/AA/AA 0.94 1.83 2.43 3.24 Maryland Aaa/AAA/AAA 0.92 1.76 2.32 3.1 Massachusetts Aa1/AA+/AA+ 0.95 1.88 2.46 3.3 New Hampshire Aa1/AA/AA+ 0.96 1.85 2.41 3.22 New Jersey A2/A/A 1.27 2.44 3.17 4 New York Aa1/AA+/AA+ 0.94 1.77 2.37 3.27 Pennsylvania Aa3/AA-/AA- 1.02 2.18 2.97 3.75 Rhode Island Aa2/AA/AA 0.97 1.93 2.6 3.44 Vermont Aaa/AA+/AAA 0.92 1.75 2.31 3.11 Dist. of Columbia Aa1/AA/AA 0.95 1.88 2.48 3.31 Puerto Rico Caa3/CC/CC 45.92 15.14 10.94 8.15

12/9/2016 12/2/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $21,835 3 $341,535 -$319,700 Delaware 1 39,940 1 39,940 0 Maine 1 2,100 0 0 2,100 Maryland 3 75,361 3 80,055 -4,694 Massachusetts 0 0 3 61,135 -61,135 New Hampshire 0 0 2 44,195 -44,195 New Jersey 4 45,010 9 600,443 -555,433 New York 10 1,297,540 16 3,047,531 -1,749,991 Pennsylvania 13 486,895 17 1,070,210 -583,315 Rhode Island 2 50,600 1 40,000 10,600 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Tuesday, December 13 Issuer St Description Amount

Monday, December 12 Issuer St Description Amount

Week Of December 12 Issuer St Description Amount

Week Of December 12 Issuer St Description Amount

INDIANA

ALABAMA

Day Indicator Last Report Forecast Monday Budget Statement Oct.: -$44.2B Nov.: -$135.0B Tuesday Import Prices Oct.: +0.5% Nov.: -0.4% Tuesday Export Prices Oct.: +0.2% Nov.: -0.3% Wednesday PPI Oct.: unch Nov.: +0.1% Wednesday PPI Core Oct.: -0.2% Nov.: +0.2% Wednesday Retail Sales Oct.: +0.8% Nov.: +0.3% Wednesday ex-Autos Oct.: +0.8% Nov.: +0.4% Wednesday Industrial Production Oct.: unch Nov.: -0.1% Wednesday Capacity Utilization Oct.: 75.3 Nov.: 75.1 Wednesday Business Inventories Sept.: +0.1% Oct.: -0.1% Thursday CPI Oct.: +0.4% Nov.: +0.2% Thursday CPI Core Oct.: +0.1% Nov.: +0.2% Thursday Current Account Q2: -$119.9B Q3: -$111.6B Thursday Empire State Manufacturing Nov.: 1.5 Dec. 3.0 Thursday Initial Jobless Claims 12/3: 258,000 12/10: 255,000 Thursday Continuing Claims 11/26: 2.005M 12/3: 2.020M Thursday Philly Fed Manufacturing Nov.: 7.6 Dec.: 9.0 Thursday NAHB Housing Index Nov.: 63 Dec.: 63 Friday Housing Starts Oct.: 1.323M Nov.: 1.230M Friday Building Permits Oct.: 1.229M Nov.: 1.240M

Government

Illinois’ passage of a rate hike package to help keep open Exelon Generation Co. LLC’s nuclear plants in the state is a credit positive for the company, Moody’s Investors Service said.

Fitch Ratings sees a stable outlook for North American energy infrastructure in 2017, despite Republican threats to reverse years of environmental regulations that could impact capital planning.