News and Information from Bond Buyer

Real gross domestic product is expected to grow at a 2.2% pace next year, while inflation, as measured by the consumer price index, is seen growing at a 2% rate, according to participants in the Federal Reserve Bank of Chicago's Economic Outlook Symposium.

The municipal bond market on Monday was preparing to see almost $10 billion of new issues hit the screens this week amid a rising yield environment.

Dec. 5, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.14 2.39 3.28 4.05 Delaware Aaa/AAA/AAA 0.94 1.91 2.58 3.34 Maine Aa2/AA/AA 0.96 2 2.72 3.49 Maryland Aaa/AAA/AAA 0.94 1.96 2.63 3.35 Massachusetts Aa1/AA+/AA+ 0.97 2.09 2.83 3.63 New Hampshire Aa1/AA/AA+ 0.98 2.04 2.72 3.48 New Jersey A2/A/A 1.29 2.57 3.38 4.17 New York Aa1/AA+/AA+ 0.96 1.94 2.66 3.52 Pennsylvania Aa3/AA-/AA- 1.14 2.46 3.28 4 Rhode Island Aa2/AA/AA 0.99 2.1 2.89 3.69 Vermont Aaa/AA+/AAA 0.94 1.92 2.6 3.36 Dist. of Columbia Aa1/AA/AA 0.97 2.09 2.88 3.7 Puerto Rico Caa3/CC/CC 45.94 15.06 10.93 8.15

12/2/2016 11/25/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 $341,535 2 $493,500 -$151,965 Delaware 1 39,940 1 39,940 0 Maine 0 0 0 0 0 Maryland 3 80,055 6 799,840 -719,785 Massachusetts 3 61,135 10 845,431 -784,296 New Hampshire 2 44,195 0 0 44,195 New Jersey 9 600,443 14 1,643,548 -1,043,105 New York 16 3,047,531 22 1,553,071 1,494,460 Pennsylvania 17 1,070,210 16 386,855 683,355 Rhode Island 1 40,000 1 40,000 0 Vermont 0 0 0 0 0 District of Columbia 0 0 2 577,590 -577,590 Puerto Rico 1 750,000 1 750,000 0

Monday, December 5 Issuer St Description Amount

Monday, December 5 Issuer St Description Amount

Week Of December 5 Issuer St Description Amount

Week Of December 5 Issuer St Description Amount

ALABAMA

IOWA

Day Indicator Last Report Forecast Monday ISM Non-Manufacturing PMI Oct.: 54.8 Nov.: 55.4 Tuesday International Trade Sept.: -$36.4B Oct.: -$41.7B Tuesday Productivity Q2: -0.2% Q3: +3.3% Tuesday Unit Labor Costs Q2: +2.5% Q3: +0.2% Tuesday Factory Orders Sept.: +0.3% Oct.: +2.5% Wednesday Consumer Credit Sept.: +$19.3B Oct.: +$19.0B Thursday Initial Claims 11/26: 268,000 12/3: 260,000 Thursday Continuing Claims 11/19: 2.081M 11/26: 2.043M Friday Michigan Sentiment Nov.: 93.8 Dec.: 94.2 Friday Current Conditions Nov.: 107.3 Dec.: 109.0 Friday Expectations Nov.: 85.2 Dec.: 87.0 Friday Wholesale Inventories Sept.: +0.1% Oct.: -0.4% Friday Wholesale Sales Sept.: +0.2% Oct.: +0.4%

Government

The Bond Buyer’s 15th annual Deal of the Year awards dinner. Held Dec. 1 at 583 Park Avenue in New York.

Minnesota expects to close out its fiscal biennium June 30 with a $678 million balance, leaving the state $1.4 billion in surplus revenue available for the next two-year budget.

Munis finished unchanged to stronger on Friday, according to traders, which marks the first time in a while that yields did not rise. Market participants are hoping this is a good sign to come, as will are scheduled to have nearly $10 billion of issuance in the upcoming week.

Illinois Gov. Bruce Rauner and the General Assembly’s Democratic leadership headed toward the New Year with a budget impasse still hanging over the state, after the annual veto session ended amid deepening political rancor.