News and Information from Bond Buyer

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.490% high rate, up from 0.480% the prior week, and the six-months incurred a 0.610% high rate, up from 0.605% the week before.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

Texas lawmakers created a local pension system that was "designed to fail," but Dallas is bearing the consequences of billions of dollars in unfunded liabilities, said Mayor Mike Rawlings.

Texas factory activity, as measured by the production index, "activity increased again in November," according to the monthly Texas Manufacturing Outlook Survey conducted by the Federal Reserve Bank of Dallas, released Monday.

After a few weeks of rising yields and little issuance due to post-election jitters, the market will finally see its first real dose of issuance this week with an estimated $9.1 billion expected to hit screens.

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Day Indicator Last Report Forecast Tuesday GDP Q2: +2.9% Q3: +3.0% Tuesday Final Sales Q2: +2.3% Q3: +0.0% Tuesday Core PCE Deflator Q2: +1.7% Q3: +0.0% Tuesday Consumer Confidence Oct.: 98.6 Nov.: 100.0 Wednesday ADP Employment Rpt Oct.: 147,000 Nov.: 160,000 Wednesday Personal Income Sept.: +0.3% Oct.: +0.4% Wednesday Consumption Sept.: +0.5% Oct.: +0.6% Wednesday Core PCE Price Indx Sept.: +0.1% Oct.: +0.1% Wednesday Chicago PMI Oct.: 50.6 Nov.: 51.5 Wednesday Pending Home Sales Sept.: +1.5% Oct.: +1.0% Thursday Initial Claims 11/19: 251,000 11/26: N/A Thursday Continuing Claims 11/12: 2.043M 11/19: N/A Thursday Construction Spending Sept.: -0.4% Oct.: +0.5% Thursday ISM Manufacturing PMI Oct.: 51.9 Nov.: 52.0 Friday Nonfarm Payrolls Oct.: 161,000 Nov.: 170,000 Friday Private Payrolls Oct.: 142,000 Nov.: 158,000 Friday Manufacturing Payrolls Oct.: -9,000 Nov.: 5,000 Friday Unemployment Rate Oct.: 4.9% Nov.: 4.9% Friday Avg Hourly Earnings Oct.: 0.4% Nov.: 0.3% Friday Average Workweek Oct.: 34.4 Nov.: 34.4

Nov. 28, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.07 2.11 2.93 3.73 Delaware Aaa/AAA/AAA 0.87 1.63 2.33 3.07 Maine Aa2/AA/AA 0.89 1.72 2.47 3.22 Maryland Aaa/AAA/AAA 0.87 1.66 2.38 3.08 Massachusetts Aa1/AA+/AA+ 0.9 1.76 2.53 3.3 New Hampshire Aa1/AA/AA+ 0.91 1.76 2.45 3.18 New Jersey A2/A/A 1.22 2.29 3.13 3.9 New York Aa1/AA+/AA+ 0.89 1.66 2.41 3.25 Pennsylvania Aa3/AA-/AA- 1.07 2.16 3.03 3.73 Rhode Island Aa2/AA/AA 0.92 1.79 2.64 3.42 Vermont Aaa/AA+/AAA 0.87 1.64 2.35 3.09 Dist. of Columbia Aa1/AA/AA 0.9 1.76 2.56 3.34 Puerto Rico Caa3/CC/CC 45.87 14.88 10.88 8.13

11/25/2016 11/18/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $493,500 1 $173,500 $320,000 Delaware 1 39,940 1 39,940 0 Maine 0 0 1 35,000 -35,000 Maryland 6 799,840 2 78,360 721,480 Massachusetts 10 845,431 0 0 845,431 New Hampshire 0 0 0 0 0 New Jersey 14 1,643,548 7 179,198 1,464,350 New York 22 1,553,071 14 1,193,394 359,677 Pennsylvania 16 386,855 15 374,510 12,345 Rhode Island 1 40,000 1 40,000 0 Vermont 0 0 0 0 0 District of Columbia 2 577,590 0 0 577,590 Puerto Rico 1 750,000 1 750,000 0

Even though the market is open today, most municipal market participants were enjoying time with family and recovering from too much tryptophan in their system. Traders who are working on Friday said that yields are unchanged.

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Monday, November 28 Issuer St Description Amount

Monday, November 28 Issuer St Description Amount

Week Of November 28 Issuer St Description Amount

Week Of November 28 Issuer St Description Amount

Government

The District of Columbia next week will issue $577.6 million in general obligation bonds partly to finance projects under the district's capital improvements plan.

Lawmakers skeptical of tax credits and private investments want details of Trump’s infrastructure proposal.

The Securities and Exchange Commission's Office of Municipal Securities may propose changes to Rule 15c2-12 that would amend the list of event notices dealers must ensure issuers are disclosing.

With volume returning to normal for the first time since the election pushed yields higher, the market may struggle with the increased supply.