News and Information from Bond Buyer

California issuers won’t face most new disclosure requirements until 2018 under a new law that takes effect in January.

The Iowa Fertilizer Co. LLC’s construction and cash flow troubles led Fitch Ratings to downgrade deeper into junk almost $1.2 billion of project bonds that are now under an Internal Revenue Service cloud.

The median audit reporting time for all municipal bond-related sectors in fiscal year 2015 was the highest it has been since 2008, likely because of recent pension reporting rules.

The Michigan Finance Authority’s successful restructuring of $226.3 million of Detroit Public Schools bonds helped the district earn a two notch ratings upgrade from Moody’s Investors Service.

The Puerto Rico Oversight Board met with opposition from the territory’s governor, who said he wouldn’t cooperate in a fiscal plan that requires more sacrifice from citizens and doesn’t entail financial help from Washington.

The Treasury Department said Monday it will sell $65 billion of four-week discount bills Tuesday.

The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1% coupon at a 1.085% yield, a price of par.

Worrisome signs remain for the Oregon economy ahead of Gov. Kate Brown's budget proposal Dec. 1, necessitating some cuts the state’s chief executive said.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.480% high rate, down from 0.515% the prior week, and the six-months incurred a 0.605% high rate, down from 0.625% the week before.

New York City Mayor Bill de Blasio responded to the economic and financial uncertainty that followed Donald Trump’s victory in the presidential election with a budget update that showcases caution and fiscal responsibility.

Concerned about the muni market’s ability to absorb a flood of tax-exempt AMT bonds from U.S. airports, Dallas Fort Worth International Airport may turn to taxable debt.

Top rated municipal bonds were weaker at mid-session, according to traders, with yields on some maturities rising by as much as five basis points.

Municipal market participants won't have much volume to work with this week, as recent market volatility and a holiday shortened week factor into an extremely light $1.04 billion week.

Nov. 21, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.05 1.99 2.81 3.64 Delaware Aaa/AAA/AAA 0.85 1.51 2.21 3 Maine Aa2/AA/AA 0.87 1.6 2.35 3.15 Maryland Aaa/AAA/AAA 0.85 1.54 2.26 3.01 Massachusetts Aa1/AA+/AA+ 0.88 1.62 2.41 3.23 New Hampshire Aa1/AA/AA+ 0.87 1.55 2.25 3.1 New Jersey A2/A/A 1.2 2.17 2.96 3.74 New York Aa1/AA+/AA+ 0.87 1.54 2.29 3.18 Pennsylvania Aa3/AA-/AA- 1.05 2.04 2.86 3.66 Rhode Island Aa2/AA/AA 0.9 1.67 2.52 3.35 Vermont Aaa/AA+/AAA 0.85 1.52 2.23 3.02 Dist. of Columbia Aa1/AA/AA 0.88 1.64 2.44 3.27 Puerto Rico Caa3/CC/CC 45.85 14.76 10.76 8.16

11/18/2016 11/11/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $173,500 4 $205,780 -$32,280 Delaware 1 39,940 1 39,940 0 Maine 1 35,000 0 0 35,000 Maryland 2 78,360 6 735,615 -657,255 Massachusetts 0 0 8 482,185 -482,185 New Hampshire 0 0 2 113,520 -113,520 New Jersey 7 179,198 11 252,464 -73,266 New York 14 1,193,394 19 1,356,164 -162,770 Pennsylvania 15 374,510 16 654,725 -280,215 Rhode Island 1 40,000 1 40,000 0 Vermont 0 0 2 73,000 -73,000 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, November 21 Issuer St Description Amount

Monday, November 21 Issuer St Description Amount

Week Of November 21 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Existing Home Sales Sept.: 5.47M Oct.: 5.42M Wednesday Durable Goods Orders Sept.: -0.1% Oct.: +1.5% Wednesday ex-Trans Sept.: +0.2% Oct.: +0.2% Wednesday Initial Claims 11/12: 235,000 11/19: 250,000 Wednesday Continuing Claims 11/5: 1.977M 11/12: 2.020M Wednesday Michigan Sentiment Oct.: 87.2 Nov.: 91.6 Wednesday Current Conditions Oct.: 105.9 Nov.: n/a Wednesday Expectations Oct.: 76.8 Nov.: n/a Wednesday New Home Sales Sept.: 593,000 Oct.: 592,000