News and Information from Bond Buyer

Chicago’s proposed $8.2 billion 2017 budget won the Civic Federation of Chicago’s endorsement in recognition of the city’s progress in tackling pension funding shortfalls and shedding poor financial practices.

Indicator Last Report Forecast Actual ADP Sept.: +202,000 Oct.: +165,000 Oct.: +147,000

With the presidential election just days away, the potential impact on the municipal tax exemption, demand for public debt, and tax reform are among unresolved concerns for buy-side market participants.

With interest rates and underwriting spreads at historically low levels, some market participants now feel that underwriters and portfolio managers are walking a thin line to do a profitable business.

New York City business activity "held steady for the second month in a row, and employment returned to a neutral level after the sharp drop seen in September," the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.

Municipal bond traders are seeing more supply head their way on Wednesday, led by a negotiated offering from an issuer in the Nutmeg State.

The Treasury Department announced it will sell $15 billion 30-year bonds, $23 billion 10-year notes, and $24 billion 3-year notes in its quarterly refunding.

Private-sector employment increased by 147,000 in October, on a seasonally adjusted basis, ADP estimated Wednesday.

Nov. 2, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB/BBB+ 1.5 2.93 3.71 4.51 Indiana Aaa/AAA/AA+ 0.7 1.19 1.85 2.68 Iowa Aaa/AAA/AAA 0.7 1.18 1.85 2.68 Michigan Aa1/AA-/AA 0.74 1.25 1.93 2.78 Minnesota Aa1/AA+/AAA 0.71 1.16 1.78 2.56 Missouri Aaa/AAA/AAA 0.7 1.13 1.74 2.57 Nebraska NR/AAA/NR 0.7 1.21 1.9 2.76 North Dakota Aa1/AA+/NR 0.74 1.25 1.93 2.76 Ohio Aa1/AA+/AA+ 0.72 1.21 1.88 2.72 South Dakota NR/AA+/AAA 0.72 1.21 1.93 2.78 Wisconsin Aa2/AA/AA 0.73 1.22 1.91 2.73

11/1/2016 10/25/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 25 $1,798,688 24 $1,956,700 -$158,012 Indiana 13 155,855 18 204,380 -48,525 Iowa 9 114,925 11 81,015 33,910 Michigan 6 43,405 6 330,555 -287,150 Minnesota 42 337,780 40 317,515 20,265 Missouri 4 145,500 7 207,830 -62,330 Nebraska 1 7,495 2 109,475 -101,980 North Dakota 4 60,430 2 71,110 -10,680 Ohio 8 259,110 12 585,625 -326,515 South Dakota 1 115,615 0 0 115,615 Wisconsin 9 52,100 11 95,240 -43,140

Wednesday, November 2 Issuer St Description Amount

Wednesday, November 2 Issuer St Description Amount

Week Of October 31 Issuer St Description Amount

Week Of October 31 Issuer St Description Amount

CALIFORNIA

FLORIDA

New Jersey has rejected Atlantic City's proposed financial recovery plan, setting the stage for a possible state takeover and raising more doubts about the junk-rated city's ability to service its bond debt.

Puerto Rico-based tax, economic and investment banking specialists are criticizing the 10-year fiscal plan the governor submitted to the Puerto Rico Oversight Board last month.

Government

York, Pa., and its police union saved nearly $10 million in projected pension costs and helped improve the stability of its pension fund, said Pennsylvania Auditor General Eugene DePasquale.