News and Information from Bond Buyer

Regardless of which candidate takes the oath of office next January, improving our country’s infrastructure will be on the next president’s agenda.

Top-quality municipal bonds were unchanged at mid-session, according to traders, as the market prepared to take on a new issue calendar of about $7.2 billion that will hit the screens starting on Tuesday.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.250% high rate, down from 0.305% the prior week, and the six-months incurred a 0.420% high rate, off from 0.500% the week before.

Maryland tax revenues are expected to miss previous projections by $783.1 million over the next two fiscal years, the state’s Board of Revenue Estimates said last week.

The Treasury Department said Monday it will sell $40 billion of four-week discount bills Tuesday.

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

While Mayor Rahm Emanuel has chipped away at the pension problem, Chicago has come nowhere close to identifying a solution. The city must, at a bare minimum, contribute enough every year, including 2016, to ensure that the plans' funded ratio not drop below, and that their unfunded liabilities not exceed, 2015 levels.

Indicator Last Report Forecast Actual New Home Sales July: 659,000 Aug.: 600,000 Aug.: 609,000

Municipal bond traders are returning to work after the weekend and getting ready to take on a manageable new issue calendar of about $7.2 billion.

ALABAMA

ARIZONA

Day Indicator Last Report Forecast Monday New Home Sales July: 654,000 Aug.: 600,000 Tuesday Consumer Confidence Aug.: 101.1 Sept.: 99.0 Wednesday Durable Goods Orders July: +4.4% Aug.: -1.5% Wednesday ex-Trans July: +1.5% Aug.: -0.4% Thursday GDP Q1: +0.8% Q2: +1.3% Thursday Final Sales Q1: +1.2% Q2: +2.3% Thursday Initial Claims 9/17: 252,000 9/24: 260,000 Thursday Continuing Claims 9/10: 2.113M 9/17: n/a Thursday Pending Home Sales July: +1.3% Aug.: n/a Friday Personal Income July: +0.4% Aug.: +0.2% Friday Consumption July: +0.3% Aug.: +0.2% Friday Core PCE Price Index July: +0.1% Aug.: +0.2% Friday Chicago PMI Aug.: 51.5 Sept.: 52.0 Friday Michigan Sentiment Aug.: 89.8 Sept.: 90.0

Sep. 26, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 0.89 1.44 2.07 2.84 Delaware Aaa/AAA/AAA 0.74 1.03 1.54 2.3 Maine Aa2/AA/AA 0.76 1.11 1.67 2.42 Maryland Aaa/AAA/AAA 0.74 1.05 1.58 2.31 Massachusetts Aa1/AA+/AA+ 0.77 1.15 1.71 2.5 New Hampshire Aa1/AA/AA+ 0.76 1.08 1.59 2.4 New Jersey A2/A/A 1.09 1.62 2.28 3.01 New York Aa1/AA+/AA+ 0.74 1.04 1.61 2.46 Pennsylvania Aa3/AA-/AA- 0.94 1.51 2.12 2.88 Rhode Island Aa2/AA/AA 0.79 1.23 1.87 2.66 Vermont Aaa/AA+/AAA 0.74 1.05 1.57 2.32 Dist. of Columbia Aa1/AA/AA 0.77 1.15 1.75 2.53 Puerto Rico Caa3/CC/CC 45.74 16.89 11.6 8.66

9/23/2016 9/16/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $23,929 2 $10,330 $13,599 Delaware 0 0 0 0 0 Maine 0 0 1 20,445 -20,445 Maryland 1 17,675 0 0 17,675 Massachusetts 4 579,218 3 8,343 570,875 New Hampshire 1 98,825 0 0 98,825 New Jersey 9 114,769 15 507,213 -392,444 New York 12 127,974 19 1,587,538 -1,459,564 Pennsylvania 9 737,825 17 1,134,270 -396,445 Rhode Island 3 88,850 1 138,710 -49,860 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, September 26 Issuer St Description Amount

Monday, September 26 Issuer St Description Amount

Week Of September 26 Issuer St Description Amount

Week Of September 26 Issuer St Description Amount

Atlantic City is now starring at a possible default by early October after New Jersey’s Local Finance Board rejected the distressed city’s request for a reprieve after violating a term of a $73 million bridge loan.