News and Information from Bond Buyer

The municipal bond market is set to see the first big wave of supply hit the screens on Tuesday, just part of the over $11 billion in new issues slated for sale this week.

S&P Global Ratings said it raised to AA-plus from AA its long-term rating and underlying rating (SPUR) on Hawaii's general obligation bonds and to AA from AA-minus its long-term rating on the state's certificates of participation.

Moody's Investors Service said it has placed under review for possible downgrade the Aaa rating of the state of New Mexico's general obligation bonds, affecting $327 million in outstanding debt.

Small businesses were slightly less optimistic in August, as the Small Business Optimism index dipped to 94.4 from 94.6 in July, the National Federation of Independent Business (NFIB) reported Tuesday.

Muni finance expert James Spiotto of Chapman Strategic Advisors tells Bond Buyer northeast regional editor Paul Burton how the pension-funding and infrastructure-funding crises interweave, how the pension legal landscape is still developing and how the pension funding crisis even affects triple-A credits such as Seattle. Spiotto also drills down on what to expect from the new Puerto Rico oversight board and what to do about the commonwealth’s teetering economy.

Sep. 13, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA-/NR 0.67 1.11 1.71 2.44 Arkansas Aa1/AA/NR 0.63 1.03 1.58 2.29 Colorado Aa1/AA/NR 0.64 1.09 1.67 2.4 Kansas Aa2/AA/NR 0.64 1.08 1.67 2.38 New Mexico Aaa/AA+/NR 0.64 1.03 1.59 2.32 Oklahoma Aa2/AA+/AA+ 0.64 1.09 1.69 2.42 Texas Aaa/AAA/AAA 0.64 1.05 1.64 2.41 Utah Aaa/AAA/AAA 0.62 0.98 1.49 2.2

9/12/2016 9/5/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 3 $169,625 2 $59,075 $110,550 Arkansas 2 5,930 6 64,720 -58,790 Colorado 6 186,985 4 66,070 120,915 Kansas 15 121,105 14 136,540 -15,435 New Mexico 6 80,180 2 21,500 58,680 Oklahoma 1 5,000 5 16,865 -11,865 Texas 31 1,475,685 25 1,086,605 389,080 Utah 0 0 2 62,000 -62,000

Tuesday, September 13 Issuer St Description Amount

Tuesday, September 13 Issuer St Description Amount

Week Of September 12 Issuer St Description Amount

Week Of September 12 Issuer St Description Amount

INDIANA

FLORIDA

Government

The termination of New Jersey’s tax reciprocity agreement with Pennsylvania is a credit positive for the Garden State due to $180 million in estimated new annual revenue that will be generated, according to Moody’s Investors Service.

Top-shelf municipal bonds ended weaker on Monday, traders said, as the market prepared for this week’s hefty $11.4 billion new issue calendar, headlined by two $1 billion-plus deals from New York issuers.

Stifel, Nicolaus & Co. has preliminarily agreed to pay a penalty and disgorge ill-gotten gains to settle SEC charges that it misled five Wisconsin school districts, which ultimately lost $200 million from investments that failed during the financial crisis.

New Orleans’ general obligation bond ratings were raised to A-plus from A-minus by Fitch Ratings Monday ahead of a $50 million refunding.

Many of the largest state pension plans averaged less than 1% returns for the fiscal year ended June 30, most likely leading to a national trend of depressed funding ratios and increasing pressure on states to fund those pensions, S&P Global Ratings said Monday.

Weeks after sweeping financial overhauls he advocated failed in the state legislature, Alaska Gov. Bill Walker announced he will travel to Southeast Asia to promote natural gas sales.