News and Information from Bond Buyer

Sep. 12, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 0.75 1.35 1.97 2.68 Delaware Aaa/AAA/AAA 0.6 0.94 1.44 2.14 Maine Aa2/AA/AA 0.62 1.02 1.57 2.26 Maryland Aaa/AAA/AAA 0.6 0.96 1.48 2.15 Massachusetts Aa1/AA+/AA+ 0.63 1.05 1.6 2.31 New Hampshire Aa1/AA/AA+ 0.62 0.99 1.49 2.24 New Jersey A2/A/A 0.95 1.58 2.18 2.8 New York Aa1/AA+/AA+ 0.6 0.95 1.51 2.3 Pennsylvania Aa3/AA-/AA- 0.8 1.42 2.02 2.72 Rhode Island Aa2/AA/AA 0.65 1.14 1.77 2.5 Vermont Aaa/AA+/AAA 0.6 0.96 1.47 2.16 Dist. of Columbia Aa1/AA/AA 0.64 1.06 1.65 2.37 Puerto Rico Caa3/CC/CC 45.6 16.9 11.4 8.45

9/9/2016 9/2/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 964,320 4 $1,052,325 -$88,005 Delaware 0 0 0 0 0 Maine 3 43,180 3 53,435 -10,255 Maryland 2 98,370 0 0 98,370 Massachusetts 5 269,185 3 25,285 243,900 New Hampshire 0 0 0 0 0 New Jersey 6 176,501 3 75,700 100,801 New York 18 2,180,497 16 2,260,490 -79,993 Pennsylvania 10 196,920 5 88,940 107,980 Rhode Island 1 192,890 0 0 192,890 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

KENTUCKY

ARIZONA

Day Indicator Last Report Forecast Tuesday Budget Statement July: -$112.8B Aug.: -$108.0B Wednesday Import Prices July: +0.1% Aug.: -0.1% Wednesday Export Prices July: +0.2% Aug.: +0.1% Thursday Current Account Q1: -$124.7B Q2: -$120.5B Thursday Empire State Manufacturing Aug.: -4.21 Sept.: -1.00 Thursday Initial Jobless Claims 9/3: 259,000 9/10: 265,000 Thursday Continuing Claims 8/27: 2.144M 9/3: 2.140M Thursday Philly Fed Manufacturing Aug.: 2.0 Sept.: 1.7 Thursday PPI July: -0.4% Aug.: +0.1% Thursday PPI Core July: -0.3% Aug.: +0.1% Thursday Retail Sales July: unch Aug.: unch Thursday ex-Autos July: -0.3% Aug.: +0.2% Thursday Industrial Production July: +0.7% Aug.: -0.3% Thursday Capacity Utilization July: 75.9% Aug.: 75.7 Thursday Business Inventories June: +0.2% July: +0.1% Friday CPI July: unch Aug.: +0.1% Friday CPI Core July: +0.1% Aug.: +0.2% Friday Michigan Sentiment Aug.: 89.8 Sept.: 90.8 Friday Current Conditions Aug.: 107.0 Sept.: 107.5 Friday Expectations Aug.: 78.7 Sept.: 79.3

Government

Professional sports stadiums built or significantly renovated with the help of tax-exempt bonds since 2000 have cost the federal government a total of $3.7 billion, according to a study released by the Brookings Institution.

Jefferies said it received good demand for the $292.26 million of tobacco settlement pass-through bonds it priced for the New York Counties Tobacco Trust VI.

The municipal bond market will get a healthy dose of issuance for the first full week back in September, as New York City leads municipalities looking to tap growing investor demand for their debt.

The Securities and Exchange Commission should consider obtaining registration and disclosure authority over corporate conduit borrowers in the municipal market, said SEC Commissioner Michael Piwowar.

New Orleans was buoyed by its first-ever bump into the double-A rating category as S&P Global Ratings boosted the city to AA-minus.

The Senate may vote Monday on whether to limit debate on a $9.4 billion bipartisan water bill that would provide $220 million in federal funding to remedy the Flint, Mich., water crisis as well as to help other municipalities facing water infrastructure issues.

The Securities and Exchange Commission on Friday announced that a subsidiary of BOK Financial Corp. that served as indenture trustee and dissemination agent for municipal conduit bonds previously tied to securities fraud has agreed to pay more than $1.6 million to settle charges that it helped to conceal numerous problems and red flags from investors in the securities.

Central Texas transportation planning agency is looking into a proposed aerial tramway system in Austin.

Nearly two years after the opening of One World Trade Center, the Port Authority of New York and New Jersey may soon be looking to sell the Manhattan landmark as part of a shift toward a more transportation focus.

Top-shelf municipal bonds were weaker at midday, according to traders who said yields on some maturities were as many as five basis points higher. This is ahead of an estimated almost $11.5 billion of new issuance expected to hit screens next week.

Muni bond broker Matthew Picerno, who perished in the 9-11 attacks on the World Trade Center, had a larger than life personality that was evident at his job at Cantor Fitzgerald, and within his family and home life.

New Jersey Gov. Chris Christie's Sept. 2 decision to revoke a nearly 40-year tax reciprocity agreement with neighboring Pennsylvania does not pose an immediate credit impact for either state, according to S&P Global Ratings.

Industry professionals 15 years later share memories of the terrorist attack on New York and how it still shapes their perspectives.

How the industry remembers 9/11.