News and Information from Bond Buyer

Top rated municipal bonds were weaker at mid-session, according to traders, as the last week’s new issue supply sold in the primary, led by Illinois, Massachusetts and Pennsylvania issuers on Thursday.

The Treasury Department said Thursday it will auction $40 billion 91-day bills and $34 billion 182-day discount bills Monday.

Far West issuers sold $44.7 billion of municipal bonds in the first half of 2016, an 8% decrease from the first six months of 2015 that was marked by a slowdown of refunding deals.

Matt Gray has joined the Public Finance Department of the Sherman & Howard law firm. He will be working in the company's Denver office.

The municipal bond market will see the third – and last wave – of the week’s new issue supply priced in the primary, led by Illinois and Massachusetts issues on Thursday.

Aug. 25, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.5 0.9 1.5 2.24 Florida Aa1/AAA/AAA 0.47 0.91 1.51 2.23 Georgia Aaa/AAA/AAA 0.46 0.84 1.4 2.1 Kentucky Aa2/A+/AA- 0.5 0.98 1.6 2.33 Louisiana Aa3/AA/AA 0.64 1.25 1.9 2.65 Mississippi Aa2/AA/AA 0.48 0.94 1.63 2.36 North Carolina Aaa/AAA/AAA 0.46 0.84 1.4 2.1 South Carolina Aaa/AA+/AAA 0.47 0.86 1.44 2.14 Tennessee Aaa/AA+/AAA 0.46 0.84 1.43 2.11 Virginia Aaa/AAA/AAA 0.45 0.83 1.39 2.09 West Virginia Aa1/AA-/AA+ 0.49 0.96 1.56 2.24

8/24/2016 8/17/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $550,000 4 $1,007,745 -457,745 Florida 7 640,275 6 449,315 190,960 Georgia 3 68,780 3 69,060 -280 Kentucky 6 70,180 12 395,505 -325,325 Louisiana 5 266,985 2 34,000 232,985 Mississippi 2 17,230 1 600 16,630 North Carolina 3 525,305 5 782,270 -256,965 South Carolina 3 85,035 1 4,500 80,535 Tennessee 3 34,900 2 35,100 -200 Virginia 3 570,000 4 598,245 -28,245 West Virginia 0 0 0 0 0

Thursday, August 25 Issuer St Description Amount

Thursday, August 25 Issuer St Description Amount

Week Of August 22 Issuer St Description Amount

Week Of August 22 Issuer St Description Amount

Indicator Last Report Forecast Actual Existing Home Sales June: 5.57M July: 5.50M July: 5.39M

ARKANSAS

ALABAMA

While the Internal Revenue Service’s revenue procedure on management contracts received widespread praise from many bond and tax lawyers who felt it would help facilitate bond financing in public-private partnerships, several attorneys also had questions or concerns about it.

Government

The junk-rated Chicago Board of Education authorized up to $1.5 billion in short-term and $945 million of long-term borrowing and signed off on a $5.4 billion budget despite warnings that the plan relies on precarious assumptions.

Top quality municipal bonds finished unchanged on Wednesday, according to traders, as some of the week’s biggest deals sold in the competitive arena.

Irvine, Calif.-based Opus Bank has launched a new public finance division to pursue business with municipal issuers along the West Coast.

The Los Angeles City Council joined Los Angeles County in trying to get California Gov. Jerry Brown to declare a state of emergency for the problem of homelessness.