News and Information from Bond Buyer

Kutak Rock LLP has hired veteran bond attorney Thomas P. Lauth to join the firm’s public finance practice in Atlanta.

Top-rated municipal bonds were unchanged at mid-session, according to traders, ahead of a hefty $8.84 billion new issue calendar that will start hitting the market on Tuesday.

Issuers in the Southwest sold $42.85 billion of bonds in the first half of 2016, only 0.6% behind the record pace of the same period last year, according to Thomson Reuters data.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.310% high rate, up from 0.300% the prior week, and the six-months incurred a 0.450% high rate, up from 0.445% the week before.

The Treasury Department said Monday it will sell $55 billion of four-week discount bills Tuesday.

The Chicago Fed National Activity Index for July climbed to 0.27 from a downwardly revised 0.05 in June, first reported as 0.16, while the three-month moving average (CFNAI-MA3) narrowed to negative 0.10 from a revised negative 0.19 in June, first reported as negative 0.12 the Federal Reserve Bank of Chicago reported Monday.

Municipal bond traders are returning to work on Monday looking ahead to a hefty $8.84 billion new issue calendar.

In a low interest rate environment which makes it difficult for the bond insurers to sell their product, the penetration rate of municipal bond insurance dipped to 5.77% from a seven-year high of 6.36% at the close of 2015.

Despite a slow start to begin 2016, an active second quarter has vaulted long-term municipal bond issuance onto a pace to reach the $400 billion volume plateau for the second straight year.

The transportation and utilities sectors grew by $7.9 billion in the first half of 2016 from a year earlier.

Short-term note issuance could continue to increase as the market awaits the Federal Reserve Board's eventual move to higher rates.

Monday, August 22 Issuer St Description Amount

Monday, August 22 Issuer St Description Amount

Week Of August 22 Issuer St Description Amount

Week Of August 22 Issuer St Description Amount

KENTUCKY

ARIZONA

Aug. 22, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 0.66 1.27 1.93 2.65 Delaware Aaa/AAA/AAA 0.46 0.84 1.39 2.11 Maine Aa2/AA/AA 0.48 0.92 1.52 2.23 Maryland Aaa/AAA/AAA 0.46 0.86 1.43 2.12 Massachusetts Aa1/AA+/AA+ 0.5 0.93 1.55 2.31 New Hampshire Aa1/AA/AA+ 0.48 0.89 1.44 2.21 New Jersey A2/A/A 0.81 1.55 2.15 2.79 New York Aa1/AA+/AA+ 0.46 0.85 1.46 2.27 Pennsylvania Aa3/AA-/AA- 0.66 1.35 2.01 2.72 Rhode Island Aa2/AA/AA 0.51 1.04 1.72 2.47 Vermont Aaa/AA+/AAA 0.46 0.86 1.42 2.13 Dist. of Columbia Aa1/AA/AA 0.5 0.96 1.6 2.34 Puerto Rico Caa3/CC/CC 41.36 16.45 11.2 9.02

8/19/2016 8/12/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 79,355 4 $175,165 -$95,810 Delaware 0 0 0 0 0 Maine 1 13,500 4 27,727 -14,227 Maryland 1 328,290 2 25,540 302,750 Massachusetts 5 898,170 1 2,835 895,335 New Hampshire 1 9,886 0 0 9,886 New Jersey 10 330,282 6 317,660 12,622 New York 10 14,417 17 630,738 -616,321 Pennsylvania 15 719,945 8 90,935 629,010 Rhode Island 2 11,370 0 0 11,370 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0