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Aug. 19, 2016 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aa2/AA+/AA+ 0.6 1.1 1.73 2.46 California Aa3/AA-/A+ 0.46 0.86 1.54 2.27 Hawaii Aa2/AA/AA 0.49 0.92 1.56 2.29 Idaho Aa1/AA+/AA+ 0.46 0.95 1.59 2.32 Montana Aa1/AA/AA+ 0.46 0.94 1.6 2.34 Nevada Aa2/AA/AA+ 0.5 0.97 1.59 2.35 Oregon Aa1/AA+/AA+ 0.48 0.89 1.46 2.18 Washington Aa1/AA+/AA+ 0.49 0.95 1.63 2.38 Wyoming NR/AAA/NR 0.46 0.91 1.51 2.23

8/18/2016 8/11/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 0 0 $0 $0 California 13 1066345 11 799,695 266,650 Hawaii 0 0 0 0 0 Idaho 0 0 0 0 0 Montana 0 0 0 0 0 Nevada 0 0 1 54,270 -54,270 Oregon 8 561075 1 4,605 556,470 Washington 3 232400 4 58,635 173,765 Wyoming 0 0 0 0 0

Government

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased four basis points to 3.76% from 3.80% in the previous week.

Jackson, Miss.'s general obligation, water and sewer, and special obligation bonds were all cut several notches by Moody's Investors Service, which cited multiple years of structural budget imbalance.

An Illinois-based joint power agency heads into the market to refund $250 million of debt tied to the controversial coal-fired Prairie State Energy Campus.

Municipal bond traders saw two big education issues come to market on Thursday along with a healthcare and a gasworks deal. Meanwhile, top quality munis finished slightly stronger.

The time has come for the Federal Open Market Committee to resume raising rates, Federal Reserve Bank of San Francisco President John Williams said Thursday.

The Maricopa County, Ariz. Board of Supervisors has voted to explore the sale of Chase Field after a disagreement with the Arizona Diamondbacks baseball team over repairs to the 18-year-old venue.

Issuers say they have recently been delivering deals with 4%-or-less coupons to meet growing demand for cost-efficiency in the low yield climate.

Michigan's Wayne State University expects to return to the bond market to raise up to $14 million for the new business school for which it broke ground last month.

Puerto Rico's main opposition party leads in polls for November's election.

N.J. Gov. Chris Christie opens the general fund to restart transportation project stalled over fight with lawmakers.

The Treasury Department Thursday auctioned $14 billion of five-year inflation-indexed notes with a 0.125% coupon, a -0.209% high yield, an adjusted price of 103.268595.

Puerto Rico's addiction to debt is not unlike that of an abuser to alcohol or drugs, so perhaps it is time for Puerto Rico to undertake a 12-Step Program, aided by the new financial control board.

California's $2.7 billion general obligation bond sale will meet plenty of demand amid market scarcity and an increasingly confident view of the state's financial strength.

Municipal bond traders went back to school on Thursday as two big education issues dominated an otherwise lackluster slate. Meanwhile, top quality munis were stronger in early activity.

The Treasury Department said it will auction $13 billion one-year 11-month 0.174% floating rate notes on Wednesday, Aug. 24.