News and Information from Bond Buyer

7/28/2016 7/21/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 0 0 $0 $0 California 10 513945 9 963,790 -449,845 Hawaii 0 0 0 0 0 Idaho 3 77345 1 65,735 11,610 Montana 0 0 0 0 0 Nevada 1 251575 1 100,705 150,870 Oregon 1 9200 1 12,000 -2,800 Washington 2 65600 2 65,600 0 Wyoming 0 0 0 0 0

Investor appetite for yield overcame any credit quality concerns buyers had as Detroit saw strong demand for its first post-bankruptcy general obligation/distributable state aid backed bond sale issue.

Government

In the week ended July 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose one basis points to 3.80% from 3.79% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Top shelf municipal bonds strengthened on Thursday, traders said, as big sales for Detroit and from Wisconsin topped activity in a market hungry for supply. Barclays priced the $608.9 million of Michigan Finance Authority taxable and tax-exempt state aid bonds for Detroit while RBC priced Wisconsin's $372 million of GO refunding bonds.

The Securities and Exchange Commission was legally required by fiscal 2016 appropriation act provisions to reject changes to Rule G-37 that extended political contribution restrictions to municipal advisors, three state Republican groups told federal appeals court judges.

North Carolina's $87.6 billion state pension fund reported a gain of 1.77% in the second quarter, but only 0.8% over the past year, state Treasurer Janet Cowell said Thursday.

A Republican lawmaker has introduced legislation in the House that would prohibit states from taxing customers making Internet and catalog purchases outside of their borders, marking the latest chapter in the ongoing debate over online sales tax.

Wisconsin lawmakers warn that a looming $940 million road revenue gap may require a higher gasoline tax.

Boosted by new grant funding, the University of Chicago Harris School of Public Policy, led by new executive director Michael Belsky, wants to raise its voice on municipal finance research and education.

The Treasury Department auctioned $28 billion of seven-year notes, with a 1 1/4% coupon and a 1.340% high yield, a price of 99.400756.

Californians will vote on several bond-related initiatives among the 17 ticketed for the statewide ballot on Nov. 8.

Top shelf municipal bonds were steady, according to traders, as big sales from Detroit and Wisconsin topped primary market activity.

Four transportation agencies in California's three largest metropolitan areas have placed tax measures on November's ballot.

The Treasury Department said Thursday it will auction $37 billion 91-day bills and $32 billion 182-day discount bills Monday.

Manufacturing activity in the Federal Reserve Bank of Kansas City's region "declined modestly" in July, according to the bank's monthly manufacturing survey, released Thursday.

U.S. public finance upgrades exceeded downgrades in 2Q16 on 83 upgrades versus 43 downgrades, according to a Fitch Ratings report.

Not enough has been done to provide municipal issuers, obligated parties and underwriters the clarity sought and needed by the market.

Municipal market participants won't see a ton of action on Thursday, as only one big deal is expected to price.

Indicator Last Report Forecast Actual Initial Jobless Claims 7/16: 252,000 7/23: 260,000 7/23: 266,000 Continuing Claims 7/9: 2.132M 7/16: 2.130M 7/16: 2.139M