News and Information from Bond Buyer

ARKANSAS

Jul. 25, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA+/AA+ 0.72 1.36 2.01 2.7 Delaware Aaa/AAA/AAA 0.52 0.87 1.44 2.14 Maine Aa2/AA/AA 0.54 0.95 1.57 2.26 Maryland Aaa/AAA/AAA 0.52 0.9 1.49 2.15 Massachusetts Aa1/AA+/AA+ 0.56 0.96 1.62 2.35 New Hampshire Aa1/AA/AA+ 0.54 0.92 1.49 2.24 New Jersey A2/A/A 0.87 1.6 2.25 2.9 New York Aa1/AA+/AA+ 0.52 0.88 1.51 2.3 Pennsylvania Aa3/AA+/AA+ 0.67 1.36 2.1 2.8 Rhode Island Aa2/AA/AA 0.57 1.07 1.77 2.5 Vermont Aaa/AA+/AAA 0.52 0.89 1.47 2.16 Dist. of Columbia Aa1/AA/AA 0.56 0.99 1.66 2.39 Puerto Rico Caa3/CC/CC 40.52 16.58 10.9 8.25

7/22/2016 7/15/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 512,788 1 $4,350 $508,438 Delaware 0 0 0 0 0 Maine 0 0 1 40,000 -40,000 Maryland 1 25,000 8 287,820 -262,820 Massachusetts 6 37,648 5 546,874 -509,226 New Hampshire 1 3,400 0 0 3,400 New Jersey 6 107,616 7 69,594 38,022 New York 15 48,467 21 653,714 -605,247 Pennsylvania 11 1,316,435 16 347,550 968,885 Rhode Island 1 266,820 1 87,820 179,000 Vermont 0 0 1 89,000 -89,000 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

MARYLAND

Day Indicator Last Report Forecast Tuesday Consumer Confidence June: 98.0 July: 95.8 Tuesday New Home Sales May: 551,000 June: 560,000 Wednesday Durable Goods Orders May: -2.3% June: -1.1% Wednesday ex-Trans May: -0.3% June: +0.3% Wednesday Pending Home Sales May: -3.7% June: +1.8% Thursday Initial Jobless Claims 7/16: 253,000 7/23: 260,000 Thursday Continuing Claims 7/9: 2.128M 7/16: 2.130M Friday Employment Cost Index Q1: +0.6% Q2: n/a Friday GDP Q1: +1.1% Q2: +2.6% Friday Final Sales Q1: +1.3% Q2: +3.0% Friday Chicago PMI June: 56.8 July: 54.1 Friday Michigan Sentiment June: 93.5 July: 90.5 Friday Current Conditions June: 110.8 July: 109.0 Friday Expectations June: 82.4 July: 79.5

Some U.S. seaport ratings may change over next year but Fitch Ratings expects a mostly stable sector.

Government

The Vermont State College (VSC) Board of Trustees approved a concept Thursday proposed by Chancellor Jeb Spaulding that would unify Johnson State College and Lyndon State College under one administration

Munis were steady to end the week, as traders await another week of issuers coming to market with refundings to take advantage of low rates.

With all governmental approvals and ratings in hand, Detroit expects to be in the market soon with its first post-Chapter 9 general obligation state distributive aid backed borrowing.

The lead attorney representing the interests of holders of COFINA senior bonds answered some questions about the bondholders’ goals and what is going on with the bonds.

The NBA blamed a law passed by North Carolina seen as discriminatory toward the LGBTQ community for its decision to yank the 2017 All-Star Game out of Charlotte.

New Jersey legislative leaders are pitching a new proposal to revive the expired Transportation Trust Fund for statewide road and rail projects.

Lawmakers should consider limiting, reforming or eliminating the exclusion of interest on municipal bonds, The Tax Foundation said in a report.

Puerto Rico’s employment situation continued to improve in June, with total employment up 2% from a year earlier.

The University of California, Merced, received final approval from the UC Board of Regents to move forward with a $1.1 billion public-private partnership.

Top-quality municipal bonds were steady to slightly weaker at mid-session, traders said as they went about finishing up their work ahead of the weekend, looking ahead to next week's calendar.

A California Supreme Court ruling removes one obstacle for Gov. Jerry Brown’s $15.7 billion plan to build two giant water tunnels in the Sacramento-San Joaquin Delta.

A rating agency sees progress in Pennsylvania’s new budget toward reducing the underfunding of its pension systems, though skepticism remains abundant about the state’s approach to the problem.

Assured Guaranty subsidiaries sued Puerto Rico over its diversion of toll revenues that had supported insured bonds.