News and Information from Bond Buyer

Day Indicator Last Report Forecast Tuesday Factory Orders April: +1.9% May: -1.0% Wednesday International Trade April: -$37.4B May: -$40.0B Wednesday ISM Non-Manufacturing April: 52.9 May: 53.3 Thursday Initial Claims 6/25: 268,000 7/2: 270,000 Thursday Continuing Claims 6/17: 2.120M 6/25: n/a Friday Nonfarm Payrolls May: +38,000 June: +175,000 Friday Private Payrolls May: +25,000 June: +170,000 Friday Manufacturing Payrolls May: -10,000 June: unch Friday Unemployment Rate May: 4.7% June: 4.8% Friday Avg Work Week May: 34.4 June: 34.4 Friday Avg Hourly Earnings May: +0.2% June: +0.2% Friday Consumer Credit April:+$13.4B May: +$15.85B

Jul. 5, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.57 1.02 1.57 2.26 Arkansas Aa1/AA/NR 0.53 0.94 1.44 2.11 Colorado Aa1/AA/NR 0.54 1 1.53 2.22 Kansas Aa2/AA/NR 0.54 0.99 1.53 2.2 New Mexico Aaa/AA+/NR 0.54 0.94 1.45 2.14 Oklahoma Aa2/AA+/AA+ 0.54 1 1.55 2.24 Texas Aaa/AAA/AAA 0.56 1 1.52 2.2 Utah Aaa/AAA/AAA 0.52 0.89 1.35 2.02

7/4/2016 6/27/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 2 $19,765 2 $55,590 -$35,825 Arkansas 1 1,150 6 101,275 -100,125 Colorado 2 59,820 3 23,160 36,660 Kansas 3 13,213 4 13,740 -527 New Mexico 1 3,000 1 6,925 -3,925 Oklahoma 4 59,980 1 34,770 25,210 Texas 37 512,732 41 1,877,362 -1,364,630 Utah 2 69,040 2 218,000 -148,960

Jul. 4, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA+/AA+ 0.72 1.39 1.94 2.57 Delaware Aaa/AAA/AAA 0.52 0.88 1.34 2 Maine Aa2/AA/AA 0.54 0.96 1.47 2.13 Maryland Aaa/AAA/AAA 0.52 0.91 1.39 2.02 Massachusetts Aa1/AA+/AA+ 0.56 1.01 1.55 2.21 New Hampshire Aa1/AA/AA+ 0.54 0.93 1.39 2.11 New Jersey A2/A/A 0.87 1.67 2.2 2.79 New York Aa1/AA+/AA+ 0.52 0.89 1.41 2.17 Pennsylvania Aa3/AA+/AA+ 0.67 1.42 1.95 2.62 Rhode Island Aa2/AA/AA 0.57 1.08 1.67 2.37 Vermont Aaa/AA+/AAA 0.52 0.9 1.37 2.03 Dist. of Columbia Aa1/AA/AA 0.56 1 1.57 2.26 Puerto Rico Caa3/CC/CC 29.52 15.29 10.85 8.17

7/1/2016 6/24/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 24,811 5 $88,580 -$63,769 Delaware 0 0 0 0 0 Maine 0 0 1 174,035 -174,035 Maryland 0 0 0 0 0 Massachusetts 2 123,525 3 891,615 -768,090 New Hampshire 0 0 0 0 0 New Jersey 5 59,363 11 355,890 -296,527 New York 11 171,749 12 179,643 -7,894 Pennsylvania 7 1,366,275 11 210,005 1,156,270 Rhode Island 0 0 0 0 0 Vermont 0 0 2 91,660 -91,660 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Government

Uncertainty over how bondholders will be repaid once Detroit Public Schools is split in two under the district recently approved restructuring plan has put the district’s bond ratings at risk of slipping into junk territory.

Kansas is still looking for the winning formula, four years after Gov. Sam Brownback started his experiment with income and business tax cuts. The 2016 fiscal year ended June 30 with the state borrowing $900 million, raising $38 million to avoid closing public schools and again falling short of revenue estimates.

Gas taxes rose in Maryland and Washington with the beginning of fiscal 2017, while they dropped in three other states.

A decision to delay an $83 million refunding until Britons voted on an exit from the European Union proved highly rewarding for Arkansas as interest-rate savings far surpassed earlier expectations, according to those involved in the sale.

New Jersey's Transportation Trust Fund is running low on gas after state lawmakers failed to reach agreement on a plan to replenish the program before Thursday's deadline.

An audit conducted by the Los Angeles Controller's office found that a city stormwater management program was making $47 million in unnecessary interest payments by structuring the timing of issuances incorrectly.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve rule changes that would create a new academic trade product with anonymous dealer identifiers that has proved somewhat controversial.

Revenue estimates for the District of Columbia's fiscal 2016-2020 budget and capital plan remain nearly unchanged from the district's February estimate, D.C.'s chief financial officer said this week.

With a lot of market participants out of the office before the holiday weekend, muni yields fell in a short trading session, as the calendar dried up for the four-day week ahead.

S&P Global Ratings said it believes the Commonwealth of Puerto Rico will default on its July 1, general obligation (GO) and appropriation-backed bond principal and interest payments, based on executive orders signed yesterday by Governor Garcia Padilla declaring a debt moratorium.

Neither budget gridlock nor bankruptcy nor Puerto Rican default can stay the municipal investor from his appointed rounds.

The New York City Transitional Finance Authority intends to sell $1.05 billion of future tax-secured subordinate bonds in July.

Assured Guaranty Ltd., the biggest municipal bond insurer, gobbled up the remaining business of another legacy insurer, completing the acquisition of CIFG Holding Inc.

Noting that waiting too long for a rate hike is as dangerous as acting too soon, Federal Reserve Bank of Cleveland President and Chief Executive Officer Loretta J. Mester said Friday her support of the Federal Open Market Committee's decision to hold rates at its last meeting was one of "timing" rather than a change in her outlook.