News and Information from Bond Buyer

Picking up where they left off on Friday, municipal bonds continued to rally on Monday with Treasuries in the wake of the British vote to leave the European Union.

In the first trading session of the week, the municipal bond market on Monday will be looking to see how the dust settles after a wild day on Friday in the wake of the British vote to leave the European Union.

Jun. 27, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA+/AA+ 0.79 1.49 2.12 2.78 Delaware Aaa/AAA/AAA 0.59 0.98 1.52 2.21 Maine Aa2/AA/AA 0.61 1.05 1.63 2.33 Maryland Aaa/AAA/AAA 0.59 1.01 1.56 2.23 Massachusetts Aa1/AA+/AA+ 0.62 1.07 1.67 2.38 New Hampshire Aa1/AA/AA+ 0.61 1.03 1.57 2.32 New Jersey A2/A/A 0.94 1.77 2.38 3 New York Aa1/AA+/AA+ 0.59 0.99 1.59 2.38 Pennsylvania Aa3/AA+/AA+ 0.74 1.52 2.13 2.83 Rhode Island Aa2/AA/AA 0.64 1.18 1.85 2.58 Vermont Aaa/AA+/AAA 0.59 1 1.55 2.24 Dist. of Columbia Aa1/AA/AA 0.62 1.08 1.72 2.46 Puerto Rico Caa3/CC/CC 29.59 15.24 10.78 8.18

6/24/2016 6/17/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 5 88,580 2 $406,900 -$318,320 Delaware 0 0 1 86,645 -86,645 Maine 1 174,035 0 0 174,035 Maryland 0 0 0 0 0 Massachusetts 3 891,615 4 68,197 823,418 New Hampshire 0 0 0 0 0 New Jersey 11 355,890 14 157,157 198,733 New York 12 179,643 12 941,684 -762,041 Pennsylvania 11 210,005 15 860,925 -650,920 Rhode Island 0 0 0 0 0 Vermont 2 91,660 2 98,805 -7,145 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, June 27 Issuer St Description Amount

Monday, June 27 Issuer St Description Amount

Week Of June 27 Issuer St Description Amount

Week Of June 27 Issuer St Description Amount

ALABAMA

Day Indicator Last Report Forecast Tuesday GDP (F) Q4: +0.8 Q1: +1.0 Tuesday Final Sales Q4: +1.0 Q1: n/a Tuesday Core PCE Deflator Q4: +2.1 Q1: 2.1 Tuesday Consumer Confidence May: +92.6 June: +93.5 Wednesday Personal Income April: +0.4% May: +0.3% Wednesday Consumption April: +1.0% May: +0.4% Wednesday Core PCE Price Index April: +0.2% May: +0.2% Wednesday Pending Home Sales April: +5.1% May: -1.0% Thursday Initial Jobless Claims 6/18: 259,000 6/25: 267,000 Thursday Continuing Claims 6/11: 2.142M 6/17: 2.147M Thursday Chicago PMI May: +49.3 June: +50.5 Friday Construction Spending April: -1.8% May: +0.6% Friday ISM Manufacturing PMI May: +51.3 June: +51.5

Government

The outlook for the University of Louisville was changed to developing after Moody's Investors Service found that Kentucky Gov. Matt Bevin’s dismissal of the board of trustees raised uncertainty about the university’s governance.

Louisiana lawmakers capped their third session of the year on Thursday adopting a fiscal 2017 budget with $300 million in cuts while failing to address a projected $200 million current-year deficit.

A debate about a bill to help the Puerto Rico Aqueduct and Sewer Authority sell a bond has degenerated into angry exchanges between Puerto Rico House and Senate leaders.

Top shelf municipal bonds rallied on Friday, traders said, with yields on some maturities falling by as much as 17 basis points to record lows after Britain voted to leave the European Union.

In one of the biggest rallies in recent memory, municipal bonds surged on Friday after Britain voted to leave the European Union. Yields on some top-rated municipals fell by as much as 17 basis points to record low levels, in a move that some analysts said signaled yields will remain near all-time lows for longer than anyone had expected, and that negative U.S. interest rates may be on the horizon.

House Republicans released a blueprint for tax reform that left some muni groups and experts concerned that the tax-exempt status of municipal bonds may be in jeopardy.

Rep. Randy Hultgren, R-Ill., plans to introduce legislation during the week of June 27 to clarify that the Securities and Exchange Commission’s Municipal Advisor Rule does not require municipal issuers to hire municipal advisors in order to issue bonds.

Massachusetts intends to sell about $900 million of bonds as its top lawmakers work on a budget deal that reflects a larger-than-expected revenue shortfall projection.

Dealer groups are urging the Municipal Securities Rulemaking Board to cut in half a proposed requirement that would mandate municipal securities transactions to be closed out within 20 days of settlement.