News and Information from Bond Buyer

Traders and other market participants are eagerly awaiting the first sales from the hefty $12.7 billion calendar, which should pair nicely with continued strong demand from investors.

In the latest installment of Muni Minute – The Bond Buyer's 60-second video series that examines a top municipal market story that will impact the coming week – we look at how the San Diego County Water Authority is reaping the benefits from the nation’s largest seawater desalination plant and is expected to hit market with a triple-A rating for the first time ever.

Shrinking underwriting spreads may be threatening the municipal underwriting business, and underwriters, attorneys, financial advisors, and other market participants are thinking seriously about the causes and long-term implications of this reality.

Jun. 6, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA+/AA+ 0.78 1.59 2.25 2.98 Delaware Aaa/AAA/AAA 0.58 1.08 1.64 2.41 Maine Aa2/AA/AA 0.6 1.13 1.74 2.53 Maryland Aaa/AAA/AAA 0.58 1.12 1.69 2.43 Massachusetts Aa1/AA+/AA+ 0.61 1.18 1.81 2.58 New Hampshire Aa1/AA/AA+ 0.6 1.13 1.7 2.52 New Jersey A2/A/A 0.93 1.99 2.66 3.28 New York Aa1/AA+/AA+ 0.58 1.09 1.72 2.58 Pennsylvania Aa3/AA+/AA+ 0.73 1.65 2.36 3.08 Rhode Island Aa2/AA/AA 0.63 1.28 1.98 2.78 Vermont Aaa/AA+/AAA 0.58 1.1 1.68 2.44 Dist. of Columbia Aa1/AA/AA 0.61 1.19 1.82 2.62 Puerto Rico Caa3/CC/CC 29.58 16.59 11.71 8.63

6/3/2016 5/27/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 27,396 1 $15,000 $12,396 Delaware 0 0 0 0 0 Maine 5 207,470 0 0 207,470 Maryland 5 1,255,260 1 1,036,000 219,260 Massachusetts 8 733,864 9 91,010 642,854 New Hampshire 1 44,470 0 0 44,470 New Jersey 8 156,247 4 55,039 101,208 New York 31 1,720,395 32 1,181,465 538,930 Pennsylvania 10 887,660 5 1,126,040 -238,380 Rhode Island 1 6,180 3 240,720 -234,540 Vermont 0 0 0 0 0 District of Columbia 1 421,780 0 0 421,780 Puerto Rico 1 750,000 1 750,000 0

Monday, June 6 Issuer St Description Amount

Monday, June 6 Issuer St Description Amount

Week Of June 6 Issuer St Description Amount

Week Of June 6 Issuer St Description Amount

CALIFORNIA

Day Indicator Last Report Forecast Tuesday Productivity Q4: -1.7% Q1: -0.6% Tuesday Unit Labor Costs Q4: +2.7% Q1: +4.0% Tuesday Consumer Credit March:+$29.6B April: +$19.0B Thursday Initial Claims 5/28: 267,000 6/4: 270,000 Thursday Continuing Claims 5/21: 2.172M 5/28: 2.173M Thursday Wholesale Inventories March: +0.1% April: +0.1% Thursday Wholesale Sales March: +0.7% April: +0.8% Friday Consumer Sentiment May: 94.7 June: 94.0 Friday Budget Statement April: +$106.5B May: -$60.0B

ALABAMA

Government

Munis ended Friday mostly stronger, as yields were lower on all maturities with the exception of 2017, which was two basis points higher.

A compromise package to rescue Detroit Public Schools from looming insolvency at a cost of $617 million is headed to the state Senate.

Alaska's legislature passed a budget with a $3.2 billion draw on the state's Constitutional Budget Reserve after rejecting fiscal reforms urged by Gov. Bill Walker.

Puerto Rico’s main employee retirement system slipped to a 0.27% funded ratio in the most recent audited statement and has since fallen into a deficit, according to its auditor.

West Virginia lawmakers sent Gov. Earl Ray Tomblin a budget for fiscal 2017 that relies on reserves, cuts and one-time measures that the governor had already threatened to reject.

Unrated Scranton, Pa., announced a P3 under which nonprofit National Development Council will manage its parking system.

A nonprofit group in Austin, Texas, wants a November vote on $397 million of GO bonds for first phase of a light rail line.