News and Information from Bond Buyer

Tuesday, May 31 Issuer St Description Amount

Week Of May 31 Issuer St Description Amount

Week Of May 31 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Personal Income March: +0.4% April: +0.5% Tuesday Consumption March: +0.1% April: +0.5% Tuesday Core PCE Prices March: +0.1% April: +0.1% Tuesday Chicago PMI April: 50.4 May: 52.0 Tuesday Consumer Confidence April: 94.2 May: 95.6 Wednesday Construction Spending March: +0.3% April: +0.3% Wednesday ISM Manufacturing April: 50.8 May: 50.8 Thursday ADP Employment April: 156,000 May: 200,000 Thursday Initial Claims 5/21: 268,000 5/28: 268,000 Thursday Continuing Claims 5/14: 2.163M 5/21: 2.140M Friday Nonfarm Payrolls April: 160,000 May: 200,000 Friday Private Payrolls April: 171,000 May: 190,000 Friday Manufacturing Payrolls April: 4,000 May: -5,000 Friday Unemployment Rate April: 5.0% May: 4.9% Friday Avg Hourly Earnings April: 0.3% May: 0.2% Friday Avg Workweek April: 34.5 May: 34.5 Friday International Trade March: -$40.44B April: -$41.5B Friday ISM Non-Manufac Index April: 55.7 May: 55.0 Friday ISM Non-Man. Bus. Activity April: 58.8 May: 58.0

May. 31, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.63 1.22 1.88 2.69 Arkansas Aa1/AA/NR 0.59 1.14 1.75 2.54 Colorado Aa1/AA/NR 0.6 1.2 1.84 2.65 Kansas Aa2/AA/NR 0.6 1.19 1.84 2.63 New Mexico Aaa/AA+/NR 0.6 1.14 1.76 2.57 Oklahoma Aa2/AA+/AA+ 0.6 1.2 1.86 2.67 Texas Aaa/AAA/AAA 0.61 1.18 1.82 2.54 Utah Aaa/AAA/AAA 0.58 1.08 1.65 2.44

5/30/2016 5/23/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 6 $216,110 6 $177,855 $38,255 Arkansas 0 0 4 18,805 -18,805 Colorado 0 0 3 39,170 -39,170 Kansas 10 124,970 6 106,045 18,925 New Mexico 1 5,165 2 36,810 -31,645 Oklahoma 18 50,860 16 15,585 35,275 Texas 26 492,835 47 1,650,715 -1,157,880 Utah 0 0 1 31,650 -31,650

May. 30, 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 2.28 3 Delaware Aaa/AAA/AAA 0.58 1.08 1.64 2.43 Maine Aa2/AA/AA 0.6 1.13 1.73 2.55 Maryland Aaa/AAA/AAA 0.58 1.12 1.69 2.45 Massachusetts Aa1/AA+/AA+ 0.6 1.18 1.81 2.6 New Hampshire Aa1/AA/AA+ 0.6 1.13 1.7 2.54 New Jersey A2/A/A 0.93 2.02 2.66 3.3 New York Aa1/AA+/AA+ 0.58 1.09 1.72 2.6 Pennsylvania Aa3/AA+/AA+ 0.73 1.59 2.24 3.02 Rhode Island Aa2/AA/AA 0.63 1.28 1.98 2.8 Vermont Aaa/AA+/AAA 0.58 1.1 1.68 2.46 Dist. of Columbia Aa1/AA/AA 0.61 1.19 1.82 2.64 Puerto Rico Caa3/CC/CC 29.58 16.59 11.76 8.7

5/27/2016 5/20/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 15,000 3 $515,080 -$500,080 Delaware 0 0 0 0 0 Maine 0 0 1 3,150 -3,150 Maryland 1 1,036,000 1 24,725 1,011,275 Massachusetts 9 91,010 7 368,886 -277,876 New Hampshire 0 0 0 0 0 New Jersey 4 55,039 9 309,214 -254,175 New York 32 1,181,465 27 1,571,634 -2,699,416 Pennsylvania 5 1,126,040 5 636,050 489,990 Rhode Island 3 240,720 0 0 240,720 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Government

Puerto Rico’s inflation-adjusted gross national product declined by 0.6% in 2015 from 2014.

California’s high-speed rail project appears to have survived one legal challenge, as Kings County, Calif. will not further contest the legality of the bonds supporting the train.

The Metropolitan Water Reclamation District of Greater Chicago lost a triple-A rating because of the financial woes of governments like Chicago that share its tax base.

Fitch Ratings has downgraded the rating on approximately $130.2 million of fixed-rate revenue bonds, series 2007A and 2012, issued by the Pennsylvania Higher Educational Facilities Authority on behalf of La Salle University (La Salle, or the university) to 'BBB' from 'BBB+'.The Rating Outlook has been revised to Stable from Negative.

Muni yields were unchanged on Friday after a very sleepy day, as most market participants have already started their long weekends.

The Palmetto State should merge its state infrastructure bank into the transportation department, auditors said.

The San Diego mayor’s office said it has saved $300 million in aggregate cash flow savings on refundings it has conducted over the past 12 months.

The Indianapolis Airport Authority has reached a settlement agreement with the Internal Revenue Service over rebate liability in connection with $347 million of tax-exempt bonds issued in 2006.

The Internal Revenue Service is auditing $105.48 million of passenger facility charge revenue bonds issued by Clark County, Nev., in 2007 to finance capital improvements at McCarran International Airport.

Top-rated municipal bonds were unchanged in quiet activity on Friday, traders said, as the market slowly wound down during a holiday-shortened trading session. The U.S. bond markets will close early ahead of Memorial Day and will remain closed on Monday. Trading will resume on Tuesday.

The Nuveen High Yield Municipal Bond Fund outperformed its benchmark by 10% over the last five years by keeping duration a bit longer and adding value through security and sector selection.