News and Information from Bond Buyer

Circuit Court Judge Thomas Wingate ruled that Kentucky Gov. Matt Bevin acted properly when he ordered higher education budget cuts.

The composite index of Leading Economic Indicators was up 0.6% in April following a revised flat reading in March, first reported as a 0.2% rise, the Conference Board reported Thursday.

Municipal bond traders are set to see the last of the week's big new issues come to market on Thursday, led by issuers in New York and the Midwest.

The region's manufacturing sector contracted in May, as the general business conditions index slipped to negative 1.8 from negative 1.6 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

The Chicago Fed National Activity Index for April climbed to positive 0.10 from a revised negative 0.55 reading in March, while the three-month moving average (CFNAI-MA3) slipped to negative 0.22 from a revised negative 0.18 in March, the Federal Reserve Bank of Chicago reported Thursday.

Thursday, May 19 Issuer St Description Amount

Thursday, May 19 Issuer St Description Amount

Week Of May 16 Issuer St Description Amount

Week Of May 16 Issuer St Description Amount

May. 19, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.58 0.99 1.64 2.52 Florida Aa1/AAA/AAA 0.59 0.99 1.63 2.51 Georgia Aaa/AAA/AAA 0.56 0.93 1.54 2.38 Kentucky Aa2/A+/AA+ 0.6 1.07 1.74 2.61 Louisiana Aa3/AA/AA 0.74 1.33 2.09 2.94 Mississippi Aa2/AA/AA+ 0.58 1.03 1.77 2.64 North Carolina Aaa/AAA/AAA 0.56 0.92 1.53 2.37 South Carolina Aaa/AA+/AAA 0.56 0.94 1.58 2.42 Tennessee Aaa/AA+/AAA 0.56 0.93 1.57 2.39 Virginia Aaa/AAA/AAA 0.55 0.92 1.53 2.37 West Virginia Aa1/AA+/AA+ 0.59 1.04 1.7 2.56

ARKANSAS

ALABAMA

5/18/2016 5/11/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 2 $3,635 0 $0 3,635 Florida 4 482,880 5 594,245 -111,365 Georgia 6 1,794,360 9 1,829,250 -34,890 Kentucky 9 98,210 9 117,840 -19,630 Louisiana 1 20,000 1 20,000 0 Mississippi 1 50,040 1 50,040 0 North Carolina 2 57,190 4 331,195 -274,005 South Carolina 2 102,000 6 156,065 -54,065 Tennessee 2 51,300 2 10,180 41,120 Virginia 8 646,000 7 724,530 -78,530 West Virginia 0 0 0 0 0

Government

The Chicago City Council on Wednesday approved $600 million of new money general obligation borrowing along with new rules that require greater oversight of more complex financings such as those with interest-rate swaps.

Michigan Gov. Rick Snyder’s administration and lawmakers will work in the coming weeks to trim $333 million from the 2016 and 2017 budget plans due to a downward revision of revenues expected in the current biennium.

California voters will be considering 57 bond authorizations with supporting tax increases when they cast a ballot in the state’s June 7 presidential primary.

The use of “social impact bonds” as an alternative financing tool is on the rise and news that Chicago’s first venture into the space will pay off for investors demonstrates the benefits, market participants said.

Top quality municipal bonds finished weaker on Wednesday, according to traders, as muni yields jumped after minutes of the last Federal Reserve meeting hinted at a possible June interest-rate hike. In the primary, traders saw a new wave of supply hit the market, led by big deals from issuers on both coasts.

The Town of Ramapo, N.Y. took a two-notch downgrade Wednesday from Moody’s Investors Service, which cut it to A3 citing “increased risk” from federal charges that have resulted in a near-term management disruption.