News and Information from Bond Buyer

Top quality municipal bonds were unchanged at mid-session, according to traders, who were preparing for another healthy slate of new issues come to market this week.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.250% high rate, up from 0.220% the prior week, and the six-months incurred a 0.400% high rate, up from 0.350% the week before.

The Treasury Department said Monday it will sell $35 billion of four-week discount bills Tuesday.

Indicator Last Report Forecast Actual New Home Sales Feb.: 519,000 March: 520,000 March: 511,000

A $3.4 billion project designed to deliver water to the San Antonio Water System is facing delays after Abengoa S.A., the company hired to build the 142-mile pipeline, filed for bankruptcy.

Texas factory activity, as measured by the production index, “increased for a second month in a row in April,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Dallas, released Monday.

Market participants will see another healthy slate of new issues come to market this week, with total volume estimated by Ipreo at $7.98 billion.

Tuesday, April 26 Issuer St Description Amount

Monday, April 25 Issuer St Description Amount

Apr. 25, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.7 1.38 2.16 3.1 Delaware Aaa/AAA/AAA 0.56 0.98 1.62 2.56 Maine Aa2/AA/AA 0.58 1.05 1.74 2.7 Maryland Aaa/AAA/AAA 0.56 1.01 1.67 2.58 Massachusetts Aa1/AA+/AA+ 0.58 1.07 1.78 2.73 New Hampshire Aa1/AA/AA+ 0.58 1.04 1.68 2.67 New Jersey A2/A/A 0.91 1.82 2.6 3.45 New York Aa1/AA+/AA+ 0.56 1 1.7 2.74 Pennsylvania Aa3/AA+/AA+ 0.71 1.5 2.24 3.15 Rhode Island Aa2/AA/AA 0.66 1.23 1.99 2.93 Vermont Aaa/AA+/AAA 0.56 1.01 1.66 2.59 Dist. of Columbia Aa1/AA/AA 0.59 1.11 1.82 2.78 Puerto Rico Caa3/CC/CC 30.56 16 11.69 8.78

Week Of April 25 Issuer St Description Amount

Week Of April 25 Issuer St Description Amount

4/22/2016 4/15/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 $151,155 0 $0 $151,155 Delaware 0 0 0 0 0 Maine 3 102,375 0 0 102,375 Maryland 0 0 1 320,000 -320,000 Massachusetts 2 6,911 3 35,941 -29,030 New Hampshire 0 0 0 0 0 New Jersey 7 353,764 6 182,415 171,349 New York 12 101,802 10 214,378 -112,576 Pennsylvania 9 185,215 11 137,760 47,455 Rhode Island 4 174,840 2 59,855 114,985 Vermont 0 0 0 0 0 District of Columbia 1 67,050 0 0 67,050 Puerto Rico 1 750,000 1 750,000 0

INDIANA

ALABAMA

Day Indicator Last Report Forecast Monday New Home Sales Feb.: 512,000 March: 520,000 Tuesday Durable Goods Feb.: -2.8% March: +1.8% Tuesday Durable Goods ex-Trans Feb.: -1.3% March: +0.5% Tuesday Consumer Confidence March: 96.2 April: 96.0 Wednesday Pending Home Sales Feb.: +3.5% March: +0.5% Thursday GDP Q4: +1.4% Q1: +0.7% Thursday Final Sales Q4: +1.6% Q1: +0.8% Thursday Initial Claims 4/16: 247,000 4/23: 260,000 Thursday Continuing Claims 4/9: 2.137M 4/16: 2.137M Friday Employment Cost Index Q4: +0.6% Q1: +0.6% Friday Personal Income Feb.: +0.2% March: +0.3% Friday Consumption Feb.: +0.1% March: +0.2% Friday Core PCE Price Index Feb.: +0.1% March: +0.1% Friday Chicago PMI March: 53.6 April: 53.0 Friday Michigan Sentiment March: 91.0 April: 90.0 Friday Current Conditions March: 105.4 April: 106.0 Friday Expectations March: 79.6 April: 80.2

Government

Municipal bonds finished weaker on Friday, according to traders, as the beginning of the Jewish Passover holiday and the end to a chunky supply week combined to keep trading activity light and tight.

Florida bond director Ben Watkins does not believe public-private partnerships that include private financing benefit the public sector, but P3 proponents disagree.