News and Information from Bond Buyer

The U.S. services sector expanded at a faster pace in March as the non-manufacturing business activity composite index was 54.5 in the month, compared to 53.4 in February, on a seasonally adjusted basis, the Institute for Supply Management reported Tuesday.

Top quality municipal bonds were substantially stronger in early activity, according to traders, with yields on some maturities weakening by as much as five basis points.

Manhattan Institute senior fellows James Copland and Steven Malanga skewer states and municipalities for mismanaging public pensions in a no-holds-barred roundtable with Bond Buyer Northeast regional editor Paul Burton.

Apr. 5, 2016 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.6 1.2 1.92 2.92 Arkansas Aa1/AA/NR 0.56 1.12 1.79 2.77 Colorado Aa1/AA/NR 0.57 1.18 1.88 2.9 Kansas Aa2/AA/NR 0.57 1.17 1.88 2.86 New Mexico Aaa/AA+/NR 0.57 1.12 1.8 2.8 Oklahoma Aa2/AA+/AA+ 0.57 1.18 1.9 2.9 Texas Aaa/AAA/AAA 0.57 1.18 1.85 2.85 Utah Aaa/AAA/AAA 0.55 1.07 1.7 2.68

4/4/2016 3/28/2016 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 3 $87,465 6 $128,890 -$41,425 Arkansas 8 41,195 9 45,600 -4,405 Colorado 2 170,390 0 0 170,390 Kansas 5 63,840 5 119,740 -55,900 New Mexico 0 0 1 12,500 -12,500 Oklahoma 15 36,435 19 123,000 -86,565 Texas 48 1,720,294 26 1,228,650 491,644 Utah 2 14,245 0 0 14,245

Indicator Last Report Forecast Actual Factory Orders Jan.: +1.6% Feb.: -1.7% Feb.: -1.7%

Tuesday, April 5 Issuer St Description Amount

Tuesday, April 5 Issuer St Description Amount

Week Of April 4 Issuer St Description Amount

Week Of April 4 Issuer St Description Amount

FLORIDA

MICHIGAN

Government

The Municipal Securities Rulemaking Board and Financial Industry Regulatory Authority warned firms on Monday that they need to conduct adequate due diligence to determine if bank loans and private placements involve municipal securities.

New Jersey has filed a lawsuit against Atlantic City seeking to recover more than $30 million the municipality owes its school district, Gov. Chris Christie announced Monday.

Kroll Bond Rating Agency downgraded Chicago’s general obligation bond rating one notch to BBB-plus in response to the Illinois Supreme Court’s decision tossing its 2014 overhaul of two of its four pension funds.

Puerto Rico health care providers, payers and stakeholders are pressing U.S. lawmakers and administration officials to increase funding for the territory’s Medicaid and Medicare programs in legislation.

A massive hike in Illinois’ gasoline tax and vehicle registration fees could generate $2.7 billion in new annual revenue to fix the state’s deficient transportation infrastructure, said a Chicago-based planning think tank.

The District of Columbia’s proposed six-year capital improvements plan includes $6.3 billion in infrastructure spending, nearly $4.3 billion of which will be financed with the issuance of municipal bonds.

San Bernardino’s bankruptcy settlement agreement with pension bondholders is a credit negative, according to Moody’s Investors Service.