News and Information from Bond Buyer

Feb. 11, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.4 0.88 1.69 2.78 Florida Aa1/AAA/AAA 0.38 0.85 1.73 2.8 Georgia Aaa/AAA/AAA 0.38 0.83 1.61 2.67 Kentucky Aa2/A+/AA+ 0.42 0.97 1.81 2.9 Louisiana Aa2/AA/AA 0.45 1.05 2.01 3.1 Mississippi Aa2/AA/AA+ 0.4 0.93 1.84 2.93 North Carolina Aaa/AAA/AAA 0.38 0.83 1.61 2.68 South Carolina Aaa/AA+/AAA 0.38 0.85 1.64 2.71 Tennessee Aaa/AA+/AAA 0.38 0.83 1.64 2.68 Virginia Aaa/AAA/AAA 0.37 0.82 1.6 2.66 West Virginia Aa1/AA/AA+ 0.39 0.9 1.73 2.82

ARIZONA

2/10/2016 2/3/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $1,000,000 1 $1,920 998,080 Florida 2 1,240,000 2 1,318,430 -78,430 Georgia 5 127,370 2 257,355 -129,985 Kentucky 8 115,240 10 112,785 2,455 Louisiana 3 33,200 4 39,535 -6,335 Mississippi 1 8,705 0 0 8,705 North Carolina 2 113,750 0 0 113,750 South Carolina 8 269,280 12 361,520 -92,240 Tennessee 1 9,775 3 89,280 -79,505 Virginia 7 444,060 6 387,830 56,230 West Virginia 0 0 0 0 0

The Puerto Rico Senate was expected to vote Wednesday on energy legislation that Puerto Rico Electric Power Authority bondholders have said is necessary for them to agree to a bond restructuring.

Government

Rep. Sean Duffy said on Wednesday that final legislation to help Puerto Rico is still taking shape but will include “secret sauce” in the form of a combination of debt restructuring and financial oversight and “sugar and spice” through bipartisan steps to incentivize investment on the island.

Local sales tax collections in Texas fell 0.7% in January, with steeper drops in the state’s energy producing and processing centers, Texas Comptroller Glenn Hegar reported.

President Obama’s proposed fiscal 2017 budget includes $84 million for improvements on New York MTA’s Canarsie Line, said, U.S. Transportation Secretary Anthony Foxx.

The University of California would issue $400 million of bonds as part of a proposed $1.1 billion public-private partnership to expand the campus of UC Merced, according to a report issued the state Legislative Analyst’s Office Wednesday.

The Flint water contamination crisis and Detroit’s public school restructuring took center stage Wednesday as Michigan Gov. Rick Snyder unveiled his fiscal 2017 budget.

President Obama’s proposed $98 billion budget for the Department of Transportation in 2017 includes $3.5 billion of transit grants.

Top shelf municipal bonds ended steady on Wednesday, as traders saw more of the week’s big new issue slate hit the market, led off by the Pennsylvania Turnpike deal.

The federal government ran a $55.2 billion budget surplus in January, the Treasury Department reported Wednesday.

The Treasury Department auctioned $23 billion of 10-year notes with a 1 5/8% coupon at a 1.730% high yield, a price of 99.039809.

Detroit’s old water and sewer debt is now investment-grade across the board for the first time since the city left bankruptcy.

Municipal bonds associated with high yield corporate issuers are being traded and quoted at prices substantially higher than bonds of similar maturity issued directly by the same corporations.

The Government Finance Officers Association has issued an alert urging municipal issuers to be prepared for settlement offers from the Securities Exchange Commission under its program for voluntary self-reporting of violations in connection with continuing disclosure obligations.

Houston increased the size of its combined new money and refunding deal to $957 million as the market provided savings of $116.7 million, officials said.

President Obama’s proposed fiscal 2017 budget would hamper international trade by cutting funding for seaport navigation systems that are needed to accommodate new, larger cargo ships, the American Association of Port Authorities warned.

New York City’s outyear budget gaps are greater than the estimates from Mayor Bill de Blasio’s budget team, according to an analysis by city Comptroller Scott Stringer.