News and Information from Bond Buyer

Top-quality municipal bonds were weaker at mid-session, according to traders, with yields on some maturities strengthening by as much as two basis points.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were mixed, as the three-months incurred a 0.215% high rate, unchanged from 0.215% the prior week, and the six-months incurred a 0.470% high rate, off from 0.500% the week before.

The Treasury Department said Monday it will sell $45 billion of four-week discount bills Tuesday.

Consumers expect household income, earnings and household spending growth to slow, according to the December Survey of Consumer Expectations, released by the Federal Reserve Bank of New York on Monday.

The Federal Reserve's Labor Market Conditions Index, a compilation of 19 labor market measures, gained to 2.9 in December from a revised 2.7 in November, first reported as 0.5.

The Conference Board's Employment Trends Index (ETI) climbed to 129.33 in December from a downwardly revised 128.27 in November, and is up 2.6% from a year ago, the group announced Monday.

Municipal bond traders are keeping a wary eye on the stock and Treasury markets on Monday as traders prepare for the start of a week that will see $8.33 billion of new deals, highlighted by offerings from two stressed issuers in the Land of Lincoln.

MICHIGAN

ALABAMA

Day Indicator Last Report Forecast Wednesday Treasury Budget Nov.: -$64.6B Dec.: n/a Thursday Import Prices Nov.: -0.4% Dec.: -1.4% Thursday Export Prices Nov.: -0.6% Dec.: -0.6% Thursday Initial Claims 1/2: 277,000 1/9: 275,000 Thursday Continuing Claims 12/26: 2.230M 1/2: 2.218M Friday Empire State Manufacturing Dec.: -4.59 Jan.: -4.0 Friday PPI Nov.: +0.3% Dec.: -0.1% Friday PPI Core Nov.: +0.3% Dec.: +0.1% Friday Retail Sales Nov.: +0.2% Dec.: unch Friday ex-Autos Nov.: +0.4% Dec.: +0.2% Friday Industrial Production Nov.: -0.6% Dec.: -0.2% Friday Capacity Utilization Nov.: 77.0 Dec.: 76.8 Friday Business Inventories Oct.: unch Nov.: unch Friday Michigan Sentiment Dec.: 92.6 Jan.: 93.0 Friday Current Conditions Dec.: 108.1 Jan.: 107.3 Friday Expectations Dec.: 82.7 Jan.: 82.8

Jan. 11, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.57 1.3 2.15 3.15 Delaware Aaa/AAA/AAA 0.48 1.06 1.74 2.68 Maine Aa2/AA/AA 0.51 1.15 1.84 2.79 Maryland Aaa/AAA/AAA 0.5 1.1 1.78 2.69 Massachusetts Aa1/AA+/AA+ 0.53 1.15 1.87 2.84 New Hampshire Aa1/AA/AA+ 0.51 1.14 1.83 2.81 New Jersey A1/A/A 0.85 1.83 2.68 3.64 New York Aa1/AA+/AA+ 0.5 1.09 1.81 2.86 Pennsylvania Aa3/AA+/AA+ 0.7 1.4 2.21 3.17 Rhode Island Aa2/AA/AA 0.58 1.32 2.1 3.04 Vermont Aaa/AA+/AAA 0.5 1.09 1.77 2.7 Dist. of Columbia Aa1/AA/AA 0.54 1.16 1.89 2.88 Puerto Rico Caa3/CC/CC 12.5 13.08 11.15 8.24

1/8/2016 1/1/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 4 $293,050 2 $21,000 $272,050 Delaware 1 185,835 0 0 185,835 Maine 1 7,500 1 7,500 0 Maryland 1 42,875 0 0 42,875 Massachusetts 6 283,732 4 189,451 94,281 New Hampshire 2 14,592 0 0 14,592 New Jersey 6 183,154 3 218,033 -34,879 New York 12 195,563 12 68,336 127,227 Pennsylvania 16 298,760 3 85,040 213,720 Rhode Island 0 0 0 0 0 Vermont 1 29,000 0 0 29,000 District of Columbia 3 102,825 3 102,825 0 Puerto Rico 1 750,000 1 750,000 0

Tuesday, January 12 Issuer St Description Amount

Monday, January 11 Issuer St Description Amount

Week Of January 11 Issuer St Description Amount

Government

Christopher Brogdon, facing Securities and Exchange Commission charges for defrauding investors in senior living facility financings, has been ordered by a federal court in New Jersey to create a plan to pay those investors.

Standard & Poor’s bumped Memorial Group Inc. out of junk territory thanks to support provided by the stronger rated BJC Healthcare system.

The California Health Facilities Financing Authority will issue $500 million of revenue bonds next week for the Sutter Health hospital system in Northern California.