News and Information from Bond Buyer

The pipeline for municipal market enforcement cases is very full for 2016, said LeeAnn Gaunt, director of the SEC enforcement division's municipal securities and public pensions unit. "We're really operating on all cylinders."

The Treasury Department Monday auctioned $26 billion of two-year notes with a 1% coupon at a 1.056% yield, a price of 99.889463.

November toll traffic on the Atlantic City Expressway was down 1% from the year-earlier period, according to the South Jersey Transportation Authority.

Standard & Poor's Rating Services said it lowered its rating on Carbondale Area School District, Pa.'s outstanding series 2010 general obligation bonds three notches to BBB-plus from A-plus and placed it on CreditWatch with negative implications.

Municipal portfolio managers, strategists, analysts, and directors, weighed in on the impact of December's interest rate increase and other predictions for 2016.

Municipal bonds were stronger at mid-session in quiet dealings, according to traders, as yields on some top-rated maturities weakened by as much as two basis points.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were higher, as the three-months incurred a 0.260% high rate, up from 0.250% the prior week, and the six-months incurred a 0.550% high rate, up from 0.515% the week before.

Moody's Investors Service has placed eight New York issuers with a combined $2.1 billion in debt on review for not providing "sufficient" financial reports.

Texas' total outstanding debt increased 6.2% in fiscal year 2015 to a record $47.09 billion, according to the state Bond Review Board.

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

Municipal market participants will once again see an active year for enforcement in 2016 as the Securities and Exchange Commission's self-reporting initiative largely wraps up and the enforcement division mixes a continued focus on pricing and market structure actions with potential new areas for enforcement like municipal advisors and bank loans.

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

Municipal bond traders were returning to their desks on Monday and will be looking at a very quiet week. There are no bond deals of more than $1 million on the negotiated or competitive calendars until 2016.

Tuesday, December 29 Issuer St Description Amount

Tuesday, December 29 Issuer St Description Amount

Week Of January 4 Issuer St Description Amount

MISSOURI

Dec. 28, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.57 1.56 2.37 3.3 Delaware Aaa/AAA/AAA 0.48 1.24 1.92 2.81 Maine Aa2/AA/AA 0.51 1.33 2.02 2.92 Maryland Aaa/AAA/AAA 0.5 1.28 1.96 2.82 Massachusetts Aa1/AA+/AA+ 0.52 1.33 2.05 2.97 New Hampshire Aa1/AA/AA+ 0.51 1.32 2.01 2.94 New Jersey A1/A/A 0.85 2.06 2.86 3.77 New York Aa1/AA+/AA+ 0.5 1.27 1.98 2.99 Pennsylvania Aa3/AA+/AA+ 0.7 1.62 2.4 3.32 Rhode Island Aa2/AA/AA 0.58 1.5 2.28 3.17 Vermont Aaa/AA+/AAA 0.5 1.27 1.95 2.83 Dist. of Columbia Aa1/AA/AA 0.54 1.37 2.13 3.03 Puerto Rico Caa3/CC/CC 15.5 16.26 11.43 8.47

12/25/2015 12/18/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $10,000 1 $10,000 $0 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 0 0 0 0 0 Massachusetts 2 29,650 1 24,000 5,650 New Hampshire 0 0 0 0 0 New Jersey 2 204,436 1 200,000 4,436 New York 6 64,116 2 26,840 37,276 Pennsylvania 0 0 1 38,000 -38,000 Rhode Island 0 0 0 0 0 Vermont 0 0 0 0 0 District of Columbia 3 102,825 3 102,825 0 Puerto Rico 1 750,000 1 750,000 0

Day Indicator Last Report Forecast Tuesday Consumer Confidence Nov.: 90.4 Dec.: 92.9 Wednesday Pending Home Sales Oct.: +0.2% Nov.: +0.5% Thursday Initial Claims 12/19: 267,000 12/26: n/a Thursday Continuing Claims 12/12: 2.195M 12/19: n/a Thursday Chicago PMI Nov.: 48.7 Dec.: 49.7