News and Information from Bond Buyer

There were no major deals on the municipal bond market calendar for the holiday week as traders start to wind down activity for the year.

An emphatic weekend rejection of a pension-overhaul bill seen as pivotal to a budget compromise sent Pennsylvania's legislative leaders scurrying again.

The Chicago Fed National Activity Index for November dropped to negative 0.04 from a revised negative 0.17 reading in October, while the three-month moving average (CFNAI-MA3) dipped to negative 0.20 from an upwardly revised negative 0.18 in October, the Federal Reserve Bank of Chicago reported Monday.

Buffalo Comptroller Mark Schroeder discusses financial turnaround of New York’s second largest city with Northeast reporter Andrew Coen and shares insight on being the only Democrat in state assembly to vote against Sheldon Silver for speaker.

Monday, December 21 Issuer St Description Amount

Monday, December 21 Issuer St Description Amount

Week Of December 21 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday GDP Q3.: +2.1% Q3.: +1.9% Tuesday Final Sales Q3.: +2.7% Q3.: +2.8% Tuesday Core PCE Deflator Q3.: +1.3% Q3.: +1.3% Tuesday Philly Fed Non-Mfg Firm Nov.: 26.3 Dec.: n/a Tuesday Philly Fed Non-Mfg Region Nov.: 26.3 Dec.: n/a Tuesday Richmond Fed Manuf Nov.: -3 Dec.: n/a Tuesday Richmond Fed Svcs Nov.: -1 Dec.: n/a Tuesday Existing Home Sales Oct.: 5.36 Nov.: 5.37 Wednesday Durable Goods Oct.: +2.9% Nov.: -0.6% Wednesday ex-Trans Oct.: +0.5% Nov.: unch Wednesday Personal Income Oct.: +0.4% Nov.: +0.2% Wednesday Consumption Oct.: +0.1% Nov.: +0.3% Wednesday Core PCE Price Index Oct.: unch Nov.: n/a Wednesday Michigan Sentiment Nov.: 91.8 Dec.: 92.0 Wednesday Current Conditions Nov.: 107.0 Dec.: 106.5 Wednesday Expectations Nov.: 82.0 Dec.: 82.0 Wednesday New Home Sales Oct.: 495,000 Nov.: 505,000 Thursday Initial Jobless Claims 12/12: 271,000 12/19: 270,000 Thursday Continuing Claims 12/5: 2.238M 12/12: 2.230M

Dec. 21, 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 2.4 3.32 Delaware Aaa/AAA/AAA 0.48 1.24 1.94 2.83 Maine Aa2/AA/AA 0.51 1.33 2.04 2.94 Maryland Aaa/AAA/AAA 0.5 1.28 1.98 2.84 Massachusetts Aa1/AA+/AA+ 0.52 1.33 2.07 2.99 New Hampshire Aa1/AA/AA+ 0.51 1.32 2.03 2.96 New Jersey A1/A/A 0.85 2.11 2.9 3.79 New York Aa1/AA+/AA+ 0.5 1.27 2 3.01 Pennsylvania Aa3/AA+/AA+ 0.7 1.62 2.42 3.34 Rhode Island Aa2/AA/AA 0.58 1.5 2.3 3.19 Vermont Aaa/AA+/AAA 0.5 1.26 1.97 2.85 Dist. of Columbia Aa1/AA/AA 0.54 1.37 2.15 3.05 Puerto Rico Caa3/CC/CC 15.5 16.26 11.35 8.59

ALABAMA

12/18/2015 12/11/2015 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 1 24,000 4 59,709 -35,709 New Hampshire 0 0 0 0 0 New Jersey 1 200,000 8 342,435 -142,435 New York 2 26,840 6 216,436 -189,596 Pennsylvania 1 38,000 3 87,865 -49,865 Rhode Island 0 0 0 0 0 Vermont 0 0 0 0 0 District of Columbia 3 102,825 1 97,745 5,080 Puerto Rico 1 750,000 1 750,000 0

Puerto Rico’s employment went up for the fifth consecutive month on a month-to-month basis in November.

Government

Congress postponed action on Puerto Rico’s debt crisis to next year as the island’s governor blasted U.S. legislators as pawns of Wall Street.

Munis close out the week stronger as yields on some maturities were three basis points lower, according to traders.

A decision by the Kentucky Supreme Court to not review a lower court decision allowing library districts to assess property taxes is a credit positive, said Moody's Investors Service.

Atlantic City, N.J. was kept on credit watch negative Friday by Standard & Poor’s pending a resolution of Gov. Chris Christie’s conditional vetoes of a rescue package approved by the legislature last June.

Arizona State University’s "strong culture of innovation" should translate into improved credit quality over time, Moody's Investors Service said in a new report.

The bondholders and insurer in the San Bernardino, Calif. bankruptcy case are both criticizing what they describe as the city’s lack of coherent financial disclosure.