News and Information from Bond Buyer

Even as funding ratios for U.S. state pensions stabilize, state and local government workers are retiring at a higher rate than new employees are being hired and this is putting additional pressure on their pension systems, Fitch Ratings said in a report released on Thursday.

The Empire State Manufacturing Survey showed "business activity declined for a third consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index narrowed to negative 11.36 in October from negative 14.67 in September.

Thursday, October 15 Issuer St Description Amount

Thursday, October 15 Issuer St Description Amount

Oct. 15, 2015 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.23 1.27 2.12 3.19 Florida Aa1/AAA/AAA 0.25 1.3 2.18 3.21 Georgia Aaa/AAA/AAA 0.23 1.22 2.04 3.08 Kentucky Aa2/AA+/AA+ 0.27 1.36 2.24 3.31 Louisiana Aa2/AA/AA 0.36 1.57 2.49 3.57 Mississippi Aa2/AA/AA+ 0.27 1.35 2.31 3.34 North Carolina Aaa/AAA/AAA 0.23 1.22 2.04 3.09 South Carolina Aaa/AA+/AAA 0.23 1.24 2.07 3.12 Tennessee Aaa/AA+/AAA 0.23 1.23 2.07 3.11 Virginia Aaa/AAA/AAA 0.22 1.21 2.03 3.08 West Virginia Aa1/AA/AA+ 0.25 1.27 2.17 3.24

Week Of October 13 Issuer St Description Amount

CALIFORNIA

10/14/2015 10/7/2015 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 2 $24,330 2 $24,330 0 Florida 5 308,465 4 293,440 15,025 Georgia 2 182,985 0 0 182,985 Kentucky 6 87,435 6 94,690 -7,255 Louisiana 2 31,440 0 0 31,440 Mississippi 0 0 2 14,365 -14,365 North Carolina 1 66,000 1 4,600 61,400 South Carolina 2 13,145 0 0 13,145 Tennessee 7 148,150 1 14,530 133,620 Virginia 3 109,100 3 83,050 26,050 West Virginia 0 0 0 0 0

ARKANSAS

Treasury Department and Puerto Rico officials are talking about a way to restructure the territory’s debt without bankruptcy or other legislation, according to sources familiar with the idea.

Government

Puerto Rican civic, political, and business leaders from around the country met in Orlando Wednesday to rally for extending Chapter 9 bankruptcy to Puerto Rico public authorities but one speaker at the event urged caution in throwing support behind such a measure.

Illinois is so short on cash that it won’t make its $560 million monthly pension fund payment next month and could also skip its December payment, state Comptroller Leslie Geissler Munger announced Wednesday.

Three New Jersey State Senate leaders are pressing the Port Authority of New York and New Jersey to authorize construction of a new bus terminal in Manhattan.

With its first $810 million bond issue for a new water development program known as SWIFT, the Texas Water Development Board expects to save local utilities more than $106 million in borrowing cost.

The Southeastern Pennsylvania Transportation Authority has promoted its Treasurer Richard G. Burnfield to the position of deputy manager.

Chicago Mayor Rahm Emanuel’s proposed 2016 budget and record property tax hike plan won the Chicago Civic Federation’s endorsement, with a warning that more pain may be needed to fully stabilize the city’s fiscal condition.

Insurers’ market penetration edged higher through the first three quarters, even as they waited for higher interest rates that would enhance the value of their product. Orrick Herrington & Sutcliffe LLP and Hawkins Delafield & Wood LLP remained in the top two spots among bond counsel.

Christopher Brogdon, who was at the center of more than a dozen problematic healthcare municipal bond deals for which at least $2 million was unaccounted for, will resign from the board of healthcare firm AdCare.

Prices of top-quality municipal bonds finished stronger on Wednesday, traders said, as deals from New York’s Long Island Power Authority, the state of Hawaii, and the city of Chicago all came to market. Muni yields fell by as much as three basis points on some maturities.