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Oct. 13, 2015 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA+/NR 0.28 1.38 2.29 3.36 Arkansas Aa1/AA/NR 0.25 1.28 2.14 3.19 Colorado Aa1/AA/NR 0.25 1.34 2.22 3.31 Kansas Aa1/AA+/NR 0.23 1.34 2.22 3.27 New Mexico Aaa/AA+/NR 0.23 1.28 2.13 3.21 Oklahoma Aa2/AA+/AA+ 0.27 1.37 2.24 3.31 Texas Aaa/AAA/AAA 0.26 1.33 2.22 3.27 Utah Aaa/AAA/AAA 0.23 1.22 2.03 3.09

10/12/2015 10/5/2015 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 1 $5,990 4 $185,625 -$179,635 Arkansas 6 58,060 8 122,610 -64,550 Colorado 3 36,455 2 14,796 21,659 Kansas 8 159,560 4 58,700 100,860 New Mexico 0 0 1 5,000 -5,000 Oklahoma 5 6,305 10 43,535 -37,230 Texas 34 1,373,750 30 1,807,920 -434,170 Utah 1 33,000 0 0 33,000

Government

Prices on top-shelf municipal bonds were slightly weaker still at midday Friday traders said, with yields on some maturities as much as one basis point higher. The primary market has seen all of the large issues priced for the week, including two $2 billion deals and will now start to eye next week’s slate, which is estimated at $6.6 billion.

An attorney for Jefferson County, Ala., has asked an appellate court to consider the analysis of a federal judge who dismissed the final appeal in Detroit’s bankruptcy case.

Nassau County Comptroller George Maragos is projecting a deficit risk of $49.1 million if changes are not made to the proposed 2016 budget.

The Long Island Power Authority is slated to sell $1 billion in restructuring bonds through its Utility Debt Securitization Authority (UDSA) in mid-October aimed at lowering costs of the utility’s nearly $8 billion outstanding debt.

Prices on top-shelf municipal bonds were slightly weaker still at midday Friday traders said, with yields on some maturities as much as one basis point higher.

The success of a $4.6 million social impact bond in Utah shows that the relatively new form of financing solutions to social problems can work, according to Goldman Sachs and other stakeholders.

While refusing to suggest a date for liftoff, Federal Reserve Bank of Chicago President Charles Evans Friday said his views lean toward being extra patient and offering a more accommodative policy than his colleagues would like, and he’d be comfortable with a fed funds rate target under 1% at the end of next year.

Middle-market securities dealers need to redouble efforts to make their voices heard as regulators prepare to tighten the reins on the muni market, Bond Dealers of America members said.

Virginia will consider the qualifications of six potential partners before making decision on $2.1 billion upgrade of I-66.

New York City could contribute a lot more to the MTA’s capital plan if the state can stop lockbox raids and give the city more say, says Mayor Bill de Blasio.

The possibility of liftoff should be discussed at every Federal Open Market Committee meeting, and he expects a rate hike this year, Federal Reserve Bank of New York President William Dudley said in a televised interview.

The Internal Revenue Service is auditing $473.05 million of general obligation refunding bonds issued by Nevada’s Clark County School District in 2007.

Michigan Gov. Rick Snyder has doubts about the need for a bill that would attach a statutory lien and trust to local unlimited-tax general obligation bonds.

Rebecca Olsen, deputy director of the Securities and Exchange Commission’s office of municipal securities, has concerns about municipal advisor misconceptions she has heard about who can advise in the municipal market and who can be considered an independent registered municipal advisor.