News and Information from Bond Buyer

Glendale Ariz.’s decision to cancel a 15-year contract with the Arizona Coyotes professional hockey team is a positive credit factor for the A3-rated city, according to Moody’s Investors Service. Standard & Poor’s sees negative implications in a pending $200 million lawsuit.

Non transportation-related capital projects would be put on hold if a budget impasse can’t be bridged by the start of the new fiscal year in two weeks, under a second wave of cuts and management maneuvers laid out by Illinois Gov. Bruce Rauner’s administration.

Connecticut lawmakers will convene this month to debate Gov. Dannel Malloy’s proposed business tax reductions, which he announced after pushback from major corporations.

Prices of top-shelf municipal bonds were higher at mid-session, trader said, with yields on some maturities falling by as much as three basis points.

Volatile muni yields coupled with the trepidation surrounding a Federal Open Market Committee meeting seem to have put a damper on new issuance as volume for the coming week is estimated at $6.72 billion, according to Ipreo and The Bond Buyer.

Monday, June 15 Issuer St Description Amount

Monday, June 15 Issuer St Description Amount

Day Indicator Last Report Forecast Monday Empire State Manufacturing May: 3.09 June: 6.00 Monday Industrial Production April: -0.3% May: +0.3% Monday Capacity Utilization April: 78.2 May: 78.3 Monday NAHB Housing Index May: 54.0 June: 56 Tuesday Housing Starts April: 1.135M May: 1.100M Tuesday Building Permits April: 1.143M May: 1.100M Thursday CPI April: +0.1% May: +0.5% Thursday CPI Core April: +0.3% May: +0.2% Thursday Current Account Q4: -$113.5B Q1: n/a Thursday Initial Jobless Claims 6/6: 279,000 6/13: 276,000 Thursday Continuing Claims 5/30: 2.265M 6/6: 2.225M Thursday Philly Fed Manufacturing May: 6.7 June: 8.0 Thursday Leading Indicators April: +0.7% May: +0.4%

Jun. 15, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.36 1.84 2.83 3.83 Delaware Aaa/AAA/AAA 0.29 1.52 2.33 3.31 Maine Aa2/AA/AA 0.3 1.6 2.43 3.42 Maryland Aaa/AAA/AAA 0.29 1.55 2.36 3.32 Massachusetts Aa1/AA+/AA+ 0.31 1.63 2.52 3.51 New Hampshire Aa1/AA/AA+ 0.31 1.61 2.43 3.43 New Jersey A1/A/A 0.94 2.43 3.29 4.25 New York Aa1/AA+/AA+ 0.29 1.54 2.39 3.48 Pennsylvania Aa3/AA+/AA+ 0.51 2.03 2.96 3.97 Rhode Island Aa2/AA/AA 0.37 1.77 2.71 3.7 Vermont Aaa/AA+/AAA 0.29 1.54 2.39 3.35 Dist. of Columbia Aa1/AA/AA 0.34 1.66 2.55 3.55 Puerto Rico B2/BB/BB+ 8.04 9.43 9.54 7.97

Week Of June 15 Issuer St Description Amount

Week Of June 15 Issuer St Description Amount

CALIFORNIA

ALABAMA

6/12/2015 6/5/2015 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $19,390 $4 $47,420 -$28,030 Delaware 0 0 0 0 0 Maine 1 30,000 4 140,465 -110,465 Maryland 4 206,495 3 66,980 139,515 Massachusetts 6 165,105 10 284,283 -119,178 New Hampshire 2 34,075 2 52,425 -18,350 New Jersey 6 117,006 7 120,648 -3,642 New York 21 1,787,861 35 1,423,432 364,429 Pennsylvania 8 277,930 10 341,765 -63,835 Rhode Island 1 593,655 1 593,655 0 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

Government

Puerto Rico’s May net revenues came in 9% short of budget in May.

Moody’s Investors Service labeled Chicago’s shift of its floating-rate general obligation and sales tax paper to fixed-rate structures as a credit positive.

The College of DuPage board hired a consultant after putting its treasurer and controller on paid administrative leave after questions were raised over their investment decisions.

Chicago takes the first step toward moving $1 billion of short-term, cash flow obligations on to its long-term debt load at a City Council hearing Monday.

There was a lot happening in the new issue market during the week as about $7.36 billion of new supply hit the market. Grabbing the most attention were several deals from down South, including the state of Georgia, the County of Miami-Dade and the city of Atlanta.