News and Information from Bond Buyer

An overhaul of the private activity bond allocation process would benefit New York City's 10-year affordable housing initiative, a policy analyst said.

Houses were more affordable in the first quarter of 2015 as interest rates and prices were both lower, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released Thursday.

The municipal bond market is awaiting the last of the week's big new issue supply on Thursday with issuers from Pennsylvania and California topping the calendar.

Indicator Last Report Forecast Actual Initial Jobless Claims 5/2: 265,000 5/9: 274,000 5/9: 264,000 Continuing Claims 4/25: 2.229M 5/2: 2.240M 5/2: 2.229M PPI March: +0.2% April: +0.2% April: -0.4% PPI Core March: +0.2% April: +0.1% April: -0.2%

May. 14, 2015 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.22 1.45 2.34 3.31 Florida Aa1/AAA/AAA 0.27 1.52 2.38 3.38 Georgia Aaa/AAA/AAA 0.22 1.4 2.24 3.21 Kentucky Aa2/AA+/AA+ 0.26 1.54 2.44 3.43 Louisiana Aa2/AA/AA 0.3 1.65 2.53 3.54 Mississippi Aa2/AA/AA+ 0.26 1.53 2.44 3.41 North Carolina Aaa/AAA/AAA 0.22 1.4 2.24 3.21 South Carolina Aaa/AA+/AAA 0.22 1.42 2.27 3.24 Tennessee Aaa/AA+/AAA 0.22 1.42 2.27 3.23 Virginia Aaa/AAA/AAA 0.22 1.4 2.24 3.21 West Virginia Aa1/AA/AA+ 0.26 1.49 2.37 3.36

5/13/2015 5/6/2015 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $5,585 3 $85,220 $79,635 Florida 13 2,218,901 11 1,407,245 811,656 Georgia 0 0 4 237,025 -237,025 Kentucky 2 2,675 3 40,290 -37,615 Louisiana 2 124,400 5 469,770 -345,370 Mississippi 3 13,200 0 0 13,200 North Carolina 6 572,650 1 50,000 522,650 South Carolina 1 35,000 4 157,650 -122,650 Tennessee 4 28,895 4 29,965 -1,070 Virginia 7 561,795 4 531,880 29,915 West Virginia 0 0 0 0 0

Thursday, May 14 Issuer St Description Amount

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Week Of May 11 Issuer St Description Amount

ARIZONA

ALABAMA

Government

Updated totals show that local voters in Texas approved $3.9 billion of the $5.4 billion of bond proposals on ballots in the state May 9.

Puerto Rico’s economic activity index was up for the third consecutive month in March.

Standard & Poor’s revised its outlook to negative from stable on Partnerships to Uplift Communities Project Schools, Calif.’s BB-plus rated charter school revenue bonds.

Chicago’s bonds lost value, some dramatically, Wednesday in the first market session following its fall into speculative grade territory.

Moody's Investors Service stripped the Chicago Board of Education and the Chicago Park District of their investment grade ratings, lowering both by three levels after sinking Chicago’s city government to junk a day earlier.

Moody's Investors Service has downgraded to Ba1 from Baa1 the rating on the Chicago Park District (CPD), IL's $616 million of outstanding general obligation (GO) debt. The Ba1 rating applies to $333 million of general obligation unlimited tax (GOULT) debt and $283 million of general obligation limited tax (GOLT) debt. The outlook remains negative.

Moody's Investors Service has downgraded to Ba3 from Baa3 the rating on the Chicago Board of Education, IL's $6.2 billion of outstanding general obligation (GO) debt. The Chicago Board of Education is the primary debt issuer for the Chicago Public Schools (CPS) (the district). The outlook remains negative.

The Internal Revenue Service has closed audits with no changes to $1.38 billion of Build America Bonds issued by the New Jersey Turnpike Authority in 2009 and bonds from a $26.56 million mortgage revenue and refunding issue sold by Lakeland, Fla. in 2008.