News and Information from Bond Buyer

The municipal bond market on Monday was poised to accept this week's new issuance, the first substantial supply in over two weeks.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.030% high rate, down from 0.040% the prior week, and the six-months incurred a 0.110% high rate, off from 0.130% the week before.

The Texas Department of Transportation is investing in transportation projects along its 367-mile coast in anticipation of increased trade through an expanded Panama Canal and exports of natural gas amid mixed economic indicators.

The Treasury Department said Monday it will sell $30 billion of four-week discount bills Tuesday.

Experts expect a busy enforcement year in the municipal market.

Market participants can expect increased municipal securities enforcement during 2015, a year that may bring resolution of the Securities and Exchange Commission's self-reporting initiative as well as greater emphasis on individual liability and secondary market disclosures.

Predictions by several municipal experts forecast a 2015 that runs the gamut from a flattening yield curve to increased issuance on the heels of a surprisingly strong year of performance in 2014.

The municipal bond market is eagerly awaiting this week's new issuance, the first substantial supply in over two weeks.

New York City business activity grew at a faster pace in December, as the current business conditions index gained to 70.8,its highest level in four years, from 62.4 in November, the Institute for Supply Management-New York's Report on Business index, released Monday, indicated.

An estimated $2.185 billion is expected for negotiated sale the week of Jan. 5, according to Ipreo LLC and The Bond Buyer, while competitive sales are expected to total $1.055 billion.

Jan. 5, 2015 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.2 1.5 2.33 3.18 Delaware Aaa/AAA/AAA 0.16 1.32 2.04 2.84 Maine Aa2/AA/AA 0.17 1.36 2.12 2.96 Maryland Aaa/AAA/AAA 0.16 1.32 2.04 2.86 Massachusetts Aa1/AA+/AA+ 0.18 1.4 2.19 3.02 New Hampshire Aa1/AA/AA+ 0.16 1.36 2.16 2.98 New Jersey A1/A/A 0.28 1.75 2.57 3.43 New York Aa1/AA+/AA+ 0.16 1.34 2.11 3.02 Pennsylvania Aa3/AA+/AA+ 0.18 1.54 2.35 3.16 Rhode Island Aa2/AA/AA 0.2 1.49 2.35 3.19 Vermont Aaa/AA+/AAA 0.16 1.33 2.06 2.88 Dist. of Columbia Aa2/AA/AA 0.18 1.44 2.26 3.1 Puerto Rico B2/BB/BB+ 7.81 9.32 8.89 7.46

1/2/2015 12/26/2014 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $1,620 0 $0 $1,620 Delaware 0 0 0 0 0 Maine 0 0 0 0 0 Maryland 0 0 0 0 0 Massachusetts 3 110,050 0 0 110,050 New Hampshire 0 0 0 0 0 New Jersey 4 35,955 1 13,808 22,147 New York 7 128,690 4 6,931 121,759 Pennsylvania 8 95,135 0 0 95,135 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

Tuesday, January 6 Issuer St Description Amount

Monday, January 5 Issuer St Description Amount

Week Of January 5 Issuer St Description Amount

Day Indicator Last Report Forecast Tuesday Factory Orders Oct.: -0.7% Nov.: -0.5% Tuesday ISM Non-Manufacturing Nov.: 59.3 Dec.: 58.2 Wednesday ADP Employment Nov.: +208,000 Dec.: +225,000 Wednesday International Trade Oct.: -$43.4B Nov.: -$42.0B Thursday Initial Jobless Claims 12/27: 298,000 1/3: 290,000 Thursday Continuing Claims 12/20: 2.353M 12/27: 2.370M Thursday Consumer Credit Oct.: +$13.2B Nov.: +$15.0B Friday

Tuesday, January 5 Issuer St Description Amount

Day Indicator Last Report Forecast Monday Construction Spending Oct.: +1.0% Nov.: +0.6% Monday ISM Manufacturing Nov.: 48.6 Dec.: n/a Wednesday ADP Employment Report Nov.: +217,000 Dec.: +190,000 Wednesday International Trade Oct.: -$43.9B Nov.: -$45.0B Wednesday Factory Orders Oct.: +1.5% Nov.: -0.2% Wednesday ISM Non-Manufacturing Nov.: 55.9 Dec.: 56.0 Thursday Initial Claims 12/26: 287,000 1/2: n/a Thursday Continuing Claims 12/19: 2.198M 12/26: n/a Friday Nonfarm Payrolls Nov.: +211,000 Dec.: n/a Friday Private Payrolls Nov.: +197,000 Dec.: n/a Friday Unemployment Rate Nov.: 5.0% Dec.: n/a Friday Avg Hourly Earnings Nov.: +0.2% Dec.: n/a Friday Avg Work Week Nov.: 34.5 Dec.: n/a Friday Wholesale Inventories Oct.: -0.1% Nov.: n/a Friday Wholesale Sales Oct.: unch Nov.: n/a Friday Consumer Credit Oct.: +$16.0B Nov.: n/a

Taking the oath of office just 11 days before the opening of the 84th Texas Legislature, Comptroller Glenn Hegar promised to provide a “clear revenue estimate” as the basis of the state's budget.

Nine years after the last tuition revenue bonds were approved by the Texas Legislature, a bill pre-filed for the 2015 session seeks $2.86 billion of TRBs for construction projects at the state's college and university systems.