News and Information from Bond Buyer

With no debt on its books, Salt Lake City International Airport has broken ground on a $1.8 billion redevelopment that will not require a bond issue until 2016 at the earliest, officials said.

New York City’s five public employee pension funds returned 17.4% for fiscal 2014 to bring their total value to a record-high $160.5 billion, Comptroller Scott Stringer said.

A settlement with Detroit's limited-tax general obligation bondholders that calls for a 34% recovery also gives the creditors a say in the city's effort to repudiate $1.4 billion of pension certificates, one of the most controversial aspects of the bankruptcy case.

The market braces for a sleepy week in the primary, looking to California State University revenue bonds to be the largest issuance of the week.

Jul. 28, 2014 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.15 1.41 2.48 3.58 Delaware Aaa/AAA/AAA 0.09 1.21 2.18 3.27 Maine Aa2/AA/AA 0.12 1.29 2.31 3.4 Maryland Aaa/AAA/AAA 0.11 1.22 2.19 3.28 Massachusetts Aa1/AA+/AA+ 0.12 1.26 2.3 3.46 New Hampshire Aa1/AA/AA+ 0.11 1.27 2.29 3.38 New Jersey Aa3/AA+/AA+ 0.21 1.53 2.55 3.65 New York Aa2/AA/AA 0.11 1.25 2.26 3.44 Pennsylvania Aa2/AA/AA 0.12 1.4 2.48 3.55 Rhode Island Aa2/AA/AA 0.15 1.44 2.53 3.67 Vermont Aaa/AA+/AAA 0.11 1.27 2.25 3.33 Dist. of Columbia Aa2/A+/AA+ 0.13 1.35 2.44 3.56 Puerto Rico Baa3/BB+/BBB- 8.31 9.47 8.49 7.48

7/25/2014 7/18/2014 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 0 $0 3 $14,085 -$14,085 Delaware 0 0 0 0 0 Maine 2 22,020 2 60,615 -38,595 Maryland 2 63,655 6 981,445 -917,790 Massachusetts 2 9,999 3 132,657 -122,658 New Hampshire 0 0 0 0 0 New Jersey 3 21,604 4 19,034 2,570 New York 14 110,396 9 257,246 -146,850 Pennsylvania 8 93,060 3 29,255 63,805 Rhode Island 0 0 2 5,780 -5,780 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 0 0 0 0 0

Monday, July 28 Issuer St Description Amount

Monday, July 28 Issuer St Description Amount

Week Of July 28 Issuer St Description Amount

Week Of July 28 Issuer St Description Amount

NEW MEXICO

ALABAMA

Day Indicator Last Report Forecast Monday Pending Home Sales May: 6.1 June: 0.5 Tuesday Consumer Confidence June: 85.2 July: 85.3 Wednesday GDP Q1: -2.9 Q1: +3.0 Wednesday Final Sales Q1: -1.3 Q1: +2.1 Thursday Initial Jobless Claims 7/19: 284,000 7/26: 300,000 Thursday Continuing Claims 7/12: 2.500M 7/19: 2.500M Thursday Chicago PMI June: 62.6 July: 63.0 Friday Personal Income May: +0.4% June: +0.4% Friday Consumption May: +0.2% June: +0.4% Friday Core PCE May: +0.2% June: +0.1% Friday Nonfarm Payrolls June: 288,000 July: 235,000 Friday Private Payrolls June: 262,000 July: 230,000 Friday Manufactured Payrolls June: 16,000 July: 15,000 Friday Unemployment Rate June: +6.1% July: +6.1% Friday Avg Hrly Earnings June: +0.2% July: +0.2% Friday Work Week June: 34.5 July: 34.5 Friday Michigan Sentiment July: 81.3 Aug.: 81.8 Friday Current Conditions July: 97.1 Aug.: 97.1 Friday Expectations July: 71.1 Aug.: 71.5 Friday Construction Spending May: +0.1% June: +0.5% Friday ISM Manufacturing June: 55.3 July: 56.0

New-issue volume is expected to decline by around $2 billion this week, as a handful of deals from California, the District of Columbia and Illinois will vie for investors’ attention.

Government

Moody's Investors Service downgraded the ratings on Wake Forest Baptist and North Carolina Baptist Hospital bonds to A2 from A1.

Maryland's general obligation sale was the most talked about story on trading desks this past week as the market anticipated the gilt edged deal might move the MMD triple-A scale. Trading on Puerto Rico's GO was muted.

The Port Authority of New York and New Jersey board of commissioners has elected John Degnan as its new chairman.

One rating agency dropped Rock Island County, Ill. out of the double-A category while another boosted it into the upper ranks, providing a stark contrast in credit views.