News and Information from Bond Buyer

Investors are buying housing bonds in the secondary because they are performing well and offer attractive spreads, according to market participants.

Analysts and investors are applauding the pressure Standard & Poor's is putting on issuers to disclose their outstanding direct loans.

The state of Maryland is expected to auction a two-part deal totaling $779.7 million of general obligation bonds in the competitive market Wednesday, the largest deal of the week.

Indicator Last Report Forecast Actual CPI May: +0.4% June: +0.3% June: +0.3% CPI Core May: +0.3% June: +0.2% June: +0.1% Existing Home Sales May: 4.890M June: 4.980M June: 5.040M

Jul. 23, 2014 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.46 2.5 3.73 4.79 Indiana Aaa/AAA/AA+ 0.11 1.31 2.36 3.42 Iowa Aaa/AAA/AAA 0.11 1.32 2.35 3.41 Michigan Aa2/AA/AA 0.16 1.46 2.54 3.63 Minnesota Aa1/AA+/AA+ 0.11 1.28 2.3 3.32 Missouri Aaa/AAA/AAA 0.11 1.26 2.26 3.32 Nebraska NR/AAA/AA+ 0.13 1.37 2.44 3.49 North Dakota Aa1/AA+/NR 0.12 1.35 2.41 3.47 Ohio Aa1/AA+/AA+ 0.12 1.33 2.36 3.44 South Dakota NR/AA+/NR 0.12 1.36 2.45 3.52 Wisconsin Aa2/AA/AA 0.12 1.38 2.44 3.51

7/22/2014 7/15/2014 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $26,520 13 $155,125 -$128,605 Indiana 2 7,250 4 60,750 -53,500 Iowa 1 17,560 2 43,440 -25,880 Michigan 6 44,175 13 99,485 -55,310 Minnesota 12 211,785 17 157,445 54,340 Missouri 3 11,685 5 128,655 -116,970 Nebraska 2 176,150 0 0 176,150 North Dakota 2 24,690 2 24,690 0 Ohio 3 26,760 8 82,490 -55,730 South Dakota 0 0 0 0 0 Wisconsin 13 221,085 9 43,890 177,195

Wednesday, July 23 Issuer St Description Amount

Wednesday, July 23 Issuer St Description Amount

Week Of July 21 Issuer St Description Amount

Week Of July 21 Issuer St Description Amount

ARKANSAS

ALABAMA

Government

As yields contract further, traders have found value within "off the beaten track" credits in the secondary market. While primary supply has been healthier than in previous weeks with $6 billion of scheduled issuances, the pricing has been expensive enough to force traders to be more creative.

Puerto Rico called for the dismissal of a suit challenging the commonwealth's newly passed public corporation restructuring law.

Stern Brothers & Co., which advised on a recent $500 million MTA bond sale, hired former New York City Councilman David Weprin and added Neal Oldendorp in New Jerey.

The Government Finance Officers Association of the United States and Canada has honored Connecticut's Treasury Department for excellence in financial reporting

Moody's downgrade of Pennsylvania could precede more bond rating action against Pennsylvania as unfunded pension liability hovers over the commonwealth.

With the votes in on Detroit's plan to deal with its $18 billion of debt, the stage is set for confirmation hearings next month that will pit unhappy bondholders and bond insurers against employees and retirees who overwhelmingly endorsed the plan.