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May 23, 2016
www.bloombergbriefs.com
Bloomberg AAA Benchmark Yields
DESCRIPTION CURRENT PREVIOUS NET CHANGE
BVAL Muni Benchmark 1T 0.57 0.57 0
BVAL Muni Benchmark 2T 0.69 0.68 +0.01
BVAL Muni Benchmark 3T 0.82 0.82 0
BVAL Muni Benchmark 4T 0.92 0.91 +0.01
BVAL Muni Benchmark 5T 1.02 1.02 0
BVAL Muni Benchmark 6T 1.14 1.13 +0.02
BVAL Muni Benchmark 7T 1.23 1.22 +0.01
BVAL Muni Benchmark 8T 1.34 1.32 +0.02
BVAL Muni Benchmark 9T 1.46 1.45 +0.01
BVAL Muni Benchmark 10T 1.58 1.57 +0.01
BVAL Muni Benchmark 20T 2.19 2.19 0
BVAL Muni Benchmark 30T 2.45 2.45 -0.01Source: GBY<GO>, GC I493 <GO>
Labor Unions Tell Congress to Oppose Puerto Rico BillBY ROMY VARGHESE AND ALISON VEKSHIN, BLOOMBERG NEWS
Labor unions are urging lawmakers in the U.S. House of Representatives to reject legislation designed to ease Puerto Rico’s debt crisis, criticizing it for failing to protect government-workers’ pensions and allowing for cuts to the island’s minimum wage.
In a letter to Congress Friday, the American Federation of Labor-Congress of Industrial Organizations, American Federation of State County and Municipal Employees, Service Employees International Union and unions representing workers in the auto, aerospace, manufacturing and food industries said that the bill "provides no economic stimulus."
“Congress must, however, get back to work immediately to provide real solutions that allow Puerto Rico to negotiate a feasible debt restructuring plan, protects Puerto Rican workers and retirees, and provides economic stimulus so that the territory may achieve economic growth," according to the letter.
President ’s administration and Republicans in Congress reached Barack Obamaagreement Thursday over legislation, known as PROMESA, that would create a new financial control board to manage a debt restructuring, as well as to oversee the island’s finances. The island has already defaulted on some of its $70 billion in debt and faces another $2 billion payment on July 1.
The House Natural Resources Committee is scheduled next week to begin considering the legislation, which may be amended in the process.
The unions said that any restructuring should protect pension benefits and minimum wage and overtime rules.
An economy in recession, high debt and "Wall Street demands for austerity" have touched off the crisis, they said.
Separately, holders of bonds issued by the Government Development Bank for Puerto Rico on Friday filed an amended complaint challenging the constitutionality of the territory’s emergency moratorium. The bondholders allege that certain provisions of the Moratorium Act violate the U.S. and Puerto Rico constitutions, and say the act impairs rights that have been negotiated, deprives some creditors of property without just compensation and provides preferential treatment to some creditors.
STATE YIELD SPREAD TO AAA CHANGE
CA 1.81 24 -0.02
FL 1.73 16 -0.02
IL 3.39 182 -0.02
NY 1.65 8 -0.02
PA 2.21 63 -0.01
TX 1.82 25 -0.01
MUNICIPALITY AMOUNT
Los Angeles DWAP CA $265 million Rev
Pennsylvania Turnpike $545 million Rev
Connecticut $500 million GO
Chicago Midway Airport IL $348 million Rev
Alaska Bond Bank $44 million GOSource: Bloomberg CDRA <GO>
AMOUNT OUTSTANDING
($MLNS)
MATURING NEXT 30
DAYS ($MLNS)
ANNOUNCED CALLS NEXT 30 DAYS ($MLNS)
3,572,273 16,942 12,344Source: MBM<GO>
BENCHMARK STATES 10-YEAR
PRIMARY FIXED RATE
30-Day Supply Fixed: $12 Bln (LT)30-Day Supply Fixed: $296 Mln (ST)Sold YTD Fixed: $112.2 Bln (Neg LT)Sold YTD Fixed: $34.7 Bln (Comp LT)Sold YTD Fixed: $7.1 Bln (ST)
SECONDARY MARKET
MSRB: $13.9 BlnPICK: $17.9 Bln
VARIABLE RATE
SIFMA Muni Swap Rate: 0.4%Bloomberg Weekly AAA Rate: 0.403% Bloomberg Weekly AA Rate: 0.424% Daily Reset Inventory: $262 Mln Weekly Reset Inventory: $1.7 Bln
IN THE PIPELINE
SIZE OF MARKET
KEY STATISTICS
May 23, 2016 Bloomberg Brief Municipal Market 2
KEY STATISTICSVirginia Beach Water and Sewer Sells Bonds for Capital Projects, Refunding
The Virginia Beach, Virginia, Water and Sewer System will sell $88.3 million in revenue bonds on Wednesday. The issue will consist of a $46 million new money issue to finance various infrastructure projects and $42.4 million in refunding debt. The bonds are payable solely from the system’s pledged revenues, after operating expenses and reserves have been funded.
The Virginia Beach Water and Sewer System serves the City of Virginia Beach, the largest city in Virginia. The population served is approximately 438,700 out of the city’s total 453,500.
The system has a six-year capital improvement program that estimates $209 million in capital improvement expenses for years 2017-2022, of which $109 million will be funded by additional revenue bonds.
In fiscal year 2015, the system's debt service coverage was 3.08x, well above the resolution requirement of 1.15x.
— Ashley Grandell, Bloomberg Data
Virginia Beach Water & Sewer: Key Stats
STATISTIC VALUE
Total Debt Outstanding* $181.5 million
Total Refunded Debt Outstanding* $0 million
Total Insured Debt Outstanding* $8.7 million
Most Recent Debt Undwritten By (Sold 10/29/2013)* Bank of America Merrill Lynch
Historical Cost of Issuance/Underwriter Discount for Issuer $5.00 per $1,000 debt issued
Water Revenues $45.9 million
Sewer Service Revenues $74.5 million
Total Revenues $122.2 million
YoY Operating Revenue Growth 5.56%
Net Assets Ending $616.6 million
Long Term Debt to Capital Assets 31.70%
Days Cash on Hand 543 days
As Reported Debt Service Coverage Ratio 3.08xSource: Bloomberg
Financials are as of 6/30/15. *Excludes derivatives; amount outstanding includes fully accreted maturity value of zero coupon bonds.
This story was written by a Bloomberg LP employee involved with data collection and was edited by the News Department. To suggest ideas or provide feedback, contact the editor for this story: Joe Mysak at [email protected].
DIARY Puerto Rico Electric Gets $55 Million Funding From Creditors BY MICHELLE KASKE AND BRIAN CHAPPATTA, BLOOMBERG NEWS
Puerto Rico’s government-run electric utility resurrected a deal with creditors willing to lend it $111 million, a sign of slow-moving progress in the island’s first negotiated agreement to cut some of its $70 billion of debt.
The Puerto Rico Electric Power Authority’s creditors will provide $55 million to the utility as a first installment of a $111 million bond, the agency said in a statement Friday. The parties are working to finalize the sale of the remaining $55 million in securities.
The financing is part of the debt-restructuring accord the utility, known as Prepa, reached in December with hedge funds, bond insurers and mutual funds, which marked the island’s first step toward cutting what it owes creditors. The promised cash allowed the utility to avoid
defaulting on a $196 million interest payment due in January, with bondholders and insurers agreeing to purchase the three-year bonds later.
Prepa had been negotiating since last week, when the debt-sale agreement between bondholders, MBIA Inc. and Assured Guaranty Ltd. lapsed. Creditors were reluctant to lend because Governor
signed a debt-Alejandro Garcia Padillamoratorium law on April 6 that allows him to suspend principal and interest payments. Last week, Puerto Rico’s Senate alleviated the concerns by passing legislation exempting the new bonds from the moratorium law.
“This agreement with creditors demonstrates the continued commitment of Prepa,” , the agency’s Lisa Donahuechief restructuring officer, said in a statement.
The move follows an agreement
between President ’s Barack Obamaadministration and Republicans in Congress on Thursday over legislation, known as PROMESA, that would create a new financial control board to manage a debt restructuring, as well as to oversee the island’s finances. The bill also protects any existing, voluntary restructuring agreements between a commonwealth agency and its creditors, like the Prepa plan.
“It’s a positive for Prepa because they're getting some money in the door — that will help their liquidity near-term,” said , partner at Municipal Matt FabianMarket Analytics. “The potential amendment to the moratorium, or the very reasonable prospects of passing the PROMESA bill, might be giving the creditors some confidence.”
ACCORDING TO
May 23, 2016 Bloomberg Brief Municipal Market 3
ACCORDING TO
Williams Says Fed Rate Moves to Block Out Election-Year Pressure BY MICHELLE JAMRISKO, BLOOMBERG NEWS
The U.S. economy should be solid enough to merit an interest-rate increase this year, and the central bank won’t cave to political pressure to refrain from tightening during a presidential election year, said president of the Federal John Williams,Reserve Bank of San Francisco.
While global threats to growth, including in Europe and Asia, have forced a “balancing act” against largely encouraging data in the U.S., Fed officials probably will raise the benchmark interest rate sometime this year, Williams said Sunday on Fox News. He doesn’t vote on monetary policy until 2018.
“It will, in my view, be appropriate to start raising rates again later this year,” whether in June or at a later meeting, Williams said. He downplayed the risk of a U.S. recession through 2017 and said Fed policy wouldn’t be swayed by politicians.
“We’ve proven over and over again that we can act in presidential election years, taking controversial policy decisions.
We’ve done that before,” he said. “We’ll do that again. We’re about as apolitical as you can imagine, just focused on our goals.”
Investors see a 28 percent probability that the Federal Open Market Committee will announce an interest-rate increase after its June 14-15 meeting, according to trading in federal funds futures. Williams is not an FOMC voter in 2016.
The San Francisco Fed chief said jobs and inflation data are getting “closer and closer” to the central bank’s twin targets. The unemployment rate was 5 percent in April, while the Fed’s preferred gauge of price growth dropped to 0.8 percent in March, below the 2 percent goal.
CREDIT CLOSE-UP
Source: Andrew Harrer/Bloomberg
John Williams
May 23, 2016 Bloomberg Brief Municipal Market 4
CREDIT CLOSE-UPRare Puerto Rico Growth Market Gets Squeezed as Zika Scare RisesBY MICHELLE KASKE, BLOOMBERG NEWS
For weeks, the organization that runs the Internet’s address book debated whether to move its October convention from Puerto Rico to another location because of the Zika virus inflicting the Caribbean island.
The Internet Corporation for Assigned Names and Numbers, or ICANN, told its members Tuesday it will relocate the conference to Hyderabad, India, to protect the health and safety of participants and staff. That means that the thousands of conventioneers that typically attend won’t be staying in the island’s hotels, eating in the restaurants and bars or shopping in Old San Juan. It follows Major League Baseball’s decision to cancel a two-game series in San Juan between the Miami Marlins and the Pittsburgh Pirates because of Zika, resulting in a $5 million loss for the island's economy.
The timing couldn’t be worse for Puerto Rico’s tourism sector, one of the few areas experiencing job growth on an island with an 11.7 percent unemployment rate. After weathering dire economic predictions by the government as it seeks to restructure a $70 billion debt load, potential visitors are now being inundated with headlines about the threat of the virus that has been linked to a rise in brain defects in babies, according to head of Milton Segarra,Meet Puerto Rico, which promotes meetings and conventions. Cancellations will likely leave 26,000 hotel rooms empty during the next two years, Segarra estimates. “This is like a perfect storm,” Segarra said. “Zika virus on one side, financial crisis on another.”
Puerto Rico’s economy is expected to shrink 2 percent in the fiscal year beginning July 1. It would be the fifth consecutive year of contraction. Governor is Alejandro Garcia Padillaseeking to reduce the island’s debt load by asking investors to accept losses. Almost half of Puerto Ricans live in poverty and residents are leaving for the U.S. mainland in record numbers to find work. A House Natural Resources Committee on May 18 released legislation to establish a federal control board that
would monitor the commonwealth’s budgets and oversee any debt restructuring.
Zika threatens to reverse a trend of growing tourism to the island, which saw 5 million visitors in 2015, the most ever, adding almost $4 billion to its economy, according to executive Ingrid Rivera, director for the Puerto Rico Tourism Co. The public agency focuses on promoting the island as a destination. Tourism accounts for 7.1 percent of the commonwealth’s gross national product. The recreation and hospitality industry added 5,100 jobs from 2013 through 2015, one of the few sectors that has increased employment, Rivera said.
"This is like a perfect storm."
— MILTON SEGARRA, MEET PUERTO RICO
“It is really the one industry right now that can really help the economy,” said
president and chief Clarisa Jimenez, executive of the Puerto Rico Hotel & Tourism Association.
The Zika effect can be seen in a year-over-year drop in hotel room-tax revenue of 3 percent in February and 5 percent in March, according to Rivera. The Center for Disease Control stepped up their efforts to address Zika at that time and parts of the U.S. experienced a warmer-than usual winter, she said. Hotel-tax receipts for the first quarter were up 3 percent, even with the two monthly declines, Rivera said.
Segarra estimates that the recent meeting and conference cancellations will result in about $16 million in lost economic activity during the next two years.
MLB and its Players Association on May 6 said the games between the Marlins and the Pirates would be held instead in Miami after players expressed concerns over the virus, further hurting the economy through missed promotional
events and hotel stays, according toRivera.
The number of cruise-ship trips fell by
about 18 percent in the first three months of 2016, compared with the same period in 2015, and the number of cruise-ship passengers dropped by 17 percent, according to Tourism Company data. That’s the biggest year-over-year decline for the period since 2009. Rivera attributes the drop to Carnival Cruise Line dry-docking its home-port vessel in San Juan and changing that ship with a smaller vessel. Even with fewer trips and passengers, the current year, which ends June 30, is expected to be Puerto Rico’s third-best cruise season in the past 10 years. In the year starting July 1, the island will receive 10 ships coming for the first time to Puerto Rico.
Zika is spread by certain mosquitoes. Most infected people experience mild symptoms for several days. The Centers for Disease Control recommends that pregnant women or those trying to conceive avoid traveling to Puerto Rico because Zika can cause microcephaly, a birth defect that limits brain growth. The island reported its first case of microcephaly this month. One man on the island has died from Zika.
There were 1,100 confirmed cases of Zika in Puerto Rico, the commonwealth’s Department of Health said Friday. That’s 0.03 percent of the island’s population of 3.5 million. The U.S. Senate on May 17 advanced $1.1 billion of spending to fight Zika. The House has proposed a smaller allocation.
The government and hotels are spraying areas throughout the island to combat the growth of mosquitoes and removing standing water where the insects breed, Rivera said. Located in the Caribbean, Puerto Rico is accustomed to dealing with other mosquito-born illnesses such as Dengue Fever and Chikungunya.
Even with the cancellations, there are bright spots for the tourism industry. Iberia Airlines this month reinstated direct flights from Madrid and Norwegian Air Shuttle in 2015 began offering direct flights from London from November through April and will continue again later this year. The Florida-Caribbean Cruise Association will hold its annual conference in September in San Juan after a five-year absence, Rivera said.
RESULTS OF SALES
May 23, 2016 Bloomberg Brief Municipal Market 5
Long-Term Bond Sales Results
SELLING DATE
ISSUE STATE RATING TAXAMT
($Mlns)1 YEAR 5 YEAR 10 YEAR 20 YEAR STATUS TYPE SENIOR MANAGER ENHANCEMENT
05/16Met Trans Aut-Green Bond
NY /AA/AA N 413.424.000/0.650
5.000/1.140
5.000/1.820
5.000/2.490
Final NegtBank Of America Merrill Lynch
05/16 Ia Fin Auth - E - Ref IAAa3e//AA-
N 176.774.000/0.730
5.000/1.240
5.000/2.000
4.000/3.090
Final NegtMorgan Stanley & Co Llc
05/16Met Trans Aut-Green Bond
NY /AA/AA N 174.895.000/1.820
5.000/2.490
Final NegtBank Of America Merrill Lynch
05/16Indianapolis Loc Pub Impt
IN A1/A/A A 153.403.000/0.800
5.000/1.430
5.000/2.230
Final NegtRaymond James & Assocs
05/16 Quincy Sd #144-101 WAAa1
/AA+ /N 95.88
5.000/0.720
5.000/1.230
4.000/1.990
Final Negt Da Davidson & Co SCH BD GTY
05/16 Univ Of Akron -A OHA1e
//AA-eN 93.91
2.000/0.750
5.000/2.030
5.000/2.800
Final NegtPNC Capital Markets Llc
05/16 Dasny -E NY /A+/AA- N 80.512.000/0.720
5.000/1.320
5.000/2.040
5.000/2.640
Final NegtRoosevelt & Cross Inc
BAM ST AID WITHHLDG
05/2013:00
Rogers Cnty Isd #1 OK // Q 4.201.375/1.375
Awarded Comp Country Club Bank
*Moody's/S&P/Fitch
Most Active Bonds
DESCRIPTION STATE DATED COUPON MATURITY VOLUME PRICED AVERAGE YIELD AVERAGE NO. OF TRADES
Il Toll Hwy Auth-B IL 06/16/16 5.000 01/01/41 83,050,000 118.755 2.840 25
Ga Muni Elec Auth-A GA 06/07/16 5.000 01/01/28 75,800,000 124.953 2.220 20
New York Transprtn-A NY 06/01/16 5.250 01/01/50 71,250,000 114.921 3.143 21
Public Fin Auth Facs WI 05/24/16 4.000 08/01/35 61,080,000 100.254 3.969 17
Los Angeles Impt-B CA 06/01/16 4.000 11/01/35 57,640,000 110.694 2.814 26
Puerto Rico-A PR 03/17/14 8.000 07/01/35 50,115,000 65.329 12.932 20
California St CA 04/28/16 5.000 09/01/26 49,360,000 129.246 1.858 13
Los Angeles Impt-B CA 06/01/16 4.000 11/01/34 45,190,000 111.223 2.760 19
Los Angeles Impt-B CA 06/01/16 5.000 11/01/24 42,980,000 126.650 1.602 18
Los Angeles Impt-B CA 06/01/16 4.000 11/01/36 38,150,000 110.199 2.856 40
El Paso-Ref TX 05/15/16 4.000 08/15/32 33,460,000 112.036 2.630 11
Houston-Utl Sys-B-Ref TX 03/08/16 5.000 11/15/35 31,035,000 123.098 2.482 10
New York Transprtn-A NY 06/01/16 5.000 07/01/46 30,500,000 113.053 3.157 11
Los Angeles Impt-B CA 06/01/16 5.000 11/01/36 30,200,000 122.111 2.560 21
New York Transprtn-A NY 06/01/16 4.000 07/01/41 29,900,000 104.007 3.419 18
Clark Co Sd-A-Ref NV 06/16/16 5.000 06/15/25 28,165,000 124.876 1.969 91
Los Angeles Impt-B CA 06/01/16 5.000 11/01/27 27,280,000 127.717 2.030 13
Los Angeles Impt-B CA 06/01/16 5.000 11/01/23 26,885,000 124.720 1.470 13
Alamo Regl Mob Auth TX 06/15/16 5.000 06/15/46 26,500,000 118.189 2.710 10
Los Angeles Impt-B CA 06/01/16 5.000 11/01/25 26,460,000 128.205 1.740 12
Univ Of Texas Tx-B TX 01/01/16 4.000 08/15/36 26,365,000 112.739 2.515 22
Los Angeles Impt-B CA 06/01/16 5.000 11/01/26 24,855,000 129.170 1.900 10
Los Angeles Impt-B CA 06/01/16 5.000 11/01/28 24,575,000 126.834 2.110 20
RESULTS OF SALES
TRADING
WHAT WE'RE READING COMPILED BY JOE MYSAK, BLOOMBERG BRIEF
May 23, 2016 Bloomberg Brief Municipal Market 6
WHAT WE'RE READING COMPILED BY JOE MYSAK, BLOOMBERG BRIEF
REPORTS
MUNICIPAL COMMENTARY AND RESEARCH FROM AROUND THE WEB
States cut education: States cut aid to higher education during the Great Recession, and while some of them have restored some of the deep cuts to two- and four-year colleges, that support remains below previous levels, the Center on Budget and Policy Priorities said in a 27-page May 19 report. "In total, after adjusting for inflation, of the states that have enacted full higher education budgets for the current year, funding for two- and four-year colleges is $8.7 billion below what it was just prior to the recession,'' wrote , and in "Funding Michael Mitchell Michael Leachman Kathleen MastersonDown, Tuition Up.''
District of Columbia squashed: "Republicans on the House Oversight and Government Reform Committee advanced a bill to block the city from enacting a measure to allow the District to spend its own tax dollars without first getting approval from Congress,'' the Washington Post reported on May 18. "The measure had been ratified by 80 percent of voters in a 2013 special election, confirmed by a court and endorsed by President Obama.'' The newspaper said the District's population was larger than that of Vermont and Wyoming, and residents pay more in federal taxes than their counterparts in 22 states. "But the District remains a federal territory with no voting representation in Congress, and it must submit its annual spending plan to Congress as a federal agency does, even though the bulk of its finances come from local property taxes.''
California stumbles: " may be the luckiest Governor in America,'' the Wall Jerry BrownStreet Journal said in an editorial on May 19. "After soaking the rich, Mr. Brown rode the tech industry boom to a budget surplus and blew out spending while preaching fiscal discipline. The self-styled deficit-slayer has set California up for another tax hike — and maybe another budget crash.'' The newspaper noted that the top 1 percent of earners in the state "pay half of California's income taxes.''
Detroit is shrinking: America's once-biggest bankrupt is still losing population, although at a slower rate, reported the Detroit News on May 19. " For the first time since before the Civil War, Detroit is not among the nation’s 20 most populous cities. Detroit's population was 677,116 as of last summer, a loss of 3,107 residents from the previous year, according to estimates released Thursday by the U.S. Census Bureau,'' the newspaper reported. "That's the smallest decline in decades, but it was enough to drop the city to 21st in the nation, surpassed by Seattle, Denver and El Paso, Texas.'' The last time Detroit wasn't a top-20 city was 1850; in 1940, it was the fourth largest city behind New York, Chicago and Philadelphia, the News reported.
Two municipal markets: Most municipalities have rebounded from the Great Recession, but there are some outliers proving resistant, according to a May 16 Municipal Commentary by , managing director and municipal strategist at Tom KozlikPNC Bank in Philadelphia. "The near-term outlook for municipal credit quality is more uncertain now compared to past business cycles. There is a bifurcated market that has developed as it relates to credit quality. About 80 percent of state and local government issuers still possess stable to improving credit profiles, but around 20 percent have seen their credit deteriorate or become structurally imbalanced. It is possible that unless there is a shift in willingness, the 20 percent or deteriorating structurally imbalanced branch could increase,'' Kozlik wrote.
MARKET MOVES
Alaska: Governor has Bill Walkercalled a special session of the state legislature to work on a budget. The current fiscal structure is "unsustainable'' despite its $14.4 billion in constitutional reserve and permanent fund earnings reserves, S&P Global Ratings analysts
and Gabriel Petek David G. Hitchcockwrote in a May 19 comment. Back in January, the rating company lowered the state's rating to AA+ from AAA, and "the politics of reaching an agreement on some combination of fiscal reforms that would stabilize the state's budget outlook is proving every bit as difficult as we anticipated.''
Connecticut: Most local governments will weather state budgetary challenges, Moody's analysts led by Robert Azrinwrote in a May 19 Sector In-Depth commentary. "Cities and towns are largely insulated from the state's persistent budget gaps given the majority of their revenues (71 percent average) are derived from property taxes, while state aid accounts for a far lesser 22 percent average. Cities also have flexibility to raise property tax rates without legal constraint to adjust to declines in state aid, though Connecticut's taxes are already among the highest in the country.''
WBGH Educational Foundation, Massachusetts: S&P Global Ratings raised the rating on the top producer of content for the Public Broadcasting Service to A+ from A. "The upgrade reflects our view that WGBH's enterprise profile is very strong while its financial profile is strong and improving," said analyst in a statement on Ken RodgersMay 19. "Also reflected in the upgrade is WGBH's increasing membership whose contributions account for approximately one-third of total revenue and its diversified remaining revenue basis that continues to grow from the development of new services and programs."
CALENDAR — SCHEDULED SALES
May 23, 2016 Bloomberg Brief Municipal Market 7
CALENDAR — SCHEDULED SALES
SELLING ISSUE STATE AMT ($MLNS) TAX SENIOR MANAGER STATUS TYPE
05/23 Pa Turnpike Comm -B-Ref PA 545.14 N PNC Capital Markets Llc Tue Negt
05/23 San Diego Pub Facs Fing-B CA 528.08 N JP Morgan Securities Llc Wed Negt
05/23 Connecticut St -B - Ref CT 500.00 N Bank Of America Merrill Lynch Tue Negt
05/23 Ma Eductnl Fing Auth -Amt MA 340.00 A RBC Capital Markets Llc Tue Negt
05/23 Los Angeles Dept Wtr Pwr CA 265.00 N Barclays Capital Inc Wed Negt
05/23 Frisco Isd -Ref -A TX 228.73 N Raymond James & Assocs Tue Negt
05/23 Miami-Dade Co 2015-D FL 225.94 N RBC Capital Markets Llc Tue Negt
05/23 Chicago -Arpt -Ref -B IL 222.71 N Barclays Capital Inc Wed Negt
05/23 Nj Hlth Care Fac Fin Auth NJ 180.00 N JP Morgan Securities Llc Wed Negt
05/23 Harris Co Cult Edu Facs-A TX 129.37 N JP Morgan Securities Llc Tue Negt
05/23 S San Francisco Usd -C CA 128.00 N RBC Capital Markets Llc Wed Negt
05/23 Chicago -Arpt -Ref -Amt-A IL 125.61 A Barclays Capital Inc Wed Negt
05/23 Miami-Dade Co 2014-A FL 113.40 N RBC Capital Markets Llc Tue Negt
05/23 Houston Isd 1B TX 100.00 N Morgan Stanley & Co Llc Tue Negt
05/23 Payne Co Eco Dev Auth -A OK 89.49 N Bc Ziegler & Co Thur Negt
05/23 Tempe - B - Ref AZ 79.33 N RBC Capital Markets Llc Wed Negt
05/23 Spring Isd-Ref TX 78.00 N Wells Fargo Bank Na Day/Day Negt
05/23 Hudson Sd -Ref WI 77.10 N Robert W. Baird & Co Inc Tue Negt
05/23 Crowley Isd -Ref -B TX 76.40 N Bosc Inc Tue Negt
05/23 Mn Hsg Fin Agy -B MN 74.99 N RBC Capital Markets Llc Wed Negt
05/23 Alamo Cmnty Clg Dist-Ref TX 70.29 N Citigroup Global Mkts Inc Tue Negt
05/23 Baldwin Pk Usd -Ref CA 70.00 N Morgan Stanley & Co Llc Wed Negt
05/23 Ky Eco Dev Fin Auth -A KY 64.47 N Bc Ziegler & Co Day/Day Negt
05/23 Greenville NC 63.41 N Wells Fargo Bank Na Wed Negt
05/23 Mn Hsg Fin Agy -Amt -A MN 63.14 A RBC Capital Markets Llc Wed Negt
05/23 Paducah Elec Plant Brd KY 62.02 N Goldman Sachs & Company Tue Negt
05/23 S Orange Co Pub Fin Auth CA 62.00 N Wells Fargo Bank Na Wed Negt
05/23 Alaska Muni Bond Bk Auth AK 44.08 N Bank Of America Merrill Lynch Tue Negt
05/23 Ky Cmwlth St Bldg Comm KY 43.20 N Citigroup Global Mkts Inc Tue Negt
05/25 11:00 Fort Worth -Ref TX 164.55 N Comp
05/25 11:00 Santa Clara Co Fing Auth CA 160.85 N Comp
05/25 11:30 Metro Council -Ref -C MN 123.13 N Comp
05/25 11:00 Brookland Cayce Sd #2 SC 100.00 N Comp
05/25 11:30 Los Angeles Co Mta -Ref-A CA 91.69 N Comp
05/24 10:30 Ladue Sd MO 85.10 N Comp
05/24 12:00 Denton -Ctfs Oblg TX 83.23 N Comp
05/25 10:30 Alief Isd-Ref TX 78.27 N Comp
05/25 12:00 Fort Worth -Wtr&Swr Sys TX 75.89 N Comp
05/25 10:00 Mckinney -Ref TX 59.38 N Comp
05/25 12:00 Mount Vernon Sd #320 WA 56.36 N Comp
05/26 11:00 Niagara Falls City Sd NY 55.51 N Comp
05/25 11:30 Virginia Beach -A -Rev VA 45.95 N Comp
TWEET OF THE DAY BY JOE MYSAK, BLOOMBERG BRIEF
May 23, 2016 Bloomberg Brief Municipal Market 8
Find Muni Data on the Bloomberg Terminal
DATA FREQUENCY ON THE TERMINAL
AAA Benchmark Valuation Daily GC I493 <GO>
Benchmark State Yields Daily MBM <GO>
VRDO Rates, Inventory Daily MBIX <GO>, ALLX BVRD <GO>
Upcoming Sales Daily CDRA <GO>
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Most Traded Borrowers Every Friday MFLO <GO>
Week-Ahead Calendar Every Monday CDRA <GO>
Supply and Demand Every Friday SPLY <GO>, BVMB <GO>
Muni Credit Risk Every Monday MRSK <GO>
TWEET OF THE DAY BY JOE MYSAK, BLOOMBERG BRIEF
Well, There's Your Problem
Dan White@DanWhiteEcon
When you think infrastructure funding this week, remember where real falloff has been #InfrastructureWeek #
https://t.co/mBcWGLk4v4MunilandDetails
The senior economist at Moody's Analytics focusing on fiscal policy and regional economics tweets out a chart showing federal spending on infrastructure lagging that of states and localities.
Bloomberg Brief:Municipal Market
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