Vol. 392 No. F554 N.Y., N.Y. Friday, February 21, 2020 THE ... › 1e › 4c › 6bac6fd14d...da....

Friday, February 21, 2020

WEB EXCLUSIVES

COMMENTARY: PUERTO RICO’S EXIT

from bankruptcy is now in

sight. Gov. Wanda Vázquez

Garced cannot try to block the

offramp, writes former U.S.

Rep. Sean Duffy, lead sponsor

of PROMESA.

OBITUARY: JONATHAN DAVIS, WHO

was chief financial officer

and acting general man-

ager during his 21 years

at the Massachusetts Bay

Transportation Authority, has

died after a brief battle with

pancreatic cancer. He was 71.

PUERTO RICO GOV. WANDA VÁZQUEZ

Garced filed an objection to

a central government debt-re-

structuring plan.

PODCAST: LUIS MAIZEL, CO-FOUNDER

of LM Capital, an employ-

ee-owned minority business in

California, says he doesn’t see

a recession coming.

A COALITION OF PROGRESSIVE NEW

Jersey lobbying groups is push-

ing new tax proposals to raise

$3.1 billion of new annual

revenue, days before Gov. Phil

Murphy unveils his 2021 fiscal

year budget.

FRIDAYwww.bondbuyer.com

Vol. 392 No. F554 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE

Oregon House Democrats agreed to slow the progress of cap-and-trade climate change legisla-tion to avoid a repeat of last year’s Republican walkout.

Republican leaders left the state last year shutting down the bud-get process and threatened to use similar tactics this year because they dislike the cap-and-trade leg-islation.

Lawmakers approved a two-year budget in 2019 and are meet-ing in a shorter even-year session with a lighter, more-focused agen-da.

The cap-and-trade tussle threat-ened to delay progress on other is-sues this year before House Speak-er Tina Kotek, a Democrat, struck

Cap-And-Trade Proposal Spurs Oregon ConflictBy Keeley WeBster

Turn to Oregon page 4

Bloomberg News

Toll Plan isCalled OffIn Conn.

After a week of more bizarre turns over highway tolling, Con-necticut Gov. Ned Lamont called off his trucks-only initiative.

Instead, Lamont intends to bond for $200 million annually to fund highway infrastructure needs, he told reporters late Wednesday at the state capitol in Hartford.

Doubts over whether the ma-jority Democrats could pass the bill in the Senate, the specter of procedural oddities in the General Assembly and a Republican threat of a 30-hour filibuster marked the latest twists in a tussle that has long divided the state.

Now, a governor who last year called for a “debt diet” is faced with borrowing $200 million more every year.

“I hate to do it this way. It’s bonding in place of other things that are priorities but right now there’s no other option on the table,” said Lamont, a first-term Democrat. “We both agree, Repub-licans and Democrats, that we need $19 [billion] or $20 billion. That

By Paul Burton

Turn to Lamont page 3

Association of State Chief In-formation Officers.

“Local governments are the least prepared and have the least amount of discipline,” said Robinson. “It’s much more likely to occur than other risks that can disrupt the continuity of government.”

State governments are play-ing a crucial role.

Georgia, Wisconsin, Texas and other states have master state contracts with insurers that are available to local gov-ernments for cybersecurity re-sponse and remediation, said Robinson.

Some states have space avail-

able at their data centers or of-fer backup services.

The Colorado Threat Infor-mation Sharing (CTIS) network formed by the state of Colora-do shares information among state agencies and local gov-ernments, industry and other non-government entities.

Colorado was cited as an ex-ample of what states are doing in a joint white paper released last month by the National Governors Association and the National Association of Chief Information Officers.

The white paper, titled Stron-ger Together, described cyber-

Nearly half of state govern-ments had cyber insurance in 2019 and the number is expect-ed to rise this year.

Local governments and oth-er nonprofit issuers of tax-ex-empt bonds also are joining the growing ranks of those using cyber insurance to ensure their continuity of operations and provide liquidity to make time-ly debt payments.

States that already have cy-ber insurance are expanding the number of agencies that are covered and some are allowing municipal governments to pig-gyback on their policies.

“Cybersecurity is a business risk to the continuity of govern-ment,” said Doug Robinson, ex-ecutive director of the National

“Cybersecurity is a business risk to the continuity of government,” said Doug Robinson, executive director of the NASCIO.

More StatesSeek CyberInsurance

Turn to Cyber page 3

By Brian tumulty

Oregon House Speaker Tina Kotek, a Democrat, called passing cap-and-trade legislation one of her highest priorities.

THURSDAY’S YIELDS

Complete market coverage appears on page 2

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To Par Call2.28 Down 0.04

To Maturity3.48 Down 0.02

001_BB022120 1 2/20/2020 5:07:00 PM

The Bond Buyer2Friday, February 21, 2020

Government Securities Prices 10-year: 9925/32 to yield 1.52%, up 13/32

30-year: 10023/32 to yield 1.97%, up 10/32

Municipal Bond Index 1370/32, up 9/32

The Bond Buyer’s Total: $12.425 billion, up $5.000 billion

30-Day Visible Supply Competitives: $3.294 billion, down $46.7 million

(as of 2/21) Negotiated: $9.132 billion, up $5.047 billion

TheMuniCenter List Offering Total: $16.934 billion, down $940.6 million

Thursday’s Data

Thursday’s Economic Indicators

Indicator Last Report Forecast Actual

Philadelphia Fed Mfrg Index Jan.: 17.0 Feb.: 12.0 Feb.: 36.7

Jobless Claims Feb. 8: 206,000 Feb. 15: 210,000 Feb. 15: 210,000LEI Dec.: -0.3% Jan.: +0.4% Jan.: +0.8% Forecasts represent the median of estimates by economists polled by IFR Markets

Manufacturing firms in the Philadelphia Federal Reserve District reported a significant improvement in regional ac-tivity, according to results from its February Business Outlook Survey.

The Philadelphia Fed said Thursday the diffusion index for current general activity rose almost 20 points to 36.7, the highest reading since Feb-ruary 2017. The index stood at 17.0 in January.

Economists surveyed by IFR Markets had expected a reading of 12.0.

The survey’s current indicators for gen-eral activity, new orders, and shipments all increased, hinting at widespread growth. Responding firms also reported expansion in employment, although at a moderated pace from January.

The survey’s future indexes indicated respondents continue to expect growth in manufacturing activity over the next six months. The diffusion index for future general activity rose seven points to 45.4, its fifth consecutive improvement.

“Nearly 56% of the firms expect in-creases in activity over the next six months, while 10% expect declines. The future new orders and shipments indexes also increased this month, by 12 points and 10 points, respectively,” the report said.

“The Philadelphia Fed manufacturing index more than doubled in February to 36.7 from 17.0 previously, the highest level since February 2017 and seven of its nine underlying subindexes increased, and the Empire State manufacturing index [re-leased on Tuesday] increased by 8.1 points to 12.9 in February, the highest level since May 2019,” Mickey Levy, Berenberg Cap-ital Markets chief economist for the U.S. Americas and Asia, and U.S. Economist Roiana Reid, wrote in a note.

“Taken together, the details of these two regional manu-facturing sentiment surveys suggest that a rebound in U.S. factory floor activity is well under way,” they wrote.

The Fed said firms’ expec-tations for employment over the next six months remained positive with 31% of the companies expecting higher employment and 7% seeing lower employment. The fu-ture capital spending index

dropped three points to 29.8.“The surveys provided a mixed picture

on future manufacturing activity — the six-month-ahead general business condi-tions index in the Philadelphia Fed man-ufacturing survey jumped by seven points to 45.4, the highest level in two years, but declined in the Empire State manufactur-ing survey by 0.7 point to 22.9,” Levy and Reid said.

They also pointed out the uncertainty being generated by the COVID-19 virus.

“Key U.S. regional manufacturing sen-timent indexes have surged past expecta-tions in early 2020, reflective of the easing of trade tensions that spiked uncertainty over the last two years, and are seeming-ly resilient thus far to the threat of the coronavirus (COVID-19),” Levy and Reid wrote. “It is too early to determine the spillover effects from the coronavirus via disruptions in supply chains and trade, and drop-off in demand from China, but the improvement in sentiment thus far is worth noting.”

Other data released Thursday, initial jobless claims rose 4,000 to 210,000 in the week ended Feb. 15, the Labor Depart-ment reported.

The leading economic index rose 0.8% in January to 112.1 after falling 0.3% in December, The Conference Board report-ed on Thursday. q

Manufacturing Sector Stronger in February, Philadelphia Fed Reports

Chip Barnett

$-2B

$-1B

$0

$1B

$2B

$3B

$4B

Money market funds stuck in reverse

Source: Informa Financial Intelligence

12/9 12/16 12/23 12/30 1/6 1/13 1/20 1/27 2/3 2/10 2/17

Market News

No Signs of a Muni Slowdown as AAA Yields Hit Record LowsThe muni market saw a frantic flurry

of deals come in Thursday and the market got technically stronger, the secondary was active and new muni yield lows were reached in both the 10- and 30-year ma-turities.

“Before COVID-19 munis were al-ready seeing a ton of demand and now we are seeing the extra, safe harbor and flight-to-quality demand with people mov-ing money from equities to munis,” a New York trader said. “[The virus] isn’t going away anytime soon and now it is impact-ing the supply chain, which can only neg-atively affect equities.”

“Munis are stronger today across the curve with yields lower by one to three ba-sis points. High-yield is stronger too with yields lower by one to two basis points,” ICE Data Services said.

Meanwhile, a New York trader noted that next week is shaping up to the biggest week all year in terms of issuance.

“We are looking at a huge week next week and there should be something for ev-erybody and with yields at all-time lows, issuers will be kicking themselves if they don’t sell debt at this current levels,” he said.

A quick look at the cal-endar will tell you all you need to know. Just to name a few of the deals coming next week: Buckeye Tobacco Set-tlement Financing Authori-ty’s $5.2 billion refunding; University of California Regents’ $1.5 billion of taxable bonds; Los Angeles Department of Air-ports’ $739 million; Dormitory Authority of New York State’s $413 million; West Virginia University Board of Governors’ $376 million; And Baltimore County’s $596 million spanning three competitive sales.

PRIMARY MARKET

Barclays priced the largest deal of the week Thursday — the District of Columbia’s (Aa1/AAA/AA+/ ) $1.035 billion of income tax secured revenue and revenue refund-ing bonds.

The deal was upsized from its original size of $961 mil-lion.

The deal was repriced and saw significant bumps, in-

cluding a bump of 15 basis points in half of the split 2045 maturity to 1.99% from 2.14%.

Jefferies priced a total of $695.335 mil-lion for the Texas Transportation Commis-sion (A3/A/A/NR) for the central Texas turnpike system.

The tax-exempt tranche was for $180.565 million and priced as 5s to yield 1.92% in 2039 and as 3s to yield 2.42% in 2040.

The taxable pricing wires were not available as of press time.

Wells Fargo priced California Infra-structure and Economic Development Bank’s (Aa2/NR/NR/NR) $100 million of green revenue bonds for the Academy of Motion Picture Arts and Sciences Ob-ligated Group.

Competitively, the New York State Thruway Authority sold $450 million in two separate sales.

JP Morgan won $292.18 million of gen-eral revenue bonds with a true interest cost of 2.8928%.

Bank of America Securities was the winner on the $157.82 million gener-al revenue bond auction, with a TIC of 2.7093%.

MUNI MONEY MARKET OUTFLOWS

Tax-exempt municipal money market fund assets decreased by $844.2 million, lowering their total net assets to $134.91 billion in the week ended Feb. 17, accord-ing to the Money Fund Report, a publi-cation of Informa Financial Intelligence. The average seven-day simple yield for the 187 tax-free and municipal money-market funds increased to 0.69% from 0.62% in the previous week.

Taxable money-fund assets lost $2.80 billion in the week ended Feb. 18, bringing total net assets to $3.440 trillion. The av-erage, seven-day simple yield for the 799 taxable reporting funds slipped to 1.25% from 1.26% the prior week.

Overall, the combined total net assets of the 986 reporting money funds decreased $3.64 billion to $3.575 trillion in the week ended Feb. 18. q

By aaron Weitzman

BB 20-Bond Index BB Revenue Bond IndexBB 11-Bond Index

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The Bond Buyer Indexes

002_BB022120 2 2/20/2020 5:07:03 PM

www.bondbuyer.com 3Friday, February 21, 2020

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01/0901/02

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2.46%Down 0.05

1.99%Down 0.05

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The Bond Buyer Indexes

Regions

Lamont Backs Off on Plan to Impose Highway Tolls on Trucks includes $200 million additional to what we had before, so I’m going to do that out of bonding.”

Lamont’s latest bill, after a call for tolling passenger cars hit a wall, called for levies on heavy trucks at 12 selected bridges on interstates 84, 91, 95, 395 and 684, and state Route 8. While his proposed transportation bond bill remains at $19 billion over 10 years, tolling would have covered an esti-mated net of roughly $173 million per year.

Tolling proponents have said revenue from targeting out-of-state drivers could ease pressure on state debt. Connecticut’s net tax-supported debt equaled $6,802 per capita, the highest nationwide for debt medi-ans, Moody’s Investors Service said in July.

Earlier this week, top lawmakers in the Democratic-controlled legislature, uncertain over which chamber should go first, were prepared to traipse an uncharted path where-

by the House of Representatives and Senate would have simultaneously debated separate bills authorizing six toll gantries apiece.

Then, in what local media likened to a hostage swap, the chambers would have ex-changed bills for another synchronized vote.

Senate Minority Leader Len Fasano, R-North Haven, accused Democrats of “bas-tardizing the system.”

The toll bill is still on the table. Demo-crats control the Senate 22-14 and the House 91-60. They could lose four Senate votes and still pass a bill with Lt. Gov. Susan Bysiewicz, a Democrat, voting to break a tie.

Senate President Pro Tem Martin Looney, D-New Haven, and Senate Majority Leader Bob Duff, D-Norwalk, said in a statement late Wednesday that they are still prepared to vote on the bill next week.

A frustrated Lamont didn’t buy it.“Don’t say I can’t make up my mind, I

need another week, I need another week. I’ve heard that for a year,” he said. “I’ve lost

patience.”Fasano said toll debate has fatigued the

state and distracted it from other pressing matters.

“That has sucked the oxygen out of this building for almost two years now, and there’s a lot of legislative business that we must do,” he told reporters. “Everyone wait-ing [with] baited breath whether there are votes to support tolls or not has taken away from other business in this capital.”

The state’s needs are vast, according to Mitchell Moss, director of New York Univer-sity’s Rudin Center for Transportation Policy and Management.

“Connecticut has a genuine need for rev-enue along with so many other challenges,” Moss said.

The state removed tolls from the Connecti-cut Turnpike — I-95 between New York and Rhode Island — in 1985, two years after a crash at the Stratford toll gate killed seven persons. It gradually phased out bridge tolls

over the following four years.“What they’re trying to do is put a tax

on interstate commerce,” Moss said of the truck plan. “By taxing trucks, the Connecti-cut politicians are trying to tax out-of-state road users.”

Trucks-only tolling — with the latest iter-ation a variant of a Lamont campaign talking point in 2018— runs legal risk, given that trucking associations have sued neighboring Rhode Island for approving a similar system.

“The chief justice of the U.S. Supreme Court [John Roberts] has a deep and power-ful grasp of interstate commerce, which he showed in his interpretations of the health-care act,” Moss said. “That changes the game a lot.

“Rhode Island and Connecticut are bou-tique states that connect Boston and New York,” Moss said. “Rhode Island is a won-derful place and so is Connecticut, but the commerce is in Massachusetts, New York and New Jersey.” q

Continued from page 1

security as “a critical business risk, homeland security and public safety threat, voter confidence issue and eco-nomic development opportunity.”

Some states are taking a “whole of state” cybersecurity approach that recognizes cybersecurity is not sim-ply under the purview of the executive branch of state government, but that political subdivisions, higher education and school districts all face risks to the continuity of government and should be part of the discussion. They include pri-vate sector companies such as utilities in that equation.

A number of states have formulated a cyber disruption plan.

NASCIO has produced a guide to this that may include the state police and homeland security.

Montana became the first state to take out a cybersecurity insurance policy in 2011.

“This market is not that mature,” said Robinson. “You’ve got less than 10 years of experience.”

Originally states took out coverage solely for the executive branch, but some states have expanded their cover-age to include the legislative and judi-cial branches.

Georgia has policies with multiple carriers for all three branches of state government that also includes higher education and K-12 education.

Georgia’s $100 million in coverage is the highest among the states, Robinson said. “Most states are $10 million to $30 million for the major branches of state government,” he said.

Policies start with coverage for data breaches and notification of citizens or perhaps business interruption.

“There are states and local jurisdic-tions that believe that obtaining cyber-security liability insurance actually in-centivizes the bad actors to target you because they know you are going to have coverage,” said Robinson.

“The criminals have found out that ransomware is much more effective mechanism than data theft because the payment is instantaneous.”

The New York State Senate is con-

sidering legislation that would provide state funding to local governments to help them with cybersecurity while eventually banning the payment of ran-somware, said Robinson.

“The FBI and cybersecurity research-ers all advocate not paying ransom be-cause it helps the cyber criminal ecosys-tem,” said Leroy Terrelonge, assistant vice president and cyber risk analyst at Moody’s Investors Service.

The advantage of cyber insurance is that the carriers have a checklist that will require a certain level of sophistica-tion, cybersecurity hygiene and controls before they will underwrite a policy.

In an interview last month, Geoffrey Buswick, S&P Global Ratings manag-ing director, observed that “not all cyber insurance will pay ransom.”

“When we see cyber insurance, like any other insurance we see it as a gen-eral positive,” Buswick said, because it might aid in a local government’s liquidity.

In November, S&P downgraded Princeton Community Hospital in West Virginia to BBB from BBB-plus, two

years after a cyberattack weakened the hospital’s reserves.

The reserves were already declining because of operating losses.

Another factor in the downgrade was the integration risk associated from the acquisition of a regional medical center.

In a November comment, Moody’s noted as a credit positive that Ohio Gov. Mike DeWine signed legislation cre-ating a civilian cybersecurity reserve force, named the Ohio Cyber Reserve, to protect local governments, critical infrastructure and businesses from the impact of cyberattacks.

Insurance is one of many factors the rating agency would consider.

“States have insurance for lots of dif-ferent areas,” said Orlie Prince, a vice president and senior credit officer at Moody’s. “We may view it as a posi-tive that they have cyber insurance to cover an attack in light of the fact we know that these attacks are increasing constantly.”

However, Prince added, “I don’t know if I see this as a factor that would affect a rating.” q

Cyber Insurance Policies On The Rise As States’ Risk Awareness IncreasesContinued from page 1

003_BB022120 3 2/20/2020 5:07:04 PM


TRENDS IN THE REGIONFar West

Oregon Lawmakers Remain DividedBy Party on Cap-And-Trade Proposal

a compromise with Republican House lead-ers that potentially will keep Republicans from exiting the state. Democrats have solid majorities in both houses.

Kotek agreed to slow progress on Senate Bill 1530 after House Republican leader-ship asked for an opportunity to learn more about the cap-and-trade bill, Danny Moran, Kotek’s communications director, said.

“When the cap-and-invest concept de-veloped last year, that process occurred in a joint committee made up of House and Senate members, which has not been the case this session,” Moran said.

Kotek introduced a companion bill, House Bill 4167, on Monday to allow mem-bers to participate in public hearings before it comes to the floor for a vote. The legisla-tion was referred to the House Committee on Rules, where it is scheduled for a public hearing on Thursday.

SB 1530 had been scheduled for a possi-ble vote in the Senate’s Joint Committee on Ways and Means Tuesday morning, which could have led to a floor vote this week; but the budget committee work session was canceled early Monday afternoon.

“While the cap-and-invest concept has been through as much public process in the Legislature as any in recent memory, includ-

ing more than 30 hours of public hearings over the last two sessions, Speaker Kotek agreed House members will benefit from ad-ditional time with this important bill,” Mo-ran said. “Passing cap and invest this session remains the speaker’s top legislative priority. The costs of the climate crisis are already here and Oregon needs to make investments in impacted communities across the state while moving our economy forward.”

Slowing the pace allows lawmakers to work together to govern, rather than simply substituting closed-door negotiations with special interests for a public process with elected officials, House Minority Leader Christine Drazan, R-Canby, said in a state-ment.

“We now have an opportunity for our nonpartisan experts to take the time needed to analyze this bill and I will be calling for leadership to allow additional hearings to ensure a thorough review and a fully trans-parent process for the citizens of Oregon,” Drazan said.

The legislation is modeled after Cali-fornia’s cap-and-trade program, which has raised $12.5 billion in state revenue through its auctions since 2012, according to the Cal-ifornia Air Resources Board. The regulation establishes a “cap” on overall emissions from large emitters by issuing a limited number of permits, also known as allow-

ances. Allowances can be bought and sold, or traded, which creates a market price for allowances and an incentive to lower costs by reducing emissions.

Money from California auctions have supported the state’s $80 billion high-speed rail project with $2.7 billion, $847 million for community air protection projects, $262 million for agriculture emission reductions, and $488 million for low carbon transit operations as of Oct. 15, according to the CARB. In a somewhat controversial move, California lawmakers also voted during last year’s budget process to take $100 million annually from cap-and-trade to create clean drinking water infrastructure in areas of the state lacking good systems.

Environmental economist Gilbert Met-calf, an associate at the National Bureau of Research, said what money from cap-and-trade programs is spent on is really beside the point, because the concept is to give businesses an incentive to shift away from fossil fuels.

“In reality, the money could go for any number of uses,” Metcalf said. “Government could give the money back to individual households or build green infrastructure.”

Eleven states have adopted carbon-pricing policies. Ten Northeast states from Mary-land to Maine, excluding New Jersey, have participated in the Regional Greenhouse Gas Initiative, which limits carbon dioxide emissions in the power sector.

Since the program went into effect in 2009, RGGI has raised $3.4 billion to sup-port wind and solar projects, Metcalf said.

SB 1530 calls for Oregon to start selling allowances to businesses through auctions beginning in 2022. The government would also give some allowances away.

The auction money would go into state funds named in the bill, including highways, climate investments, a greenhouse gas initia-tive and schools. Some 25% of the climate find would support the State Forestry De-partment’s wildfire mitigation efforts.

Every year, the state will decide how

many allowances to release into the market via auction.

A number of bills also have been floated in Congress this year to establish a carbon tax at the national level, which Metcalf said would be more effective because it doesn’t put states who adopt cap-and-trade at a competitive disadvantage against states that don’t.

“I think it’s important that Oregon is do-ing it,” Metcalf said. “I think it’s important that states take action as long as the federal government is not acting. But in the long run, I think the federal government needs to take action.”

The three major bond rating agencies have all added climate change as a factor in how they rate governments. Fitch Ratings includes an environmental social governance score at the end of each of its reports.

“The global marketplace has been de-manding that steps be taken to lower the car-bon footprint or they won’t do business with companies,” said Nancy Hamilton, director of Oregon Business for Climate, an alliance of businesses that support the state’s efforts to pass cap and trade legislation.

Climate change shouldn’t be a partisan issue, particularly in a state that has in its DNA a focus on being good stewards for the environment, Hamilton said.

If the speaker thinks slowing the process will change the tenor of the Republican voice and keep them in the building, then it was worth it, she said, adding that the Legis-lature needs to maintain the momentum and pass the legislation this year.

“I worked with Gov. Ted Kulongoski on cap-and-trade legislation 10 years ago,” Hamilton said. “This has gone on long enough; we need to move forward.” q

For more content about this region, visit the Regional News tab on BondBuyer.com.

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Continued from page 1

Alaska Aa3/AA/AA– 0.89 1.03 1.51 2.19

California Aa2/AA–/AA 0.80 0.87 1.18 1.82

Hawaii Aa1/AA+/AA+ 0.86 0.91 1.27 1.96

Idaho Aa1/AA+/AA+ 0.86 0.95 1.33 1.97

Montana Aa1/AA/AA+ 0.86 0.93 1.33 1.98

Nevada Aa1/AA+/AA+ 0.86 0.93 1.28 1.99

Oregon Aa1/AA+/AA+ 0.86 0.92 1.25 1.92

Washington Aaa/AA+/AA+ 0.87 0.94 1.31 1.97

Wyoming NR/AA+/NR 0.86 0.90 1.21 1.86

State Ratings One-Year Five-Year 10-Year 30-Year

General ObliGatiOn Yield Curves fOr feb. 19, 2020

Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings

Alaska 0 $0 0 $0 $0

California 11 278,110 18 1,045,008 –766,898

Hawaii 0 0 2 304,695 –304,695

Idaho 1 30,797 1 30,797 0

Montana 0 0 0 0 0

Nevada 0 0 0 0 0

Oregon 0 0 0 0 0

Washington 4 232,450 0 0 232,450

Wyoming 0 0 0 0 0Sources: Ipreo, The Bond Buyer

February 20, 2020 February 13, 2020State Issues Amount Issues Amount Chg in Amt

visible supplY bY state

Dollar amounts are in thousands

004_BB022120 4 2/20/2020 5:07:05 PM

www.bondbuyer.com 5Friday, February 21, 2020

Competitive Sales NoticesSUMMARY NOTICE OF BOND SALE

$779,270,000*STATE OF MARYLAND

GENERAL OBLIGATION BONDSSTATE AND LOCAL FACILITIES LOAN OF 2020, FIRST SERIES

consisting of

$495,000,000* $50,000,000* $234,270,000* First Series A First Series B First Series C Tax-Exempt Bonds Taxable Bonds Tax-Exempt Refunding Bonds

NOTICE IS HEREBY GIVEN that two separate electronic bids will be received in the manner described below, by the State of Maryland (the “State”) for the purchase of two separate groups of bonds that together comprise all of the $495,000,000* State of Maryland General Obligation Bonds, State and Local Facilities Loan of 2020, First Series A Tax-Exempt Bonds (the “First Series A Bonds”), pursuant to resolutions of the Board of Public Works of Maryland (the “Board”). Each group of the First Series A Bonds will include different non-overlapping maturities as set forth be-low (respectively, “First Series A Bidding Group 1 Bonds”, and the “First Series A Bidding Group 2 Bonds”, together, the “Bidding Groups”). Bids for each Bidding Group will be received on:

Wednesday, March 4, 2020Until 10:00 a.m. Local Annapolis, Maryland Time -- $245,055,000*

First Series A Bidding Group 1 BondsUntil 10:30 a.m. Local Annapolis, Maryland Time -- $249,945,000*

First Series A Bidding Group 2 Bonds(In each case, unless postponed or canceled as described in the Official Notice of Sale)

The First Series A Bidding Group 1 Bonds will be dated as of their date of delivery, expected to be March 18, 2020, and will bear interest payable September 15, 2020 and semiannually thereafter on March 15 and September 15 until maturity. The First Series Bidding Group 1 Bonds will mature on March 15 of the years and in the principal amounts as follows:

Date of Maturity Principal Amount* 2024 $14,985,000 2025 33,825,000 2026 35,515,000 2027 37,290,000 2028 39,155,000 2029 41,115,000 2030 43,170,000

The First Series A Bidding Group 2 Bonds will be dated as of their date of delivery, expected to be March 18, 2020, and will bear interest payable September 15, 2020 and semiannually thereafter on March 15 and September 15 until maturity or earlier redemption. The First Series Bidding Group 2 Bonds will mature on March 15 of the years and in the principal amounts as follows:

Date of Maturity Principal Amount* 2031 $45,330,000 2032 47,595,000 2033 49,975,000 2034 52,475,000 2035 54,570,000

The First Series A Bonds maturing on or after March 15, 2031 are subject to redemption prior to maturity beginning on or after March 15, 2030 at the option of the State, as a whole or in part at any time on at least 20 days’ notice and, if in part, in any order of maturity at the option of the State, at the redemption price of par, plus accrued interest, if any, to the redemption date.

NOTICE IS HEREBY GIVEN that electronic bids will be received in the manner described below, by the State for the purchase of the $50,000,000* State of Maryland General Obligation Bonds, State and Local Facilities Loan of 2020, First Series B Taxable Bonds (the “First Series B Bonds”) pursuant to resolutions of the Board. Bids for the First Series B Bonds will be received on:

Wednesday, March 4, 2020Until 11:30 a.m., Local Annapolis, Maryland Time

(Unless postponed or canceled as described in the Official Notice of Sale)

The First Series B Bonds will be dated as of their date of delivery, expected to be March 18, 2020, and will bear interest payable September 15, 2020 and semiannually thereafter on March 15 and September 15 until maturity. The First Series B Bonds will mature on March 15 of the years and in the principal amounts as follows:

Date of Maturity Principal Amount* 2023 $32,220,000 2024 17,780,000

The First Series B Bonds are not subject to redemption in whole or in part at any time prior to their maturity.

NOTICE IS HEREBY GIVEN that electronic bids will be received in the manner described below, by the State for the purchase of the $234,270,000* State of Maryland General Obligation Bonds, State and Local Facilities Loan of 2020, First Series C Tax-Exempt Refunding Bonds (the “First Series C Bonds”) pursuant to resolutions of the Board. Bids for the First Series C Bonds will be received on:

Wednesday, March 4, 2020Until 11:00 a.m., Local Annapolis, Maryland Time

(Unless postponed or canceled as described in the Official Notice of Sale)

The First Series C Bonds will be dated as of their date of delivery, expected to be March 18, 2020, and will bear interest payable August 1, 2020 and semiannually thereafter on February 1 and August 1 until maturity. The First Series C Bonds will mature on August 1 of the years and in the principal amounts as follows:

Date of Maturity Principal Amount* 2020 $31,735,000 2021 37,835,000 2022 31,670,000 2023 14,780,000 2024 67,515,000 2026 50,735,000

The First Series C Bonds are not subject to redemption in whole or in part at any time prior to their maturity.

Bidders may designate in their proposal for each Bidding Group of the First Series A Bonds and for the First Series B Bonds two or more consecutive annual principal maturities as a term bond which matures on the maturity date of the last annual principal payment of the sequence. Any term bond so designated shall be subject to mandatory sinking fund redemption in each year on the principal payment date and in the entire principal amount for each annual principal maturity designated for inclusion in such term bond. There is no limitation on the number of term bonds in each Bidding Group of the First Series A Bonds or in the First Series B Bonds.

The First Series A Bonds, the First Series B Bonds and the First Series C Bonds will be issued in fully registered form in denominations of $5,000 each or any integral multiple thereof.

Each bid must be submitted electronically via PARITY®, in the manner described in the Official Notices of Sale and conform to the terms and conditions set forth therein. For information about PARITY®, potential bidders may contact PARITY® at (212) 849-5024.

The sale and delivery of each Bidding Group of the First Series A Bonds is contingent upon the sale and delivery of the other Bidding Group. If the competitive sale requirements under the provisions of Treasury Regulations Section 1.148-1(f)(3)(i), including the receipt of three bids, are not met for each Bidding Group of the First Series A Bonds, all bids will be rejected and the sale of the First Series A Bonds will be cancelled. If the sale of the First Series A Bonds is cancelled, the sale of the First Series B Bonds will also be cancelled. If the competitive sale requirements under the provisions of Treasury Regulations Section 1.148-1(f)(3)(i), including the receipt of three bids, are not met for the First Series C Bonds, all bids will be rejected and the sale of the First Series C Bonds will be cancelled.

This announcement does not constitute the solicitation of bids to purchase the First Series A Bonds, the First Series B Bonds or the First Series C Bonds. The sale of the First Series A Bonds, the First Series B Bonds and the First Series C Bonds shall be made exclusively pursuant to the terms of the Official Notices of Sale. The Official Notices of Sale, among other things, permit changes to the preliminary principal amounts prior to the sale date as well as the issuance of the First Series A Bonds, the First Series B Bonds and the First Series C Bonds in one or more series. Notice of any such changes will be published on Thomson Municipal Market Monitor (www.tm3.com) not later than 4:00 p.m., local Annapolis, Maryland time on the business day immediately prior to the sale date for the bonds. Copies of the Official Notices of Sale will be furnished upon request made to the office of the State Treasurer, at the Louis L. Goldstein Treasury Building, Annapolis, Maryland 21401, telephone number (410) 260-7920 or to Public Resources Advisory Group, Inc. of New York, New York, Financial Advisor to the State, telephone number (212) 566-7800. Electronic copies of the Preliminary Official Statement containing the Official Notices of Sale will be available on the Internet at www.treasurer.state.md.us, www.idealprospectus.com, and at www.emma.msrb.org on or about February 26, 2020.

LARRY HOGANGovernor

PETER FRANCHOTComptroller

NANCY K. KOPPTreasurer

Constituting the Board of Public Worksof the State of Maryland

Annapolis, Maryland* Preliminary, subject to change

Advertise your competitive sales in The Bond Buyer.

For more information,

contact or Kerry-Ann C. Parkes

at 212-803-8436 or at

[email protected]

GIVE NOTICE you can save some money

005_BB022120 5 2/20/2020 1:21:12 PM


For more information, contact:

John Hester (212) 849-5125

James Kellum (212) 849-5156

Full service electronic document delivery and tracking system

www.i-dealprospectus.com

I-Deal Prospectus

Electronic Official Statements Negotiated

Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-1A&IB

Cumberland (County of), ME 2020 GO Refunding Bonds (Taxable)

Kaufman County, TX Unlimited Tax Road Bonds, Series 2020

Kaufman County, TX Limited Tax Bonds, Series 2020A

Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020

***S&P RATING REPORTS HAVE BEEN ADDED***

Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020

Horseshoe Bay (City of), TX General Refunding Bonds, Series 2020

Cleveland ISD, TX Unlimited Tax School Building Bonds, Series 2020A

El Paso ISD, TX Variable Rate Maintenance Tax Notes, Series 2020

Mount Pleasant (City of), TX GO Refunding Bonds, Series 2020

Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020**THE S&P RATING HAS BEEN ADDED**

St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A

***THE S&P RATING HAS BEEN ADDED***

Manor ISD, TX Unltd Tax School Bldg Bonds, Series 2020

St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A

Galveston County WC&ID No. 8, TX Unltd Tax Ref Bonds, Series 2020

Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020

Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020

***The Preliminary Official Statement has been revised

Midland (City of), TX GO Bonds and Tax & Limited Pledge Revenue COOs, Series 2020

Del Valle ISD, TX Unlimited Tax School Building Bonds, Series 2020

El Paso (City of), TX GO Ref & Improv Bonds, Srs 2020A & Combo Tax & Rev COO, Srs 2020

El Paso (City of), TX GO Refunding Bonds, Series 2020B

El Paso (City of), TX Airport Revenue Refunding Bonds, Series 2020

Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020

Granbury (City of), TX ComboTax&Rev COO, Series 2020

Washington County, TX Limited Tax Refunding Bonds, Series 2020

**THE S&P RATING REPORT HAS BEEN ADDED.**

Joaquin ISD, TX Unlimited Tax School Building & Refunding Bonds, Series 2020

Arlington ISD, TX Unlimited Tax School Building Bonds, Srs 2020

Wolfforth (City of), TX Go Refunding Bonds & Tax Notes, Series 2020

Regional School District No. 18, CT GO Refunding Bonds, Issue of 2020

**Page one of Appendix B has been replaced to reflect that the bonds are subject to redemption prior

to maturity.**

Hubbard ISD, TX Unltd Tax Refunding Bonds, Series 2020

Eastmark CFD No. 2, AZ Assessment Dist A Spl Assess Rev Bonds, Series 2020

Washington County, TX Limited Tax Refunding Bonds, Series 2020

Ferris (City of), TX Tax & WW&SS (Limited Pledge) Revenue COO, Series 2020

I-Deal Prospectus

Electronic Official Statements Competitive

2/18-Kansas DFA, KS Refunding Revenue Bonds, Series 2020B

2/18-Montgomery County MUD No. 47, TX WW & SS Unlimited Tax Bonds, Series 2020

2/18-Farmers Branch (City of), TX GO Refunding & Improvement Bonds, Srs 2020

2/19-Horry County, SC General Obligation Bonds, Series 2020A&B

2/20-Southwest Wisconsin Technical College District, WI GO Promissory Notes

2/20-Fairfield-Suisun USD, CA GO Bonds, Election of 2016, Series 2020

2/19-Williamson County MUD No. 32, TX Unlimited Tax Road Bonds, Srs 2020

**The Estimated Taxable Assessed Valuation has been updated and the document revised.**

2/20-ISD No. 8, OK Combined Purpose GO Bonds, Series 2020A

2/20-Kaufman County MUD No. 5, TX Unlimited Tax Road Bonds, Series 2020

2/25-Virginia HDA, VA Rental Housing Bonds, 2020 Series A-Taxable

2/27-Harris County MUD No. 50, TX Unlimited Tax Bonds, Srs 2020

2/24-Deaf Smith County, TX General Obligation Bonds, Srs 2020

2/26-Yakima County, WA Limited Tax General Obligation Bonds, 2020

2/27-ISD No. 3, OK (Broken Arrow BOE) Taxable GO Combined Purp Bonds of 2020

2/27-Brazoria County MUD No. 31, TX Unlimited Tax Bonds, Series 2020

2/27-Utah (State of), UT State Bldg Ownership Auth, Lease Rev Bonds, Srs 2020

2/25-Milwaukee Area TCD, WI General Obligation Promissory Notes, Srs 2019-20I

2/25-Rockwall County MUD No. 6, TX Unlimited Tax Utility Bonds, Series 2020

2/25-Washington Suburban Sanitary Dist, MD Consld Public Improv Ref Bonds of 2020

3/2-Harris County MUD No. 423, TX Unlimited Tax Road Bonds, Series 2020

BiDCOMP®/Parity®

www.newissuehome.i-deal.com

THE DAILY NEWSPAPER OF PUBLIC FINANCE THE DAILY NEWSPAPER OF PUBLIC FINANCE

2/24 - Fort Bend County Municipal Utility District No. 128, TX

2/24 - Independent School District No. 593 (Crookston), MN

2/24 - City of Carroll, IA

2/24 - Independent School District No. 761 (Owatonna), MN

2/24 - Independent School District No. 720 (Shakopee), MN

2/24 - Deaf Smith County (TX), TX

2/24 - City of Canton (MO), MO

2/24 - Independent School District No 182 (Crosby-Ironton), MN

2/24 - Chambers County (TX), TX

2/24 - Romeo Community Schools, MI

2/24 - Dallas Center-Grimes Community School District, IA

2/25 - Milwaukee Area Technical College District (WI), WI

2/25 - Montgomery County Drainage District No. 10, TX

2/25 - City of Belton (MO), MO

2/25 - Community College District No. 517 of Coles, Christian, Clark et al Cos.

(Lake Land), IL

2/25 - Village of Prairie Du Sac, WI

2/25 - Marathon County, WI

2/25 - Washington Suburban Sanitary District (MD), MD

2/25 - Virginia Housing Development Authority (VA), VA

2/25 - The Kentucky Association of Counties Finance Corporation, KY

2/25 - Bronxville Union Free School District, NY

2/25 - Van Buren Public Schools, MI

2/25 - Jessieville School District No. 1 of Garland County, AR

2/25 - The Kentucky Association of Counties Finance Corporation, KY

2/25 - Valley View School District No. 58 of Craighead County, AR

2/25 - Rockwall County Municipal Utility District No. 6 (TX), TX

2/26 - Yakima County, WA

2/26 - Fort Edward Union Free School District, NY

2/26 - Town of Smithtown, NY

2/26 - Three Village Central School District, NY

2/26 - Emerson-Taylor-Bradley School District of Coumbia County (AR), AR

2/26 - City of Owensboro, KY

2/26 - Town of Swampscott, MA

2/27 - Brazoria County Municipal Utility District No. 31, TX

2/27 - Utah State Building Ownership Authority, UT

2/27 - The Public Building Commission of the Unified Government of Wyandotte

County/Kansas City (KS), KS





2/27 - Mayor and City Council of Ocean City (MD), MD

2/27 - Mayor and City Council of Ocean City (MD), MD

2/27 - Harris County Municipal Utility District No. 50 (TX), TX

2/27 - White Hall School District No. 27 of Jefferson County, AR

2/27 - Village of Buchanan, NY

2/27 - Independent School District No. 3 of Tulsa County (Broken Arrow), OK

To reach the widest audiencewithin the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].

THE DAILY NEWSPAPER OF PUBLIC FINANCE

006_BB022120 6 2/20/2020 1:21:12 PM

7www.bondbuyer.comFriday, February 21, 2020 New Issues

Monday, February 24 Carroll IA GO Cap Loan *1,505 10 am C PFM Fin Advisors Ahlers & Cooney 20-29 --- Aa3 --- --- --- BQ 19-Feb

Dallas Ctr Grimes Comm SD IA GO Sch 22,705 12 pm C Piper Sandler Ahlers & Cooney 21-39 --- Aa2 --- --- --- --- 5-Feb

Romeo Comm Schs MI Sch Bldg & Site *19,000 11 am E PFM Fin Advisors Clark Hill 21-44 --- --- --- --- --- --- 14-Feb

Crookston ISD #593 MN GO Sch Bldg *2,835 10 am C Ehlers Dorsey & Whitney 21-30 --- --- --- --- --- BQ 31-Jan

Crosby ISD #182 MN GO Sch Bldg *23,200 11 am C Ehlers Kennedy & Graven 21-43 --- --- --- --- --- --- 27-Jan

Owatonna ISD #761 MN GO Sch Bldg *109,720 10:30 am C Ehlers Dorsey & Whitney 21-45 --- --- --- --- --- --- 30-Jan

Shakopee ISD #720 MN GO *11,900 10:30 am C Baker Tilly MA Knutson Flynn 21-35 --- --- --- --- --- --- 4-Feb

Canton MO GO Ref *1,205 10:30 am C McLiney & Co Gilmore & Bell 21-31 BAM --- --- --- --- BQ 18-Feb

Chambers County TX GO *9,760 11 am C USCA Municipal Bickerstaff, Heath 21-45 --- --- --- --- --- BQ 20-Feb

Deaf Smith County TX GO *36,200 10:30 am C Specialized Pub Fin McCall Parkhurst 21-45 --- --- A+ --- --- --- 18-Feb

Fort Bend Co MUD #128 TX Unltd Tax 6,010 9:15 am C Masterson Advisors Muller Law Group 20-41 --- --- --- --- --- BQ 11-Feb

Tuesday, February 25 Jessieville SD #1 AR Ref *8,345 11 am C First Sec Beardsley Friday Eldredge 20-39 --- Aa2 --- --- --- BQ 20-Feb

Valley View SD #58 AR Ref & Construction *28,400 1 pm C First Sec Beardsley Friday Eldredge 21-50 --- Aa2 --- --- --- --- 20-Feb

Lake Land Comm Coll Dt #517 IL GO Comm Coll *11,535 10 am C PMA Securities Chapman and Cutler 21-23 --- --- --- --- --- --- 13-Feb

Kentucky Assn of Cos Fin Corp KY Rev (Tax) *1,040 11:30 am E Compass Muni Adv Dinsmore & Shohl 21-35 --- --- AA- --- --- --- 14-Feb

Kentucky Assn of Cos Fin Corp KY Rev *5,420 11 am E Compass Muni Adv Dinsmore & Shohl 21-40 --- --- AA- --- --- --- 14-Feb

Washington Suburban San Dt MD Pub Imp Ref *100,330 10:30 am E Wye River Group McKennon Shelton 21-30 --- --- --- AAA --- --- 11-Feb

Van Buren Pub Schs MI Sch Bldg & Site *13,000 11 am E Baker Tilly MA Thrun Law Firm 20-49 --- --- --- --- --- --- 12-Feb

Belton MO Swr Sys Rev Ref *2,625 10 am C Piper Sandler Gilmore & Bell 21-36 --- --- AA- --- --- BQ 18-Feb

Carlsbad Muni SD NM GO Sch *30,000 10 am M RBC Capital Mkts Modrall Sperling 20-34 --- Aa3 --- --- --- --- Today

Bronxville UFSD NY Sch Dist *3,000 11 am E Capital Markets Adv Orrick Herrington 21-30 --- --- --- --- --- BQ 12-Feb

Atoka Co ISD #19 OK Bldg 900 12 pm C Stephen L. Smith Phillips Murrah 22-30 --- --- --- --- --- BQ 13-Feb

Chambersburg Area SD PA GO *7,790 11:15 am E PFM Fin Advisors Eckert Seamans 21-40 --- --- --- --- --- BQ 20-Feb

Montgomery Co Drain Dt # 10 TX Unltd Tax 4,070 9:45 am C Masterson Advisors Smith Murdaugh 21-43 --- --- --- --- --- BQ 12-Feb

Rockwall Co MUD #6 TX Unltd Tax 3,105 1:30 pm C Baird Winstead 21-45 --- --- --- --- --- --- 12-Feb

Virginia Hsg Dev Auth VA Rental Hsg (Tax) *75,000 11 am E Municipal Official Hawkins Delafield 22-55 --- --- --- --- --- --- 18-Feb

Marathon County WI GO Prom *8,500 10 am C PFM Fin Advisors Quarles & Brady 21-30 --- --- --- --- --- --- Today

Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 21-24 --- Aa1 --- --- --- --- 12-Feb

Prairie Du Sac Vlg WI GO Corp Purp *3,690 10 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ 19-Feb

Wednesday, February 26 Emerson-Taylor-Bradley SD AR Ref & Construction *7,885 11 am C First Sec Beardsley Friday Eldredge 21-50 --- Aa2 --- --- --- BQ 20-Feb

Owensboro KY GO Ref (Tax) *36,830 11 am E First Kentucky Secs Dinsmore & Shohl 20-42 --- --- --- --- --- --- 20-Feb

Swampscott (Town) MA GO Muni Purp Loan *5,430 11 am E UniBank Fiscal Adv Locke Lord 21-49 --- --- --- --- --- BQ Today

Baltimore County MD Metro District 42,000 10:30 am E Public Resources McKennon Shelton 21-50 --- --- --- --- --- --- Today

Baltimore County MD Pub Imp 246,000 10 am E Public Resources McKennon Shelton 22-40 --- --- --- --- --- --- Today

Collingswood Borough NJ GO 19,752 11 am E Phoenix Advisors Parker McCay 21-40 --- --- AA- --- --- --- 19-Feb

Fort Edward UFSD NY GO Sch *1,285 11 am E Bernard P. Donegan Barclay Damon 21-30 --- --- --- --- --- BQ 19-Feb

Smithtown (Town) NY Pub Imp *10,037 11 am E Munistat Services Hawkins Delafield 21-40 --- --- --- --- --- --- 19-Feb

Three Vlg Ctrl SD NY Sch Dist Ref *6,010 11 am E Munistat Services Hawkins Delafield 20-24 --- --- --- --- --- --- 20-Feb

Okmulgee Co ISD #3 OK Bldg 450 12 pm C Stephen L. Smith Phillips Murrah 22-25 --- --- --- --- --- BQ 14-Feb

Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details

Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.

Compiled by IHS Markit

A letter “P” signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar.

This monitor signifies the Notice of Sale is available on www.bondbuyer.comTo Report or Obtain Information

Competitive / Negotiated Offerings

Joycelyn Gumbs 212-849-3870

Priya Khandai 646-679-3128

Competitive / Negotiated Sales Results

Ruth-Ann Medina 212-849-3873

Anthony Andino 212-849-3868A “+” under Insurer in the Negotiated Bond Offerings and Negotiated Note Offerings signifies that insurance is available.

Email: [email protected]

007_BB022120 7 2/20/2020 4:36:40 PM

8 The Bond BuyerFriday, February 21, 2020New Issues

Springfield Twp SD PA GO *9,995 11:15 am E PFM Fin Advisors Fox Rothschild 20-31 --- --- --- --- --- BQ 20-Feb

Yakima County WA Limited Oblig *8,420 8:30 am P PFM Fin Advisors K&L Gates 21-35 --- --- --- --- --- BQ 19-Feb

Thursday, February 27 White Hall SD #27 AR Ref & Construction *47,550 11 am C First Sec Beardsley Friday Eldredge 21-50 --- Aa2 --- --- --- --- 20-Feb

Wyandotte Co/Kansas City PBC KS Rev *2,790 10 am C Baker Tilly MA Gilmore & Bell 21-40 --- --- --- --- --- --- 23-Jan



Baltimore County MD Bond Antic 145,000 10:45 am E Public Resources McKennon Shelton 21 --- --- --- --- --- --- Today

Baltimore County MD Bond Antic 205,000 10:15 am E Public Resources McKennon Shelton 21 --- --- --- --- --- --- Today

Ocean City MD GO (Tax) *1,120 10:45 am E Wye River Group McGuireWoods 21-24 --- --- --- AA --- --- 13-Feb

Ocean City MD GO *7,000 10:30 am E Wye River Group McGuireWoods 24-40 --- --- --- AA --- --- 13-Feb

Bayless Cons SD MO GO Ref *3,790 10 am C Piper Sandler Gilmore & Bell 21-32 --- --- AA+ --- --- BQ Today

Missouri Bd Pub Bldgs MO Spec Oblg Ref *39,215 9 am C Columbia Cap Mgmt Gilmore & Bell 20-25 --- --- --- --- --- --- Today

Tulsa Co ISD #3 OK Comb Purp (Tax) 15,200 11:45 am C Stephen L. Smith Phillips Murrah 22-25 --- --- --- --- --- --- 18-Feb

Brazoria Co MUD #31 TX Unltd Tax 7,100 9 am C GMS Group Allen Boone 20-47 --- --- --- --- --- BQ 13-Feb

Harris Co MUD #50 TX Unltd Tax 2,200 11 am C GMS Group Norton Rose 21-48 --- --- --- --- --- BQ 30-Jan

Harris Montgomery Cos MUD #386 TX Unltd Tax 11,180 11 am C Masterson Advisors State Atty General 20-44 --- --- --- --- --- --- 12-Feb

Utah Bldg Ownership Auth UT Lease Rev *18,745 9:30 am M Zions Pub Fin Gilmore & Bell 21-39 --- --- --- --- --- --- 18-Feb

Monday, March 2 Sumner IA GO Corp Purp *730 11 am C Speer Financial Dorsey & Whitney 22-33 --- --- --- --- --- BQ 19-Feb

Sumner IA GO Urban Renewal *2,000 10:30 am C Speer Financial Dorsey & Whitney 21-34 --- --- --- --- --- BQ 19-Feb

Elwood City KS GO Ref *1,875 11 am C Ranson Fin Group Gilmore & Bell 20-48 --- --- --- --- --- BQ Today

Mahnomen MN GO Swr 1,215 10 am C Ehlers Taft Stettinius 21-32 --- --- --- --- --- BQ 7-Feb

Rochester Econ Dev Auth MN Lease Rev *21,365 10 am C Baker Tilly MA Kennedy & Graven 21-40 --- --- --- --- --- --- 11-Feb

Niagara Wheatfield Ctrl SD NY Sch Dist *9,925 11 am E R.G. Timbs Hawkins Delafield 21-35 --- --- --- --- --- --- 19-Feb

Harris Co MUD #423 TX Unltd Tax 6,110 10 am C GMS Group Allen Boone 24-50 --- --- --- --- --- BQ 19-Feb

Tuesday, March 3 Kingfisher Co ISD #16 OK Bldg (Tax) 1,750 12 pm C Stephen L. Smith Phillips Murrah 22 --- --- --- --- --- --- 19-Feb

Galveston Co MUD #44 TX Unltd Tax 3,250 11 am C RBC Capital Mkts --- --- --- --- --- --- --- BQ 20-Feb

Henrico County VA GO Ref 25,000 10:45 am E PFM Fin Advisors --- --- --- --- --- --- --- --- 13-Feb

Pewaukee Vlg WI GO Corp Purp *6,605 10 am C Baird Quarles & Brady 21-40 --- --- --- --- --- BQ 11-Feb

Sturgeon Bay WI GO Ref (Tax) *1,240 9:30 am C Baird Quarles & Brady 21-28 --- --- --- --- --- --- 11-Feb

Sturgeon Bay WI GO Ref *2,140 9:30 am C Baird Quarles & Brady 29-39 --- --- --- --- --- BQ 11-Feb

Wednesday, March 4 Hiawatha IA GO Cap Loan *3,645 11 am C Speer Financial Ahlers & Cooney 21-30 --- --- --- --- --- BQ Today

P Maryland MD GO (Tax) *50,000 11:30 am E Public Resources Ballard Spahr 23-24 --- --- --- --- --- --- 20-Feb

P Maryland MD GO *234,270 11 am E Public Resources Ballard Spahr 20-26 --- --- --- --- --- --- 20-Feb

P Maryland MD GO *245,055 10 am E Public Resources Ballard Spahr 24-30 --- --- --- --- --- --- 20-Feb

P Maryland MD GO *249,945 10:30 am E Public Resources Ballard Spahr 31-35 --- --- --- --- --- --- 20-Feb

Harris Co MUD #502 TX Unltd Tax 7,045 9:30 am C RBC Capital Mkts --- --- --- --- --- --- --- BQ 20-Feb

Thursday, March 5 Windsor Vlg WI GO Corp Purp 7,765 10 am C Ehlers Husch Blackwell 21-40 --- --- --- --- --- BQ 19-Feb

Monday, March 9 Chanhassen MN GO Utl Rev 6,795 10:30 am C Ehlers Taft Stettinius 21-31 --- --- --- --- --- BQ 13-Feb

Minnetrista MN GO 2,515 10 am C Ehlers Kennedy & Graven 21-40 --- --- --- --- --- BQ 12-Feb

Yellow Medicine East ISD 2190 MN GO Ref (Tax) *870 10 am C Baker Tilly MA --- 21-25 --- --- --- --- --- --- 19-Feb




008_BB022120 8 2/20/2020 4:36:41 PM





Tuesday, March 10 Clara City MN GO Imp Ref 1,035 10:30 am C Ehlers Taft Stettinius 21-27 --- --- --- --- --- BQ 19-Feb

Lakeville ISD #194 MN COPs 5,580 11 am C Ehlers Knutson Flynn 21-35 --- --- --- --- --- --- 18-Feb

Lakeville ISD #194 MN GO Sch Bldg 66,285 11 am C Ehlers Knutson Flynn 21-37 --- --- --- --- --- --- 18-Feb

St Louis Co ISD #2142 MN GO Cap 3,745 10 am C Ehlers Dorsey & Whitney 21-35 --- --- --- --- --- BQ 7-Feb

St Louis Co ISD #2142 MN GO 5,130 10 am C Ehlers Dorsey & Whitney 31-41 --- --- --- --- --- BQ 7-Feb

Virginia Pub Bldg Auth VA Pub Fac (Tax) 11,000 12 pm E Frasca & Associates --- --- --- --- --- --- --- --- 4-Feb

Virginia Pub Bldg Auth VA Pub Fac (Tax) *100,000 12 pm E Frasca & Associates --- --- --- --- --- --- --- --- 4-Feb

Virginia Pub Bldg Auth VA Pub Fac *195,000 11:30 am E Frasca & Associates --- --- --- --- --- --- --- --- 4-Feb

Virginia Pub Bldg Auth VA Pub Fac Ref *198,000 11 am E Frasca & Associates --- --- --- --- --- --- --- --- 4-Feb

Wausau WI Wtr & Swr Rev 5,120 10:30 am C Ehlers Quarles & Brady 22 --- --- --- --- --- --- 20-Feb

Wednesday, March 11 Albany ISD #745 MN GO 3,790 10 am C Ehlers Dorsey & Whitney 22-36 --- --- --- --- --- BQ 13-Feb

Monday, March 16 Detroit Lakes ISD #22 MN GO 3,770 10:30 am C Ehlers Kennedy & Graven 24-35 --- --- --- --- --- BQ 13-Feb

Wrenshall ISD #100 MN GO 8,995 11 am C Ehlers Knutson Flynn 21-40 --- --- --- --- --- BQ 18-Feb

Grand Mission MUD #2 TX Unltd Tax 6,620 10 am C Rathmann & Assoc State Atty General --- --- --- --- --- --- BQ Today

Menomonie WI GO Prom (Tax) 2,330 11 am C Ehlers Fryberger Buchanan 22-30 --- --- --- --- --- --- 18-Feb

Tuesday, March 17 Mahtomedi MN GO Imp 10,000 10:30 am C Ehlers Kennedy & Graven 22-36 --- --- --- --- --- BQ 13-Feb

Thursday, April 2 Forest Lake ISD #831 MN GO 10,235 9:30 am C Ehlers Dorsey & Whitney 22-35 --- --- --- --- --- --- 20-Feb

Day to Day Florida BOE FL Cap Outlay Ref *112,335 --- Division of Bond Fin Squire Patton 21-23 --- --- --- --- --- --- 19-Feb

Florida Dept of Transp FL Rev Ref *193,450 --- Division of Bond Fin Greenberg Traurig 21-40 --- Aa2 --- AA --- --- 5-Feb

Tuesday, February 25 Beachwood Borough NJ Bond Antic 15,139 11 am E Phoenix Advisors GluckWalrath 21 --- --- --- --- --- --- 20-Feb

Kinnelon Borough NJ Bond Antic 3,361 11 am E Municipal Official Hawkins Delafield 21 --- --- --- --- --- BQ 20-Feb

Verona Twp NJ Bond Antic (Tax) 2,952 11:30 am E Municipal Official McManimon Scotland 21 --- --- --- --- --- --- Today

Verona Twp NJ Bond Antic 6,423 11:30 am E Municipal Official McManimon Scotland 21 --- --- --- --- --- BQ Today

Woodridge Vlg NY Bond Antic 825 11 am E Municipal Solutions Hawkins Delafield 21 --- --- --- --- --- BQ 19-Feb

Wednesday, February 26 Kenilworth Borough NJ GO Bond Antic 2,615 11 am E Municipal Official Rogut McCarthy 21 --- --- --- --- --- BQ 19-Feb

Roxbury Twp NJ GO Bond Antic 3,680 11 am E Municipal Official Rogut McCarthy 21 --- --- --- --- --- BQ 20-Feb

Thursday, February 27 East Haddam (Town) CT GO Bond Antic 5,900 11:30 am E Hilltop Securities Updike Kelly 20 --- --- --- --- --- BQ Today

Buchanan Vlg NY Bond Antic 1,000 11 am E Capital Markets Adv Jeffrey E Storch 21 --- --- --- --- --- BQ 20-Feb

Tuesday, March 3 South Lewis Ctrl SD NY Bond Antic 15,000 10:45 am E Fiscal Adv & Mkt Trespasz & Marquardt 20 --- --- --- --- --- --- 13-Feb


Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.


009_BB022120 9 2/20/2020 4:36:41 PM

10 The Bond BuyerFriday, February 21, 2020New Issues

Week Of February 18 California Infra & Econ Dev Bk CA Rev 100,000 Wells Fargo Secs --- --- --- --- --- --- 13-Feb

St Clair County MI GO Ref (Tax) 13,285 Hilltop Securities --- --- --- --- --- --- 14-Feb

Week Of February 20 Cuyahoga Metro Hsg Auth OH Gen Rev Ref 16,455 Stifel Nicolaus --- --- --- --- --- --- 14-Feb

Lansdale Borough PA GO 9,100 Boenning&Scattergood --- --- --- --- --- --- 14-Feb

Pennsylvania Econ Dev Fin PA Rev (Tax) 5,655 Piper Sandler --- --- --- --- --- --- 14-Feb

Pennsylvania Econ Dev Fin PA Rev 14,105 Piper Sandler --- --- --- --- --- --- 14-Feb

Pennsylvania Econ Dev Fin PA Rev 70,440 Piper Sandler --- --- --- --- --- --- 14-Feb

Friday, February 21 Polk County FL Util Sys Rev 83,475 BofA Securities RBC Capital Mkts --- --- --- AA --- 14-Feb

Week Of February 24 Springdale AR Ref (Tax) 50,540 Crews & Associates --- BAM --- --- --- --- Today

Arizona Indl Dev Auth AZ Rev (Tax) 16,925 RBC Capital Mkts Piedmont Securities --- --- --- --- --- 11-Feb

Arizona Indl Dev Auth AZ Rev 172,795 RBC Capital Mkts Piedmont Securities --- --- --- --- --- 11-Feb

Avondale ESD #44 AZ Sch Imp 5,705 Stifel Nicolaus --- --- --- --- --- --- Today

Ceres Redev Agy -Successor Agy CA Tax Alloc Ref 20,885 Brandis Tallman, LLC --- --- --- --- --- --- 7-Feb

Los Angeles Dept of Arpt CA Ref Rev 738,575 Citigroup Public Resources --- --- --- --- --- Today

Manhattan Beach CA Limited Oblig 5,435 BofA Securities --- --- --- --- --- --- Today

Pasadena Area Comm Coll Dt CA GO Ref 22,000 Piper Sandler --- --- --- --- --- --- Today

S San Francisco Pub Facs Fin CA Lease Rev 44,560 Stifel Nicolaus --- --- --- --- --- --- Today

Sanger USD CA GO 25,000 Stifel Nicolaus --- --- --- --- --- --- Today

Susanville SD CA GO Ref 3,765 Stifel Nicolaus --- --- --- --- --- --- Today

Univ of California Regents CA Rev (Tax) 1,500,000 Barclays Capital Swap Financial --- --- --- --- --- Today

Sabell Metro Dt CO GO 9,130 D.A. Davidson --- --- --- --- --- --- Today

USAFA Visitor’s Ctr Bus Imp Dt CO Rev 10,500 RBC Capital Mkts --- --- --- --- --- --- 11-Feb

USAFA Visitor’s Ctr Bus Imp Dt CO Rev 17,710 RBC Capital Mkts --- --- --- --- --- --- 11-Feb

USAFA Visitor’s Ctr Bus Imp Dt CO Rev (Tax) 49,265 RBC Capital Mkts --- --- --- --- --- --- 11-Feb

Windsor Locks (Town) CT GO 7,050 Raymond James Phoenix Advisors --- --- --- --- --- 20-Feb

Columbia Co SD GA GO 52,670 Raymond James --- --- --- --- --- --- Today

Kirkwood Comm Coll IA COPs 24,740 D.A. Davidson --- --- --- --- --- --- Today

Kirkwood Comm Coll IA Ref 24,950 D.A. Davidson --- --- --- --- --- --- Today

Sibley IA GO Ref 1,745 D.A. Davidson --- BAM --- --- --- --- Today

Univ of Idaho Regents ID Gen Rev 49,025 Wells Fargo Secs PFM Fin Advisors --- --- --- --- --- Today

Downers Grove Vlg IL GO Ref (Tax) 20,425 Raymond James --- --- --- --- --- --- 18-Feb

La Grange SD #102 IL GO Ref 7,365 Raymond James --- --- --- --- --- --- 18-Feb

Northbrook Pk Dt IL GO Park 5,910 Piper Sandler --- --- --- --- --- --- Today

Skokie SD #69 IL GO Sch 22,935 Raymond James --- --- --- --- --- --- 12-Feb

Lake Station Multi-Sch Bldg Corp IN Mtg Rev Ref (Tax) 8,280 Piper Sandler --- --- --- --- --- --- Today

Northwest Allen Sch Bldg Corp IN Mtg Rev 21,260 Stifel Nicolaus --- --- --- --- --- --- Today

Southwestern Multi-Sch Bldg Corp IN Mtg Rev 5,140 Stifel Nicolaus --- --- --- --- --- --- Today

Sedgwick Co USD #267 KS GO Sch Bldg 1,780 Stifel Nicolaus --- --- --- --- --- --- Today

Louisville/Jefferson Co Metro KY Hlth Sys Rev 375,000 Citigroup Kaufman Hall --- --- --- --- --- Today

Massachusetts Dev Fin Agy MA Rev Ref (Tax) 79,440 Citigroup PFM Fin Advisors --- --- --- --- --- Today

Cumberland County ME GO Ref (Tax) 27,260 Piper Sandler Northeast Muni Advs --- --- AA+ --- --- Today

Maine Hsg Auth ME Mtg 50,000 Barclays Capital --- --- --- --- --- --- Today

Akron-Fairgrove Schs MI Sch Bldg & Site 6,815 Stifel Nicolaus --- --- --- --- --- --- Today

Chelsea SD MI Sch Bldg & Site 23,815 Stifel Nicolaus PFM Fin Advisors --- --- --- --- --- Today

Saginaw Hosp Fin Auth MI Hosp Rev Ref (Tax) 40,930 RBC Capital Mkts Blue Rose Capital --- --- --- --- --- Today

Saginaw Hosp Fin Auth MI Hosp Rev Ref 57,140 RBC Capital Mkts Blue Rose Capital --- --- --- --- --- Today

Reeds Spring #R-IV SD MO GO Ref 1,525 Stifel Nicolaus --- --- --- --- --- --- Today

Town & Country Crossing Trans Dt MO Sales Tax Ref 8,775 Stifel Nicolaus --- --- --- --- --- --- Today

Greensboro NC GO Ref 16,885 Wells Fargo Secs First Tryon Advisors --- --- --- AAA --- Today

Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.


010_BB022120 10 2/20/2020 4:36:42 PM


Greensboro NC GO Ref 26,475 Wells Fargo Secs First Tryon Advisors --- --- --- AAA --- Today

New Jersey Econ Dev Auth NJ Rev 28,900 UBS Financial Svcs --- --- --- --- --- --- 14-Feb

Salem Co Poll Cntr Fin Auth NJ Rev Ref 23,150 Morgan Stanley --- --- --- --- --- --- 14-Feb

Albuquerque Wtr Util Auth NM Wtr & Swr 74,430 JPMorgan RBC Capital Mkts --- --- --- --- --- Today

Las Cruces NM Ref Rev 20,000 Hilltop Securities --- --- --- --- --- --- Today

Bath Ctrl SD NY Bond 4,305 Roosevelt & Cross --- --- --- --- --- --- Today

Churchville-Chili Ctrl SD NY Bond 13,820 Roosevelt & Cross --- --- --- --- --- --- Today

Clifton-Fine Ctrl SD NY Sch Ref 1,545 Roosevelt & Cross --- --- --- --- --- --- Today

Fort Edward UFSD NY Sch Dist Ref 2,315 Roosevelt & Cross --- --- --- --- --- --- Today

Gates Chili Ctrl SD NY Bond 5,025 Roosevelt & Cross --- --- --- --- --- --- Today

Heuvelton Ctrl SD NY Sch Dist Ref 2,340 Roosevelt & Cross --- --- --- --- --- --- Today

Holland Patent Ctrl SD NY Sch Dist Ref 3,320 Roosevelt & Cross --- --- --- --- --- --- Today

Middleburgh Ctrl SD NY Sch Dist Ref 1,255 Roosevelt & Cross --- --- --- --- --- --- Today

Newark Ctrl SD NY Sch Dist Ref 9,670 Roosevelt & Cross --- --- --- --- --- --- Today

NYS Dorm Auth NY Univ Rev 54,655 BofA Securities --- --- --- --- --- --- Today

NYS Dorm Auth NY Univ Rev (Tax) 358,765 BofA Securities --- --- --- --- --- --- Today

NYS Mtg Agy NY Mtg Rev (AMT) 46,975 RBC Capital Mkts --- --- --- --- --- --- Today

NYS Mtg Agy NY Mtg Rev 100,630 RBC Capital Mkts --- --- --- --- --- --- Today

Onondaga Civic Dev Corp NY Rev Ref (Tax) 18,760 Goldman Sachs PFM Fin Advisors --- --- --- --- --- Today

Onondaga Civic Dev Corp NY Ref Rev 19,000 Goldman Sachs PFM Fin Advisors --- --- --- --- --- Today

Perinton (Town) NY Bond 3,490 Roosevelt & Cross --- --- --- --- --- --- Today

Salamanca City CSD NY Bond 3,085 Roosevelt & Cross --- --- --- --- --- --- Today

Buckeye Tobacco Settlement Fin OH Ref 381,335 Jefferies PFM Fin Advisors --- --- --- --- --- Today

Buckeye Tobacco Settlement Fin OH Ref 427,005 Jefferies PFM Fin Advisors --- --- --- --- --- Today

Ohio Univ OH Gen Receipts (Tax) 222,360 Barclays Capital Janney Montgomery --- --- --- --- --- Today

West Liberty-Salem LSD OH Ref 9,365 Stifel Nicolaus --- --- --- --- --- --- Today

Westerville CSD OH Sch Facs Constr 103,000 Stifel Nicolaus --- --- --- --- --- --- Today

Oklahoma Univ BOR OK Gen Rev Ref (Tax) 84,030 Morgan Stanley Columbia Cap Mgmt --- --- --- --- --- 20-Feb

Washington Co Rural Wtr Dt #3 OK Cap Imp & Ref 14,000 D.A. Davidson --- --- --- --- --- --- Today

Madras SD #509J OR GO Ref (Tax) 24,530 Piper Sandler --- --- --- --- --- --- Today

Armstrong County PA Bond 8,210 PNC Capital Markets --- --- --- --- --- --- 12-Feb

Columbia County PA GO 1,285 PNC Capital Markets --- --- --- --- --- --- 19-Feb

Columbia County PA GO (Tax) 5,000 PNC Capital Markets --- --- --- --- --- --- 19-Feb

Delaware Vly SD PA GO 6,550 Janney Montgomery PFM Fin Advisors --- --- --- --- --- Today

Lackawanna County PA GO 28,345 RBC Capital Mkts Financial S&Lutions BAM --- --- --- --- Today

Manheim Twp SD PA GO 31,525 RBC Capital Mkts PFM Fin Advisors --- --- --- --- --- Today

Quaker Vly SD PA GO 22,505 Janney Montgomery --- --- --- --- --- --- Today

Reading Area Wtr Auth PA Wtr Rev (Tax) 50,000 Stifel Nicolaus --- --- --- --- --- --- Today

Narragansett Bay Comm RI Wstwtr Sys Rev (Tax) 200,360 Barclays Capital PFM Fin Advisors --- --- --- --- --- Today

Sullivan’s Island Pub Facs Corp SC Rev 17,675 Wells Fargo Secs First Tryon Advisors --- --- --- --- --- Today

Tennessee Hsg Dev Agy TN Bond (Tax) 60,000 Citigroup CSG Advisors --- --- --- --- --- Today

Tennessee Hsg Dev Agy TN Bond 140,000 Citigroup CSG Advisors --- --- --- --- --- Today

Brazos Hgr Educ Auth TX Rev (AMT) 7,350 RBC Capital Mkts --- --- --- --- --- --- Today

Brazos Hgr Educ Auth TX Rev (AMT) 25,700 RBC Capital Mkts --- --- --- --- --- --- Today

Brazos Hgr Educ Auth TX Rev (Tax) 33,050 RBC Capital Mkts --- --- --- --- --- --- Today

Coupland ISD TX Sch Bldg 5,000 Frost Bank Live Oak Pub Fin PSF --- --- --- --- Today

Kaufman County TX Road 40,000 Citigroup Hilltop Securities --- --- --- AA --- Today

Kaufman County TX Limited Tax 20,000 Citigroup Hilltop Securities --- --- --- AA --- Today

LaPoynor ISD TX Ref 6,565 Oppenheimer D.A. Davidson PSF --- --- --- --- Today

Midway ISD TX Sch Bldg 148,000 Piper Sandler Specialized Pub Fin PSF --- --- --- --- Today

Pecan Grove MUD TX Ref 11,450 Raymond James Masterson Advisors --- --- --- --- --- Today

Sagemeadow Util Dt TX Ref 4,395 RBC Capital Mkts --- BAM --- --- --- --- Today

Socorro ISD TX Sch Bldg 92,175 Ramirez --- PSF --- --- --- --- Today

Henrico Co Econ Dev Auth VA Rev Ref 5,535 JPMorgan --- --- --- --- --- --- 13-Feb

Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared

Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.


For complete listings go to www.bondbuyer.com

011_BB022120 11 2/20/2020 4:36:43 PM


Day’s 2020 2020 Daily Yesterday Change High Date Low DateMunicipal Bond Index . . . . . . . . . . . . . . 137 .00 +9/32 137 .00 (2/20) 133 .31 (1/2)40 Average Dollar Price . . . . . . . . . . . . . 110 .82 +0 .23 110 .82 (2/20) 108 .35 (1/2)Average Yield to Par Call . . . . . . . . . . . . 2 .28 –0 .04 2 .70 (1/2) 2 .28 (2/20)Average Yield to Maturity . . . . . . . . . . . . 3 .48 –0 .02 3 .62 (1/2) 3 .48 (2/20)

Current Day’s 2020 2020 Total Change High Date Low Date30-Day Visible Supply ($mills) . . . . . . . Total (Feb. 21) . . . . . . . . . . . . . . . . . . . . $12,425 .1 +5,000 .3 $13,176 .1 (2/10) $7,051 .7 (1/29)Competitive . . . . . . . . . . . . . . . . . . . . . . 3,293 .6 –46 .7 5,326 .2 (1/3) 2,798 .1 (1/23)Negotiated . . . . . . . . . . . . . . . . . . . . . . . 9,131 .5 +5,047 .0 9,131 .5 (2/20) 4,084 .5 (2/19)

The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com.

Current Previous 2020 2020Weekly 2/20/20 2/13/20 High Date Low Date

Bond Buyer Revenue Bond Index . . . . . 2 .96% 3 .01% 3 .20% (1/2) 2 .96% (2/20)Bond Buyer 20-Bond Index . . . . . . . . . . 2 .46% 2 .51% 2 .73% (1/2) 2 .46% (2/20)Bond Buyer 11-Bond Index . . . . . . . . . . 1 .99% 2 .04% 2 .26% (1/2) 1 .99% (2/20)

Wk of 2/21/2020 Wk of 2/14/2020 Wk of 2/7/2020 Wk of 2/15/2019New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED

Long-Term Bonds . . . . . . . . . . . . . . . . . . . . $5,244 .5 $10,096 .7 $7,982 .0 $9,369 .6 Negotiated Bonds . . . . . . . . . . . . . . . . . . . . . 3,443 .1 7,437 .0 6,789 .8 7,329 .4Competitive Bonds . . . . . . . . . . . . . . . . . . . . 1,801 .4 2,659 .7 1,192 .3 1,786 .8Short-Term Notes . . . . . . . . . . . . . . . . . . . . . 67 .2 325 .8 156 .3 538 .3Long-Term Bond Sales Thru 2/21/2020 Thru 2/14/2020 Thru 2/7/2020 Thru 2/15/2019

Month to Date . . . . . . . . . . . . . . . . . . . . . . . . $23,323 .2 $18,078 .7 $7,982 .0 $18,023 .4 Year to Date . . . . . . . . . . . . . . . . . . . . . . . . . 54,563 .2 49,318 .7 39,222 .1 43,086 .8

This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to day”schedule.

Market Indicators Dollar amounts are in millions

Market Statistics

Competitive Negotiated Total ($000s) ($000s) ($000s)

Competitive Negotiated Total ($000s) ($000s) ($000s)

Visible Supply

The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the negotiated supply has been reported since 1971.

Weekly Averages02/14 3,471,055 6,469,054 9,940,109 02/07 3,338,446 7,330,854 10,669,300 01/31 3,075,623 6,088,922 9,164,54601/24 3,481,278 6,620,025 10,145,660 01/17 3,537,541 7,397,796 10,935,337 01/10 3,956,400 6,220,241 10,176,641 01/03 4,420,068 2,605,270 7,025,338 12/27 3,549,144 2,511,081 6,060,22512/20 794,151 5,924,531 6,718,68212/13 1,678,664 11,051,209 12,729,87312/06 3,151,973 17,714,778 20,866,751 11/27 3,051,148 10,962,526 14,013,67411/22 1,663,704 11,203,310 12,867,014

Monthly AveragesJan_20 3,686,529 6,255,930 9,942,460 Dec 2,415,545 8,879,401 11,294,946 Nov 3,001,881 12,458,477 15,460,358 Oct 3,948,065 10,035,436 13,983,501 Sep 2,908,169 9,016,317 11,924,486 Aug 3,892,634 7,169,949 11,062,583 Jul 2,829,215 5,502,430 8,331,645 Jun 4,232,721 4,461,583 8,694,304 May 4,075,907 4,156,333 8,232,240 Apr 2,653,924 4,487,284 7,141,208 Mar 3,160,437 3,963,383 7,123,820 Feb 2,408,610 4,581,885 6,990,495 Jan 3,003,035 4,704,831 7,707,866

Feb. 20, 2020 Feb. 19, 2020 Feb. 21, 2019Selected MIG-1/SP-1 Notes

New York St Twy Auth Gen Rev J, N .Y . 4 .00s (Feb . 1) . . 0 .00 0 .00 0 .00San Anto Tex Indpt sch Dist, Calif ., 4 .00s (Aug . 15) . . . 0 .86 0 .88 0 .00San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 .84 0 .86 1 .35

Municipal Market Data

One-Month Note (MIG-1) . . . . . . . . . . . . . . . . . . . . . . . 0 .98 0 .98 1 .62Two-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .96 0 .96 1 .64Three-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .94 0 .94 1 .65Four-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .92 0 .94 1 .67Five-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .92 0 .94 1 .68Six-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .92 0 .95 1 .69Nine-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .93 0 .95 1 .72One-Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .95 0 .97 1 .75

Variable-Rate Demand (Non-AMT/AMT)Daily General Market . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .13/1 .19 1 .15/1 .21 1 .71/1 .77

Feb. 20, 2020 Feb. 13, 2020 Feb. 21, 2019Seven-Day General Markets . . . . . . . . . . . . . . . . . . . . . 1 .30/1 .31 1 .26/1 .27 1 .85/1 .87

Feb. 19, 2020 Feb. 12, 2020 Feb. 20, 2019Jefferies & Co.Jefferies Short-Term Index Rate (Jef STR) . . . . . . . . . . 1 .17 1 .14 1 .75

Feb. 12, 2020 Feb. 5, 2020 Feb. 13, 2019Municipal Market DataThe SIFMA™ Municipal Swap Index . . . . . . . . . . . . . . . 1 .13 1 .01 1 .72

Short-Term Tax-Exempt Yields

Aaa Aa Insured A Baa

2021 0 .83 0 .86 0 .89 0 .90 1 .192022 0 .84 0 .90 0 .93 0 .98 1 .272025 0 .85 0 .94 1 .05 1 .10 1 .402030 1 .14 1 .29 1 .39 1 .43 1 .752035 1 .38 1 .58 1 .66 1 .73 2 .012040 1 .57 1 .77 1 .85 1 .92 2 .202045 1 .71 1 .90 1 .98 2 .05 2 .332050 1 .76 1 .96 2 .04 2 .11 2 .39

Figures are as of 3 pm Eastern time Feb. 20, 2020. Yields represent the fair market offer side for most liquid and available credits in each ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.

Municipal Market Data General Obligation YieldsVisible Supply Increases

0

3

6

9

12

15

18

1/8 1/13 1/16 1/22 1/27 1/30 2/4 2/7 2/12 2/18 2/21

Jan. 8 – Feb. 21, 2020

Competitive Negotiated

012_BB022120 12 2/20/2020 4:55:49 PM

www.bondbuyer.com 13Friday, February 21, 2020 Market Statistics

Treasury Bills Yesterday’s Prev. Day’s Yesterday’s

(in percent of discount) Bid/Offer Bid/Offer Bid Yield

1M — 03/17/2020 . . . . . . . . . . . . . 1 .565/560 1 .570/565 1 .588

3M — 05/21/2020 . . . . . . . . . . . . . 1 .545/540 1 .545/540 1 .573

6M — 08/20/2020 . . . . . . . . . . . . . 1 .510/500 1 .515/510 1 .543

Treasury Notes and Bonds Yesterday’s Prev. Day’s Yesterday’s

(in points and 32ds) Bid/Offer Bid/Offer Bid Yield

2Y — 1 .37% due 01/2022 . . . . . . . 99 .306/000 99 .28+/296 1 .395

5Y — 1 .37% due 01/2025 . . . . . . . 100 .00+/020 99 .262/276 1 .372

10Y — 1 .50% due 02/2030 . . . . . . 99 .252/272 99 .120/140 1 .523

30Y — 2 .00% due 02/2050 . . . . . . 100 .226/246 99 .230/250 1 .968Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.–

Barclays Capital Long Treasury Bond Index Index Value Yield Index Total

Yesterday Prev. Day Change Yesterday Prev. Day Change Return

Close 4383 .08 4391 .04 –7 .95 1 .98 1 .97 +0 .01 4283 .08

The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity

(Jan. 1 1973 = 100).

U.S. Securities PricesPrices as of 3.30pm ET. Source: Thomson Reuters

Thursday Friday Tuesday Wednesday Thursday Feb 13 Feb 14 Feb 18 Feb 19 Feb 20

Overnight* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .20 1 .20 1 .20 1 .20 1 .20Three Months . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .56 1 .56 1 .57 1 .57 1 .57Six Months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .55 1 .55 1 .54 1 .55 1 .54Nine Months . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .51 1 .50 1 .49 1 .50 1 .49

One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .48 1 .47 1 .45 1 .46 1 .45Two Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .41 1 .41 1 .40 1 .41 1 .38Three Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .39 1 .38 1 .35 1 .39 1 .35Four Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .39 1 .38 1 .36 1 .39 1 .35Five Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .41 1 .40 1 .37 1 .41 1 .37

Six Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .47 1 .45 1 .42 1 .45 1 .41Seven Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .51 1 .50 1 .46 1 .50 1 .45Eight Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .54 1 .52 1 .49 1 .52 1 .48Nine Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .57 1 .55 1 .51 1 .54 1 .5010 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .60 1 .57 1 .54 1 .56 1 .52

15 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .75 1 .72 1 .69 1 .71 1 .6720 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .90 1 .87 1 .83 1 .86 1 .8125 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Date post:	29-Jan-2021
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Vol. 392 No. F554 N.Y., N.Y. Friday, February 21, 2020 THE ... › 1e › 4c › 6bac6fd14d...da....

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