As we have been anticipating, many municipal issuers are rushing to market before year end. Nowhere is this more true than in the state of New York. This week, $5.15 billion of supply will come to market, the largest week in history. For the month of December, total New York supply will exceed $8.1 billion. The previous largest month was June of 2012, when $7.7 billion was issued. Coupling this historically high supply with the relentless redemptions from New York municipal bond funds (another $63 million flowed out of New York funds last week), and December is setting up to be a challenging month for municipal bonds in New York. ASA views this as an opportunity to source high quality, highly-liquid municipal paper at favorable prices. In particular, municipal debt that benefits from federal, state, and New York city tax exemption is very desirable to the retail market, providing a strong bid when liquidity is desired. We will be closely monitoring the new deals in New York in the weeks ahead and participating in those deals which are most attractive.