News and Information from Bond Buyer

The Treasury Department said Thursday it will auction $37 billion 91-day bills and $30 billion 182-day discount bills Monday.

Top-shelf municipal bonds were steady at mid-session, traders said, as Massachusetts’ $1.12 billion of general obligation bonds came to market. Bank of America Merrill Lynch priced the Bay State’s GO deal for institutional investors after a one-day retail order period.

To address the lack of clarity of chapter 9 and to root it in municipal realities, attorney David Dubrow of Arent Fox LLP lists the top five critical changes that should be made to protect the capital markets.

The Municipal Securities Rulemaking Board announced Wednesday it is pushing back the effective date for several amendments to its trade reporting rule to July 18 from May 23 to align them with the date for similar Financial Industry Regulatory Authority requirements.

More muni volume is set to come to market on Thursday as traders await the institutional pricing of Massachusetts' $1.11 billion of general obligation bonds. Bank of America Merrill Lynch is set to price the Bay State's GO deal for institutional investors after a one-day retail order period.

Indicator Last Report Forecast Actual ADP Employment Report Jan.: +205,000 Feb.: +190,000 Feb.: +214,000

Mar. 3, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa1/A+/BBB+ 1.24 2.43 3.44 4.45 Indiana Aaa/AAA/AA+ 0.39 0.99 1.88 2.92 Iowa Aaa/AAA/AAA 0.39 0.98 1.88 2.92 Michigan Aa1/AA+/AA 0.42 1.01 1.99 3.05 Minnesota Aa1/AA+/AA+ 0.39 0.95 1.79 2.8 Missouri Aaa/AAA/AAA 0.39 0.92 1.77 2.81 Nebraska NR/AAA/NR 0.39 1.01 1.93 3 North Dakota Aa1/AA+/NR 0.42 1.06 1.96 3 Ohio Aa1/AA+/AA+ 0.41 1.02 1.96 3.01 South Dakota NR/AA+/AA+ 0.41 1.01 1.96 3.02 Wisconsin Aa2/AA/AA 0.4 1.01 1.93 2.95

3/1/2016 2/23/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 9 $187,605 9 $102,355 $85,250 Indiana 5 205,335 5 29,120 176,215 Iowa 3 26,145 9 155,055 -128,910 Michigan 10 288,800 17 117,215 171,585 Minnesota 19 144,240 22 163,190 -18,950 Missouri 2 106,095 6 69,385 36,710 Nebraska 0 0 0 0 0 North Dakota 1 1,170 1 2,060 -890 Ohio 6 711,335 8 550,600 160,735 South Dakota 0 0 0 0 0 Wisconsin 16 90,045 9 339,360 -249,315

Thursday, March 3 Issuer St Description Amount

Thursday, March 3 Issuer St Description Amount

Week Of February 29 Issuer St Description Amount

ARKANSAS

ARIZONA

The Illinois General Assembly’s Democratic majority failed Wednesday to override Gov. Bruce Rauner’s veto of a $721 million bill that would have provided aid for cash-starved community colleges and low income student grants.

Government

A task force on tax reform led by the House Ways & Means Committee chairman released a mission statement Wednesday that listed a series of principles including limiting the deductions, exclusions and credits “that riddle the tax code today.”

Financial and legal firms that do bond work for Chicago’s sister agencies would face greater diversity disclosure requirements under a bill introduced last month to the Illinois General Assembly.

Municipal bond traders on Wednesday saw the week’s second big wave of new issuance sweep over the market as prices of top-shelf munis continued to erode. Yields on some top-quality munis rose as much as two basis points as big deals from New York and Massachusetts issuers came to market.

The number of credit rating upgrades for states was nearly double the number of downgrades in 2015, according to an annual report released by Standard & Poor’s Tuesday.

Wayne County, Mich.’s books are back in the black for the first time in eight years and the county will soon ask to be released from a state consent agreement, county Executive Warren Evans says.