News and Information from Bond Buyer

New Jersey and Pennsylvania’s public pension systems were the nation’s most underfunded from 2001 to 2013, according to the National Association of State Retirement Administrators.

Moody's Investors Service said it downgraded $489 million of University of Puerto Rico University system revenue bonds to Caa2 from Caa1 and $73 million of educational facilities revenue bonds, 2000 Series A issued through AFICA to Caa3 from Caa2.

A successful sale of unrated Mello-Roos bonds backed by undeveloped land may be an indication that investors are willing to buy California dirt bonds again.

Lawyers, issuer officials, and others consulted about the fund agreed that the three firms did nothing against the rules when they gave the money to the fund, which is governed by a board independent of the city leadership and which does nothing to politically support Garcetti or any other political interest.

A Texas legislative subcommittee chaired by Rep. Trent Ashby gets $2.8 billion of tuition revenue bonds for colleges and universities moving in the 2015 session. It has been nine years since the last TRBs were authorized.

Moody's Investors Service said it has upgraded the District of Columbia's $2.8 billion of general obligation bonds to Aa1 from Aa2.

The Treasury Department Thursday auctioned $13 billion of 29-year 11-month bonds with a 2 1/2% coupon at a 2.681% high yield, a price of 96.289689.

Peter Taylor, former chief financial officer for the University of California, has been appointed to the California State University Board of Trustees.

Prices of top-rated municipal bonds were stronger at mid-session, traders said, with yields on some maturities down by as much as five basis points.

Dorothy Thomas at Regions Investment Management is keeping duration short, with low exposure to the long end of the curve, a focus on high-quality securities, and building cash flow.

The Treasury Department said it will auction $13 billion 9-year 10-month ¼% inflation-protected notes on Thursday, March 19.

The Treasury Department said Thursday it will auction $26 billion 91-day bills and $26 billion 182-day discount bills Monday.

Given the magnitude and condition of U.S. infrastructure and the Federal push to "level the playing field" by expanding the availability of tax-exempt finance for public-private partnership procurements, the U.S. is poised to become a very active and substantial P3 market.

Fitch Ratings said it downgraded the rating on $225.2 million Illinois Finance Authority revenue bonds issued on behalf of Roosevelt University to BBB-minus.

Business inventories were unchanged at $1.762 trillion in January, while sales were down 2.0% to $1.303 trillion, the Commerce Department reported Thursday.

Municipal bond traders are looking forward on Thursday seeing to the last of the week's big pricings, topped off by the New York City general obligation bond sale.

Mar. 12, 2015 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.15 1.46 2.28 3.1 Florida Aa1/AAA/AAA 0.18 1.5 2.28 3.16 Georgia Aaa/AAA/AAA 0.15 1.4 2.17 2.99 Kentucky Aa2/AA+/AA+ 0.18 1.54 2.38 3.22 Louisiana Aa2/AA/AA 0.18 1.56 2.42 3.26 Mississippi Aa2/AA/AA+ 0.18 1.56 2.37 3.22 North Carolina Aaa/AAA/AAA 0.15 1.41 2.17 2.99 South Carolina Aaa/AA+/AAA 0.15 1.43 2.21 3.03 Tennessee Aaa/AA+/AAA 0.15 1.43 2.21 3.02 Virginia Aaa/AAA/AAA 0.15 1.4 2.16 2.98 West Virginia Aa1/AA/AA+ 0.18 1.51 2.34 3.18

3/11/2015 3/4/2015 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 0 $0 0 $0 0 Florida 7 1,023,645 7 969,855 53,790 Georgia 0 0 0 0 0 Kentucky 9 95,385 9 107,865 -12,480 Louisiana 1 181,210 2 62,500 118,710 Mississippi 3 67,245 2 60,900 6,345 North Carolina 6 271,345 0 0 271,345 South Carolina 4 115,180 2 19,330 95,850 Tennessee 5 26,450 4 22,570 3,880 Virginia 3 117,525 5 338,835 ?221,310 West Virginia 0 0 0 0 0

Thursday, March 12 Issuer St Description Amount