News and Information from Bond Buyer

Municipal issuers’ disclosures of financial and operating data have increased dramatically, while disclosures of bank loans have been disappointing, Municipal Securities Rulemaking Board executive director Lynnette Kelly said at a conference.

Prices of top-rated municipal bonds were slightly stronger at mid-session, with yields on some maturities as much as one basis point lower, according to traders.

Stressing that no decision has been made, Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. George said Wednesday she still supports a mid-year liftoff on the federal funds rate target.

Portfolio manager Michael Pepe is buying bonds with 10-year call provisions and hospital bonds with attractive yields to cope with a flat yield curve and tight spreads as the market awaits higher interest rates.

Tulsa Public Schools won 80% approval for its record $415 million bond proposal that will help the inner-city district compete with its suburban rivals.

Indicator Last Report Forecast Actual ADP Employment Jan.: +250,000 Feb.: +220,000 Feb.: +212,000 ISM Non-Manufacturing Jan.: 56.7 Feb.: 56.5 Feb.: 56.9

The U.S. services sector expanded at a slightly faster pace in February as the non-manufacturing business activity composite index was 56.9 in the month, compared to 56.7 in January, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

About 5,451,300 online job postings appeared on leading Internet job boards in February, an increase of 184,100 from January, the Conference Board reported Wednesday.

After a busy day in the market on Tuesday that saw deals from Cypress-Fairbanks Independent School District, Medford School District No. 549 C, and Florida State Board of Education, as well as California priced for retail, the market will see plenty more action on Wednesday, headlined by California's institutional pricing.

Large financial firms can expect continued scrutiny for risk management, internal controls and governance, Federal Reserve chair Janet Yellen said in New York.

Standard & Poor's Ratings Services said it lowered its rating on the Town of Hempstead, N.Y.'s general obligation bonds outstanding three notches to A-plus from AA-plus with a developing outlook.

Standard & Poor's Ratings Services said it has raised its underlying rating on Mountaintop Area Joint Sanitary Authority, Pa.'s sewer revenue bonds to A from A-minus.

Standard & Poor's Ratings Services said it has lowered its rating on Amherst Industrial Development Authority, Va.'s series 2006 educational facilities revenue refunding bonds, issued for Sweet Briar College to B-minus from BBB and placed the rating on CreditWatch with negative implications.

Standard & Poor's Ratings Services said it raised its underlying rating to AA-minus from A-plus on Orleans Parish School Board, La.'s series 2011 taxable qualified school construction bonds revenue bonds.

Again urging the Federal Reserve to show patience on interest rate hikes, Federal Reserve Bank of Chicago President and Chief Executive Officer Charles L. Evans said Wednesday, the risks of a too-early increase outweigh the benefits.

Private-sector employment increased by 212,000 in February, on a seasonally adjusted basis, ADP reported Wednesday.

Chicago is making headway on gaining relief from $60 million in swap termination payments owed to banks after Moody's Investors Service downgraded its general obligation credit last week, according to Mayor Rahm Emanuel's administration.

3/3/2015 2/24/2015 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 10 $191,875 11 $82,660 109,215 Indiana 9 252,785 4 271,420 ?18,635 Iowa 14 192,595 11 175,325 17,270 Michigan 10 128,740 13 135,900 ?7,160 Minnesota 16 187,575 18 139,580 47,995 Missouri 6 80,890 4 86,005 ?5,115 Nebraska 0 0 0 0 0 North Dakota 0 0 1 3,500 ?3,500 Ohio 4 101,360 5 167,255 ?65,895 South Dakota 0 0 0 0 0 Wisconsin 32 175,230 19 117,055 58,175

Mar. 4, 2015 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois A3/A+/A+ 0.54 2.38 3.45 4.3 Indiana Aaa/AAA/AA+ 0.14 1.29 2.17 3.02 Iowa Aaa/AAA/AAA 0.14 1.3 2.17 3.02 Michigan Aa2/AA/AA 0.17 1.46 2.34 3.2 Minnesota Aa1/AA+/AA+ 0.14 1.26 2.1 2.93 Missouri Aaa/AAA/AAA 0.14 1.24 2.08 2.93 Nebraska NR/AAA/NR 0.14 1.31 2.22 3.1 North Dakota Aa1/AA+/NR 0.15 1.33 2.24 3.1 Ohio Aa1/AA+/AA+ 0.15 1.32 2.21 3.08 South Dakota NR/AA+/AA+ 0.15 1.33 2.25 3.12 Wisconsin Aa2/AA/AA 0.16 1.34 2.22 3.1

Wednesday, March 4 Issuer St Description Amount