News and Information from Bond Buyer

Rep. Dave Camp's tax reform proposal would provide some additional revenue stability to the beleaguered island, and the controversial discussion draft is welcomed by the commonwealth's representative in Congress and others working to advance the territory's interests.

The municipal bond market opened Friday outperforming Treasuries as a lack of new bonds continued to hold yields at low levels.

The Treasury Department Tuesday sold $20 billion 66-day cash management bills, dated March 3, due May 8, at a 0.050% high tender rate.

Allen Independent School District in Texas has closed its 2-year-old, bond-financed $60 million Allen Eagle Stadium after discovering cracks in the concrete concourse.

The Securities and Exchange Commission has approved the Municipal Securities Rulemaking Board's proposal to consolidate its multiple registration requirements and forms for municipal securities dealers and municipal advisors.

Under a pay-for-success initiative, Massachusetts embarks on $27 million, seven-year program designed to reduce incarceration rates for at-risk young men.

Supervisory tools are the optimal way to lessen risks of instability from easy money policy, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Friday.

Federal Reserve Bank of Philadelphia President Charles Plosser, who votes on policy this year, said the Fed should press on with plans to trim its bond purchases with the economy likely to grow about 3 percent this year.

Pending home sales inched up 0.1% to an index reading of 95.0 in January, after a revised 5.8% decline to 94.9 in December, according to a report released Friday by the National Association of Realtors.

The University of Michigan's final February consumer sentiment index reading was 81.6, compared to the preliminary February 81.2, the final January 81.2, and the preliminary January 82.5, according to market sources.

The Chicago Purchasing Managers' Business Barometer inched up to 59.8 in February from 59.6 in January, the National Association of Purchasing Management-Chicago said Friday.

Preliminary fourth quarter gross domestic product rose 2.4%, down from the advance estimate of 3.2% growth, the Commerce Department reported Friday.

Moody's Investors Service said it has downgraded to Baa1 from A3, Madison and Fremont Counties Joint School District 322 (Sugar-Salem), Idaho's underlying general obligation debt rating (Idaho State Bond Guaranty and Credit Enhancement Programs), affecting $4.3 million in rated debt.

Moody's Investors Service said it has downgraded to A2 from A1 Canyon County School District 132 (Caldwell), Idaho's underlying general obligation debt rating (Idaho State Bond Guaranty and Credit Enhancement Programs), affecting $37.3 million in rated debt.

Indicator Last Report Forecast Actual Durable Goods Dec.: -5.3% Jan.: -1.7% Jan.: -1.0% Durable Goods ex-trans Dec.: -1.9% Jan.: -0.3% Jan.: +1.1% Initial Jobless Claims 2/15: 334,000 2/22: 335,000 2/22: 348,000 Continuing Claims 2/8: 2.956M 2/15: 2.980M 2/15: 2.964M

Feb. 28, 2014 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aaa/AAA/AAA 0.17 1.05 2.47 3.8 California A1/A/A+ 0.2 1.18 2.73 4.29 Hawaii Aa2/AA/AA+ 0.17 1.15 2.65 4 Idaho Aa1/AA+/NR 0.19 1.17 2.67 4.02 Montana Aa1/AA/AA+ 0.19 1.16 2.67 4.01 Nevada Aa2/AA/AA+ 0.22 1.22 2.75 4.12 Oregon Aa1/AA+/AA+ 0.17 1.09 2.52 3.91 Washington Aa1/AA+/AA+ 0.18 1.15 2.66 4.03 Wyoming NR/AAA/NR 0.17 1.13 2.55 3.88

2/27/2014 2/20/2014 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 $0 0 $0 $0 California 10 493,610 9 382,220 111,390 Hawaii 0 0 0 0 0 Idaho 2 12,215 1 3,845 8,370 Montana 0 0 0 0 0 Nevada 0 0 1 89,275 -89,275 Oregon 1 65,905 2 39,315 26,590 Washington 1 40,985 1 21,410 19,575 Wyoming 0 0 0 0 0

Tuesday, March 4 Issuer St Description Amount

Monday, March 3 Issuer St Description Amount