we have provided for this capacity, but in the event that they are aggressively buying and want to upsize, we could do that. >> how would you characterize the demographics of bond buyers of san francisco? >> very large institutions. when we sell capital investment revenue bonds in the competitive market, buyers have to register ahead of time. >> there are few individual buyers? >> there are no individual buyers. >> at all? >> there are none. you have to buy the whole $600 million or nothing. it is usually bank of america or deutsche bank buying for their investors. their investors are benefiting from the mutual funds and retirement funds that they manage. that is different from a negotiated sale, which has a subscription where you are reaching out to settle the business locally for individual investors. >> as a comparison, a% are purchased by individuals. >> is that right? >> 80% in the hopes that it will find some use. thank you. >> thank you. commissioner? >> i would just like to thank you for getting the materials out. we have received the package. we got it on thursday. it is a tremen

these levels, you have got to have either a lot of stress or you need to have the fed coming in and upsizingand again we don't think we are going to hear any news about the fed doing anything at this meeting, not in tomorrow's statement and not even really in the minutes that will be out the first week of april. >> yeah, you anticipated my question, whether or not we would see any subtle changes in the language of that statement which has been reiterating for months now that they would maintain this low interest rate environment and of course we all know would keep it there until the end of '14 but you don't anticipate any slight little change in language there? >> we think there will be a very cautious we haven't had the depressing effect from a cold or stormy winter and won't know until the spring what the fundmentals are. we get to a real underlying level and i think the fed is going to remain uncertain until we get that data. >> spoken like a true bond trader, a skeptic on all fronts there, i like t michael, thanks for joining us today. >> thanks. >>> things are worsening here, we approa