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Municipal Bonds

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  • NEW YORK, June 29- To restructure government debt Puerto Rico will need to reach a negotiated settlement with creditors or modify its constitution, a long and complicated undertaking that may not succeed. "If they go to any holders of debt and say do you want to swap this for that, that doesn't necessarily imply any changes," said Charles Blitzer, who advises funds on...

  • Gauging Puerto Rico contagion

    Puerto Rico's bond crisis is raising questions close to home. Alexandra Lebenthal of Lebenthal & Company, provides perspective.

  • SHANGHAI, June 22- Support for China's economy from the central bank has been put at risk by a surge in municipal bond issuance that has driven up yields, undermining its efforts to cut borrowing costs. Traders are betting government bond yields will rise rather than fall in coming months on the back of more debt sales, producing a tug-of-war between a People's...

  • Andrew Ceresney, head of the SEC's enforcement division, said the firms represented about 70 percent of the dollar value of all municipal bonds issued in the United States during the four years ended on Sept. 30. Among the firms charged include units of banks such as Bank of America Merrill Lynch, BNY Mellon, Goldman Sachs, Citigroup, JP Morgan, Royal Bank of Canada...

  • CHICAGO, June 17- The Chicago City Council on Wednesday approved with no debate Mayor Rahm Emanuel's proposal to sell $1.1 billion of bonds to continue restructuring outstanding debt and pay other obligations. Chicago will use the authorization to convert short-term commercial paper into long-term fixed-rate bonds and complete the refinancing of...

  • SHANGHAI, June 10- China's finance ministry said on Wednesday it has approved a second batch of local government debt swaps worth 1 trillion yuan, doubling the size of the existing swap program announced in March. As growth has slowed in 2015, Beijing has been walking a fine line, trying to simultaneously rationalize often inefficient local government...

  • REUTERS SUMMIT-Regulators close in on bond-markup rules Wednesday, 10 Jun 2015 | 3:34 PM ET

    NEW YORK, June 10- U.S. securities industry regulators are close to proposing final rules requiring brokerage firms and bond dealers to disclose how much they mark up the price of most bonds they sell to retail customers. The controversial rules, proposed in November by the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking...

  • Yields trimmed for $111.7 mln Chicago sales tax bonds Thursday, 4 Jun 2015 | 2:31 PM ET

    CHICAGO, June 4- Investor demand allowed Chicago to lower yields on $111.7 mln of sales tax revenue refunding bonds that were priced on Wednesday, according to details of the deal released on Thursday. But Chicago continues to pay a penalty for its financial woes, which include a $20 billion unfunded pension liability. Chicago officials said investors put in...

  • A U.S. appeals court in New York rejected arguments from Gary Heinz, Peter Ghavami and Michael Welty that prosecutors waited too long to bring wire fraud and conspiracy charges under federal law. The case stems from a wide-ranging bid-rigging investigation involving the $3.7 trillion U.S. municipal bond market that resulted in 17 convictions and $743...

  • SHANGHAI, June 2- China's Hubei province will auction the second batch of municipal bonds worth about 36.4 billion yuan on June 9, according to a notice posted on one of the country's main bond clearing houses on Tuesday. Previously, Hubei province auctioned 20 billion yuan of three-, five-, seven-, and 10- year municipal bonds at yields of 2.85, 3.15, 3.40, and 3.45...

  • SHANGHAI, June 1- China's Tianjin municipality will auction 13.2 billion yuan of bonds ranging in tenors from three to 10 years on June 8, according to a notice on the website of a major bond clearing house published on Monday. Tianjin will be the eighth government to auction municipal bonds in China this year. The 13.2 billion yuan action comprises three-year...

  • SHANGHAI, May 29- China's Anhui province will auction 31.2 billion yuan of bonds ranging in tenors from three to 10 years on June 5, according to a notice on the website of a major bond clearing house. Anhui will be the seventh government to auction municipal bonds in China this year. The 31.2 billion yuan action comprises three-year and 10- year bond issues 6.3...

  • SHANGHAI, May 29- China's Guizhou province will auction 33.6 billion Chinese yuan of bonds ranging in tenor from three to 10 years on June 4, according to a notice on the website of a major bond clearing house. Guizhou will be the sixth government to auction municipal bonds in China this year. The 33.6 billion yuan action comprises three-year and 10- year bond...

  • Atlantic City prices second bond deal in two weeks Thursday, 28 May 2015 | 5:05 PM ET

    May 28- New Jersey's struggling gambling hub, Atlantic City was able to access capital markets for the second time in two weeks, albeit at high interest rates and only with state backing. Atlantic City sold $12 million of tax-exempt general obligation bonds to Bank of America Merrill Lynch in a competitive offering, with a top yield of 6 percent on 15- year bonds...

  • CHICAGO, May 27- Strong investor demand pushed yields lower for $674 million of Chicago bonds priced on Wednesday, but the city continued to pay a penalty for its shaky finances. Carole Brown, Chicago's CFO, said the four bond issues attracted $6 billion in orders. On May 12, Moody's Investors Service downgraded Chicago's credit rating to junk, due to an Illinois...

  • CHICAGO, May 27- Underwriters initially priced $668 million of Chicago general obligation bonds on Wednesday with yields topping out at 6 percent for bonds due in 2042 with a 5.75 percent coupon, according to pricing scales obtained by Reuters. The four issues priced through senior underwriter Bank of America Merrill Lynch are part of Chicago's plan to...

  • Chicago bonds initially priced with top yield of 5.96 pct Wednesday, 27 May 2015 | 10:02 AM ET

    CHICAGO, May 27- Underwriters initially priced $170.2 million of Chicago general obligation bonds on Wednesday with a top yield of 5.96 percent for bonds due in 2040 with a 5.75 percent coupon, according to a pricing scale obtained by Reuters. The bond sale is part of Chicago's plan to convert about $805 million of variable-rate debt to fixed rate and ending...

  • SHANGHAI, May 27- China's Chongqing Municipality will auction 26.5 billion yuan of bonds ranging in tenor from three to 10 years on June 2, according to a notice posted on the website of one of the country's main bond clearing houses late on Tuesday. Guangxi will be the fifth government to auction municipal bonds in China this year. Of the 26.5 billion yuan,...

  • Chicago downgrades: the takeaways for investors Tuesday, 26 May 2015 | 11:15 AM ET
    Chicago, Illiinois.

    After a recent string of credit downgrades on Chicago, UBS's Thomas McLoughlin says here are the takeaways for investors.

  • SHANGHAI, May 26- Chinese five- and ten-year treasury futures for September delivery were down nearly one percent today, in their sharpest one day move since hitting the market, as rising municipal bond supply threatens to complicate the central bank's easing bias. The rebound in yields is likely partly technical, after the central bank cut its policy rate by 25...