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Municipal Bonds

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  • Puerto Rico not for faint of heart: Muni pro Tuesday, 28 Apr 2015 | 4:42 PM ET
    Public water utility workers fix a pipe in Old San Juan. The island-territory of the United States is on the brink of a debt crisis as lending has skyrocketed in the last decade with the government issuing municipal bonds mostly to finance pensions.

    Jeffrey Gundlach recently doubled his investment in Puerto Rico's debt, but that's no reason for the average investor to jump in, a bond pro said.

  • SHANGHAI, April 28- China's Ministry of Finance has warned of slowing tax revenue growth and told local authorities to hasten issuance of newly-approved municipal bond debt- signalling official concern over provincial budgets at a critical time for the economy and planned fiscal reforms. In a statement, the Ministry of Finance urged local finance bureaus to "...

  • CHICAGO, April 21- The Chicago Board of Education paid a stiff penalty for its fiscal woes on Tuesday as investors demanded fat yields for its $295.7 million general obligation bond sale. Municipal bonds carrying the same ratings as the Chicago school system, A-minus by Standard& Poor's and BBB-minus by Fitch Ratings, would normally trade only 85 to 100 basis...

  • SHANGHAI, April 17- Jiangsu province may delay a planned debt auction scheduled for April 23, three sources with direct knowledge of the situation told Reuters on Friday, signaling a possible rocky start for China's fledgling municipal bond market in 2015.. The 64.8 billion yuan auction, if it proceeds as planned, would be the first such official issue by a local...

  • Federal Reserve may allow big banks to use some municipal bonds to meet new liquidity rules that ensure they have enough cash during a credit crunch, the Wall Street Journal reported, citing people familiar with the matter. The Fed had excluded debt issued by cities and states when it approved liquidity rules for large banks in September, part of a global effort...

  • *Beijing wants local govt to swap debt into muni bonds. SHANGHAI, April 10- China's promise to allow more bond defaults so markets can accurately price investment risk is being undermined by the government's own mixed messages, and bond investors are still betting that Beijing will come to their rescue. In March China's Finance Ministry said local governments...

  • Fund manager: This will end badly Tuesday, 7 Apr 2015 | 4:25 PM ET
    Traders in the 10-year bond options pit at the Chicago Board of Trade signal orders.

    Investors need to be wary of fixed income overall and municipal bonds specifically, says fund manager Christopher Ryon.

  • NEW YORK, March 24- A turnaround team tasked with reviving Atlantic City says New Jersey's struggling gambling hub must consider cost cuts, layoffs and longer bond maturities, but bankruptcy is not in the cards- yet. "Bankruptcy is not something that we are contemplating," said emergency manager Kevin Lavin on a conference call on Tuesday. Atlantic City's tax base...

  • The bull case for munis   Friday, 13 Mar 2015 | 12:15 PM ET
    The bull case for munis

    Alexandra Lebenthal, Lebenthal & Co. President & CEO, discusses the health of the munis market.

  • Do you live in the worst-run city in America? Tuesday, 10 Mar 2015 | 2:43 PM ET
    Kansas City skyline

    WalletHub assessed how efficiently America’s largest cities spend taxpayer dollars. Here are the five best and worst.

  • BEIJING, March 10- China's plan to run its biggest fiscal deficit since the global financial crisis may help develop its bond market, but the extra competition for funding could sink some of the major providers of local government financing. To service China's 1.12 trillion yuan deficit for 2015, up 170 billion yuan from last year, state borrowers will also turn...

  • BEIJING, March 10- China's plan to run its biggest fiscal deficit since the global financial crisis may help develop its bond market, but the extra competition for funding could sink some of the major providers of local government financing. To service China's 1.12 trillion yuan deficit for 2015, up 170 billion yuan from last year, state borrowers will also turn...

  • CHICAGO, March 6- Moody's Investors Service on Friday dropped the credit rating for the Chicago Board of Education to Baa3, just one notch above the junk level, due to pension pressures affecting the school system and the city of Chicago. The two-notch downgrade, affecting $6.3 billion of the school district's general obligation bonds, came a week after Moody's...

  • CHICAGO, Feb 27- Chicago drew closer to a fiscal free fall on Friday with a rating downgrade from Moody's Investors Service that could trigger the immediate termination of four interest-rate swap agreements, costing the city about $58 million and raising the prospect of more broken swaps contracts. "This is an unfortunate wake-up call for anyone still asleep...

  • CHICAGO, Feb 27- Moody's Investors Service on Friday cut Chicago's already-weak credit rating one notch to Baa2, citing the city's growing costs related to its big unfunded pension liability. The downgrade to Baa2, which is just two notches above the junk level, affects $8.3 billion of Chicago's general obligation bonds. Moody's warned the rating could fall...

  • WASHINGTON/ NEW YORK, Feb 26- A bill to give Puerto Rico's ailing public utilities a way to restructure debt under the U.S. bankruptcy code drew skepticism from congressional Republicans but support from Democrats, who said it would relieve the island's problems. The Republican-controlled Judiciary subcommittee on regulatory reform of the House of...

  • NEW YORK, Feb 26- Bondholders are split on a proposed bill to give Puerto Rico's ailing public agencies a way to restructure debt under U.S. bankruptcy law, with some saying it would give confidence to the market and others arguing it is a "Wild West" solution. The bill to give Puerto Rico's agencies the ability to file under Chapter 9 of the U.S. bankruptcy code- used by...

  • Feb 12- Standard& Poor's said on Thursday it had downgraded Puerto Rico's general obligation debt by three notches, deeper into junk territory, citing a judge's decision to void the U.S. commonwealth's plan for debt restructuring. The credit ratings agency lowered Puerto Rico's GO debt rating to B from BB, citing the island's potential inability to pay its debts,...

  • Own Puerto Rico bonds? Pro sees a 'silver lining' Wednesday, 11 Feb 2015 | 2:44 PM ET
    Alexandra Lebenthal

    Investors who already own slipping Puerto Rico bonds may not need to fret if they are insured, a municipal bond expert said.

  • Tempted by Puerto Rico bonds? Be careful: Expert Tuesday, 10 Feb 2015 | 2:47 PM ET
    File photo: Public water utility workers fix a pipe in Old San Juan.

    Puerto Rico bonds are too risky for the average investor, but for those who want in, here's what to avoid, one muni bond expert said.