This was untrue, according to the SEC, because Kings Canyon failed to make some of the annual disclosures of financial information and other events that it had promised to make when it conducted three other bond offerings in 2006 and 2007..» Read More
WASHINGTON, July 1- Creditors to Puerto Rico's troubled electricity provider were given a slight respite on Tuesday when the bonds' trustee made a scheduled payment, but the U.S. municipal bond market remained worried the Puerto Rico Electric Power Authority will soon use a new bankruptcy-like process to restructure its debts.
WASHINGTON, July 1- Moody's pushed its rating on Puerto Rico's debt deeper into junk territory on Tuesday and prices of the island's troubled electric authority's bonds plunged as investors awaited word on whether they would receive a scheduled payment on the securities.
June 30- Puerto Rico's troubles continued to worsen on Monday after mutual funds holding about $1.7 billion in its debt sued the commonwealth while other investors sold the bonds on concerns the island's finances could deteriorate further.
Mutual funds that hold municipal bonds in Puerto Rico are suing the commonwealth over its newly passed law dealing with bankruptcy.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing it of passing a law modeled after the U.S. bankruptcy code that could undermine the rights of American investors.
June 30- U.S. mutual funds holding about $1.7 billion in Puerto Rico debt have sued the cash-strapped commonwealth, accusing the Caribbean island of passing an act modeled after the U.S. bankruptcy code in what could be a potential threat to American investors. Puerto Rico is one of the largest issuers of debt in the U.S. municipal bond market.
Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.
June 25- Moody's Investors Service on Wednesday upgraded its rating on California's general obligation debt to "Aa3" from "A1," citing the state's improving financial position and employment growth.
New York Fed President William Dudley warned Puerto Rico about its growing debt load.
SAN JUAN, June 24- New York Federal Reserve Bank President William Dudley warned Puerto Rico about its growing debt load and questioned if the island can sustain its high level of borrowing in remarks delivered to an accounting group on Tuesday.
The Securities and Exchange Commission said that Philadelphia- based TL Ventures Inc will pay about $300,000 to settle the case without admitting or denying allegations that it continued receiving advisory fees from state and city pension funds, even after one of its associates had donated to local political candidates.
The two main unions representing workers at the Puerto Rico Electric Power Authority and the Puerto Rico Aqueduct& Sewer Authority held strike votes on Tuesday, and then staged a protest at Plaza Las Americas, San Juan's major shopping mall.
A settlement has been reached in Detroit's historic bankruptcy case over the treatment of unsecured limited-tax general obligation bonds.
Municipal bond issues have fallen in 2014, slowing city and state capital projects and forcing bond funds to scour for investments.
HONG KONG, May 28- China's push for a municipal bond market could increase the pressure on those provinces already struggling to fund massive debt piles, effectively creating a two-tier market dominated by its major cities and financially strong regions.
May 22- After Detroit filed for bankruptcy last summer, portfolio managers at Eaton Vance municipal bond funds saw a gem hidden in the plumbing of the beleaguered Midwestern city. Eaton Vance's payoff is just one example of the recovery of municipal junk bond funds so far this year, after a tough 2013..
New Jersey has now fallen into single-A category with two of the three major Wall Street credit rating agencies. Standard& Poor's Ratings Services cut New Jersey to A+ last month, citing budget tricks, the state's sizable imbalance, "bullish" revenue assumptions and pressure from growing pension obligations.
AMT-Free, high-yield, and 20-year high grade muni bonds are beating the S&P 500, despite worries over debt in Detroit and Puerto Rico.
NEW YORK, April 23- The Depository Trust& Clearing Corporation, which processes all U.S. stock and fixed income trades, said on Wednesday it supports shortening the settlement cycle for U.S. equities, corporate and municipal bonds, and unit investment trust trades.
April 22- The federal judge overseeing Detroit's historic bankruptcy case tapped a top restructuring official at Phoenix Management Services on Tuesday to help the court determine if the city's plan to adjust its $18 billion of debt is feasible.