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Municipal Bonds

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  • HONG KONG/ BEIJING, May 12- China is set to let banks and local governments use municipal bonds as collateral for borrowing, sources told Reuters on Tuesday, which could pump prime a fledgling market Beijing hopes will help local authorities manage their unwieldy debts. As China's economy slips to its lowest annual growth in a quarter of a century this year, many...

  • LOS ANGELES, May 11- An attempt by holders of bonds issued by bankrupt San Bernardino to win the same treatment accorded the city's biggest creditor, state pension giant Calpers, was thrown out by a federal judge on Monday. San Bernardino, a city of 205,000 that is 65 miles east of Los Angeles, declared bankruptcy in July 2012 with a $45 million deficit.

  • Muni bonds still a buy?   Thursday, 7 May 2015 | 2:08 PM ET
    Muni bonds still a buy?

    Where to put money in muni bonds, with BlackRock municipal bond group head Peter Hayes.

  • Puerto Rico default fears   Thursday, 7 May 2015 | 2:07 PM ET
    Puerto Rico default fears

    BlackRock municipal bond group head Peter Hayes, discusses debt options in Puerto Rico.

  • BOSTON, May 6- Puerto Rico's troubled electric utility on Wednesday asked a U.S. appeals court for an alternative to restructure some $9 billion in debt, saying it would otherwise be at the mercy of U.S. bond funds. The legal battle moved on Wednesday to Boston where lawyers for both sides argued for more than an hour before the U.S. Court of Appeals for the First...

  • NEW YORK, May 5- The $3.7 trillion U.S. municipal bond market has been punishing New Jersey's debt, largely because of the state's underfunded pension system and growing retirement costs. On Wednesday, the state's supreme court will hear arguments about whether it was legal for Governor Chris Christie to slash $1.6 billion from New Jersey's 2015 pension...

  • Puerto Rico bonds a good bet? Gundlach says yes   Tuesday, 5 May 2015 | 12:00 PM ET
    Puerto Rico bonds a good bet? Gundlach says yes

    Jeffrey Gundlach, founder of investment firm DoubleLine Capital, has made a bold recommendation to investors: Buy Puerto Rican general obligation bonds.

  • Big investor makes a bond bet that most would fear Tuesday, 5 May 2015 | 9:58 AM ET
    Jeffrey Gundlach

    Jeffrey Gundlach has made a bold recommendation to investors: Buy Puerto Rican bonds. Here's his thinking.

  • NEW YORK, May 4- Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said on Monday he recommended that investors buy Puerto Rican municipal bonds partly for their yield, despite their risk. "Puerto Rican muni bonds are my recommendation for a risky thing to buy because they have priced in a lot of problems," Gundlach said at the annual Sohn...

  • 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...