Aug 20- Just over a quarter of Detroit's $5.2 billion of outstanding water and sewer revenue bonds were returned to the city for repurchase on Wednesday, 24 hours before the tender offer was due to expire.» Read More
NEW YORK, July 25- Puerto Rico's worsening debt crisis is pushing the managers of some municipal junk bond exchange-traded funds to ditch their mandate for passive management.
NML Capital Ltd said the government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.
Moody's downgraded the general obligation bonds of Atlantic City, New Jersey to "junk," citing the casino town's declining tax base.
NEW YORK, July 23- Standard& Poor's said on Wednesday it had raised New York state's debt rating by one notch, putting it just under a top investment grade, due to the state government's stronger budgeting practices.
Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in Puerto Rican bonds.
July 23- Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in bonds issued by Puerto Rico's highway, water and electricity authorities even as some big U.S. mutual funds launch a legal battle to squelch a new law that authorizes a restructuring.
CHICAGO, July 22- Illinois Governor Pat Quinn on Tuesday signed legislation to fund state-wide transportation projects with $1.1 billion of bonds. However, according to Abdon Pallasch, the state's assistant budget director, no bond sales are currently planned for the rest of 2014..
Documents filed in U.S. Bankruptcy Court show the city's current and retired police and fire employees, along with other active and retired city workers, will accept benefit cuts to help Detroit shed some of its $18 billion of debt in the largest-ever U.S. municipal bankruptcy case.
SHANGHAI, July 18- A Chinese construction company at risk of declaring a landmark bond default on nearly $65 million is getting local political support to hold off creditors and get cash, state media reported on Friday, citing sources at the struggling firm.
Fed Chair Janet Yellen explains why she thinks it would be a terrible mistake for the Fed to apply specific mathematical rules to inflation and employment.
YELLEN SAYS MUNICIPAL BOND MARKETS HAVE FUNCTIONED SMOOTHLY "BUT SOME ISSUERS REMAINED STRAINED".
WASHINGTON, July 11- Prices on Puerto Rico debt drifted higher on Friday and trading of the junk-rated bonds slowed, calming some of the recent market turbulence inspired by the island's troubled power authority.
A crucial referendum looms in Detroit, as a clutch of creditors decide whether to approve a plan that would cut the cash-strapped city's debt.
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..
NEW YORK, July 2- Puerto Rico benchmark general obligation bond prices touched a record low on Wednesday as a recent slew of ratings downgrades and concerns the Commonwealth's public corporations will default continued to weigh on trading.
WASHINGTON, July 1- Creditors to Puerto Rico's 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- 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.