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Municipal Bonds

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  • SAN JUAN, March 3- Puerto Rico's legislature on Monday approved government plans to raise up to $3.5 billion in general obligation bonds, clearing the way for a sale as soon as this week. But at the Puerto Rico deal, non-traditional municipal bond buyers such as hedge funds that are able to take on the added risk are expected to dominate.

  • Detroit bond insurer: Sell off the art Saturday, 1 Mar 2014 | 8:51 AM ET
    A decaying building and downtown skyline of Detroit, February 2014.

    Detroit faces a long legal fight over its valuable art collection, a bond insurer argued.

  • In a filing in U.S. Bankruptcy Court, Syncora Guarantee Inc warned that lawsuits will be filed over the Detroit Institute of Arts' collection, which the city is not selling at this point to help pay its $18 billion in debt.

  • Fitch drops Detroit water, sewer debt to junk Friday, 28 Feb 2014 | 6:04 PM ET

    NEW YORK, Feb 28- Analysts at Fitch Ratings on Friday cut some $4 billion worth of bonds issued on behalf of the Water and Sewerage Department of Detroit to junk, citing the weak finances and outlook for the system run by the bankrupt city.

  • CORRECTED-Puerto Rico bonds do the unexpected: Rally Thursday, 27 Feb 2014 | 11:28 AM ET

    WASHINGTON, Feb 26- The $3.7 trillion U.S. municipal bond market has been stunned by what would have been unthinkable a few months ago: Puerto Rico debt is rallying. Most notably, the three rating agencies cut Puerto Rico's credit score to junk earlier this month.

  • Puerto Rico bonds do the unexpected: Rally Wednesday, 26 Feb 2014 | 6:28 PM ET
    Signs of economic depression are visible in the Condado neighborhood of San Juan, Puerto Rico on Tuesday, November 19, 2013.

    The $3.7 trillion US municipal bond market has been stunned by what would have been unthinkable a few months ago: Puerto Rico debt is rallying.

  • Puerto Rico bonds do the unexpected: Rally Wednesday, 26 Feb 2014 | 5:28 PM ET

    WASHINGTON, Feb 26- The $3.7 trillion U.S. municipal bond market has been stunned by what would have been unthinkable a few months ago: Puerto Rico debt is rallying. Most notably, the three rating agencies cut Puerto Rico's credit score to junk earlier this month.

  • Detroit bankruptcy judge sets next steps Tuesday, 25 Feb 2014 | 5:57 PM ET
    Kevyn Orr

    The judge in the historic Detroit bankruptcy has laid out the next steps for city, which could have the it emerging from bankruptcy by fall.

  • Feb 24- Detroit's plan to deal with its $18 billion of debt and emerge from municipal bankruptcy would set a troubling precedent for the U.S. municipal bond market, Fitch Ratings said on Monday. "Fitch considers Detroit's plan of adjustment to be hostile to GO bondholders," the rating agency said in a statement.

  • Feb 21- Detroit's blueprint for dealing with $18 billion in debt and emerging from municipal bankruptcy requires cuts to worker pensions and even deeper cuts for bondholders, setting the stage for a new round of negotiations and court challenges.

  • Detroit bankruptcy plan faces widespread backlash Friday, 21 Feb 2014 | 4:57 PM ET
    Kevyn Orr

    The attacks on the blueprint unveiled Friday mark the start of the kind of litigious, acrimonious battle city officials are hoping to avoid.

  • Feb 21- Detroit's much-anticipated blueprint for dealing with $18 billion in debt and emerging from municipal bankruptcy requires cuts to worker pensions and even deeper cuts for bondholders, according to a plan the city filed in federal court on Friday.

  • Bad bond bets continue plaguing states, cities Friday, 21 Feb 2014 | 2:28 PM ET
    The windows of a house are boarded-up with plywood in the Roseland neighborhood of Chicago, Aug. 28, 2013.

    More than five years after the financial crisis, dozens of states and other entities are still feeling the hangover from risky bond bets.

  • Feb 21- Detroit filed a much-anticipated blueprint for dealing with $18 billion of debt in U.S. bankruptcy court on Friday that includes cuts of as much as 80 percent for some unsecured bondholders.

  • HOLDERS OF UNLIMITED TAX GENERAL OBLIGATION BONDS TO GET 20 PCT VIA NOTE ISSUANCE IN DETROIT PLAN.

  • There's 'great opportunity' in Puerto Rico: Pro Wednesday, 19 Feb 2014 | 11:43 AM ET
    A vacant building in the Santurce neighborhood of San Juan, Puerto Rico.

    The risk-reward calculation in bonds issued by the cash-strapped island leans favorable, said Paul Twitchell of Whitebox Advisors.

  • Implications of Detroit's bankruptcy     Wednesday, 19 Feb 2014 | 10:03 AM ET

    The city of Detroit is expected to release its restructuring plan in the next few days amid another bankruptcy hearing. CNBC's Scott Cohn explains the implications of Detroit's bankruptcy on the municipal bond market.

  • Inside Whitebox's black box: Puerto Rico     Wednesday, 19 Feb 2014 | 8:06 AM ET

    Paul Twitchell of Whitebox Advisors talks about trading in Puerto Rico bonds. In the long run, he said, it's a pretty good buying opportunity.

  • Detroit bankruptcy to enter critical phase Tuesday, 18 Feb 2014 | 4:14 PM ET
    Detroit street scene, February 2014.

    Detroit this week is expected to reveal its plan to settle with its creditors and emerge from bankruptcy.

  • The issue in front of federal bankruptcy Judge Steven Rhodes is whether a pledge of Detroit tax revenue to pay off the voter-approved bond issues is a binding obligation under Michigan law, as argued by bond insurers in two lawsuits, or merely a promise.

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