Municipal Bonds
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HARRISBURG, Pa.-- Pennsylvania's debt-laden capital city will have a new mayor next year, but he could have little role in sorting out the pressing financial problems that dragged Harrisburg to the brink of bankruptcy after an unprecedented takeover by the state.
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May 2- U.S. municipal bond funds reported a jump of net outflows to $391.3 million in the week ended May 1 from $102 million of outflows during the previous week, according to data released by Lipper on Thursday.
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May 1- Wall Street's three main credit rating agencies had three different reactions to the $604.2 million buyout of Pittsburgh's West Penn Allegheny Health System bondholders on Monday.
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WASHINGTON, May 1- Private bank loans are riding a wave of popularity among cities, counties and other U.S. local governments, leaving the $3.7 trillion municipal bond market racing to assess and contain any risks they may pose, a white paper said on Wednesday.
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May 1- Wall Street's three main credit rating agencies had three different reactions to the $604.2 million buyout of Pittsburgh's West Penn Allegheny Health System bondholders on Monday.
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SAN FRANCISCO, April 30- Stockton, the biggest U.S. city to have filed for bankruptcy, forecasts $840,000 more in the current fiscal year than its officials initially anticipated, one sign of how local revenues in California are picking up after several years of declines.
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April 29- Insurer Highmark Inc on Monday completed a $604.2 million bondholder buyout of troubled West Penn Allegheny Health System at 87.5 cents on the dollar.
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April 29- Insurer Highmark Inc on Monday completed a $604.2 million bondholder buyout of troubled West Penn Allegheny Health System at 87.5 cents on the dollar.
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Mayor William Bell of Birmingham, AL, discusses how towns in his county have fared since suffering the largest U.S. municipal bankruptcy on record.
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SAN JUAN, April 26- Puerto Rico would see its deficit decline substantially to $200 million under a proposed budget for the 2014 fiscal year unveiled by the territory's governor, who said he expects to close the budget gap in two to three years.
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April 25- Puerto Rico's new governor on Thursday proposed raising government spending by 8 percent and expanding the goods and services on the Caribbean Island subject to a sales and use tax.
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Given the market's recent volatility, Russ Koesterich, Chief Investment Strategist at BlackRock, explains why investors should be careful about classic defensive plays.
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San Bernardino's decision to resume its $1.2 million, bimonthly employer contributions to Calpers while continuing to defer pension bond debt will intensify the battle between the pension fund and Wall Street bondholders.
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April 2- After a court decision allowing Stockton, California to push ahead with its bankruptcy, investors in the $3.7 trillion U.S. municipal bond market will have a ringside seat as the nation's biggest public pension system and bondholders duke it out.
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March 20- Fitch Ratings on Wednesday cut its rating on $10.6 billion of Puerto Rico general obligation bonds to BBB-minus from BBB-plus, saying the U.S. commonwealth was facing a large budget imbalance caused by a weak economy and revenues. Moody's Investors Service reduced Puerto Rico's general obligation rating rating by two notches to Baa3 in December.
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CHICAGO, March 13- Illinois will sell $800 million of debt next month in the U.S. municipal bond market, where investors will likely continue to demand hefty yields for the state's debt amid an unresolved public pension crisis.
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HONG KONG, March 12- Cash-strapped Chinese solar panel maker Suntech Power Holdings Co Ltd is likely to be bailed out by the state, despite a temporary reprieve from some debt holders, as it struggles to cover a $541 million convertible bond due within days.
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Illinois, which has the worst-funded state pension system in the United States, has agreed to settle charges alleging it repeatedly misled municipal bond investors about the underfunding of its pensions.
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WASHINGTON, March 7- Individual investors fled U.S. municipal bonds in 2012, pulling a record $238.1 billion out of the market in the final quarter of the year, according to Federal Reserve data released on Thursday.
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WASHINGTON, March 7- The amount of outstanding U.S. municipal bonds dropped slightly in the fourth quarter of 2012, to $3.714 trillion from $3.719 trillion in the third quarter, according to Federal Reserve data released on Thursday.
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What would the 10-year Treasury yield without QE? Saumil Parikh, Pimco, takes a look at Fed intervention and how investors should allocate bonds in their portfolios.