NML Capital Ltd said the government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.» Read More
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.
April 17- The U.S. Treasury Department is forming a new unit to monitor the municipal bond market, the Wall Street Journal reported, citing a Treasury official.
The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions.
April 14- TIAA-CREF, a retirement services provider to non-profit organizations such as universities and hospitals, said it would acquire asset manager Nuveen Investments for $6.25 billion, seeking to expand its mutual fund and municipal bond offerings. Lazard Ltd and J.P. Morgan Securities LLC advised TIAA-CREF.
A federal judge's approval of Detroit's settlement with two banks marks a turning point in the city's reorganization.
WASHINGTON, April 9- The city of Detroit on Wednesday struck a deal with bond insurers over a key class of debt in its landmark bankruptcy case that significantly reduces bondholder losses and could pave the way for agreements with other creditors.
Kevyn Orr, City of Detroit emergency manager, discusses the deal reached this morning with bond insurers over the treatment of some bonds. Some municipal bondholders will get back as much as 74 cents on the dollar.
April 9- Detroit has reached a settlement with bond insurers over the treatment of some bonds in the city's bankruptcy, and a court-appointed mediator is expected to announce the details later on Wednesday, a spokesman for the city said.
April 7- Creditor objections flowed into a U.S. bankruptcy court on Monday, claiming a document supporting Detroit's plan to deal with $18 billion of debt and other obligations is missing crucial details.