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.» Read More
NEW YORK, Feb 11- Fitch on Tuesday became the third credit rating agency in a week to downgrade Puerto Rico to junk, citing worries about the cash-strapped U.S. territory's weak economy and reduced ability to finance itself in capital markets. Puerto Rico has some $70 billion of debt outstanding and has long struggled with a shrinking economy and population.
CNBC's David Faber and Jim Cramer discuss the status of Puerto Rico and the problems the commonwealth faces.
Feb 10- Puerto Rico Governor Alejandro Garcia Padilla has asked the legislature for approval to borrow up to $3.5 billion with new general obligation bonds.
Phillip Murphy, who was a managing director of Bank of America's municipal derivatives desk from 1998 to 2002, pleaded guilty to conspiring to make false entries in reports and other papers sent from his desk to bank management.
CNBC's Rick Santelli and Matt Fabian, Municipal Market Advisors managing director, discuss the muni bond market, and Puerto Rico's downgrade and economy.
US mutual funds with heavy exposure to Puerto Rico bonds have sold off some of the cash-strapped island's debt.
BOSTON, Feb 7- U.S. mutual funds with heavy exposure to Puerto Rico bonds have sold off some of the cash-strapped island's debt to meet investor redemption demands, taking heavy losses after a year-long slide in prices.
NEW YORK, Feb 7- Moody's Investors Service on Friday became the second ratings agency this week to cut Puerto Rico's credit rating to junk, citing concern about the cash-strapped U.S. territory's weak economy and its ability to borrow.
Moody's Investors Service downgraded Puerto Rico's general obligation debt rating to junk status on Friday.
Discussing the fallout if Puerto Rico defaults on its massive muni bond debt and what investors should do with their money, with Laurence Gottlieb, Fundamental Advisors chairman and CEO, and Shawn O'Leary Nuveen Asset Management senior research analyst.
The downgrade of Puerto Rican debt by the S&P is hitting many U.S. municipal bond investors. Hans Humes, Greylock Capital Management Chairman & CEO, provides insight.
NEW YORK, Feb 4- Standard& Poor's review of confidential information on Puerto Rico's finances led the ratings agency to make an unusually rapid downgrade of the U.S. commonwealth's debt, less than two weeks after warning the rating was at risk, its lead analyst said on Tuesday.
Feb 4- Standard& Poor's on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status on concerns about its ability to access capital markets. Puerto Rico is one of the $3.7 trillion municipal bond market's biggest issuers, with some $70 billion of bonds outstanding.
NEW YORK, Feb 4- Standard& Poor's on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status on concerns about its ability to access capital markets.
Feb 4- Standard& Poor's on Tuesday cut its credit rating on Puerto Rico, dropping the cash-strapped U.S. territory's debt to junk-bond status on concerns about its ability to access capital markets.
Detroit's bankruptcy is rapidly shaping up as a battle of Wall Street vs. Main Street, at least as far as the city's creditors are concerned.
After yanking a record $62.6 billion from muni bond funds in 2013, investors have redeployed cash to the sector in January, with more than $500 million over the past three weeks, Lipper data showed.
WASHINGTON, Jan 31- Leaders of U.S. cities and states criticized bank regulators' proposal to block banks from counting municipal debt toward buffers of easy-to-sell assets they will have to hold in case of a credit crunch.
NEW YORK, Jan 31- Detroit wants to pay the city's pension funds more than bankers and bondholders and to treat complex interest-rate debt it owes to two large Wall Street banks as unsecured debt, according to a report by the Detroit Free Press. Detroit needs to reduce some $18 billion in debt and long-term liabilities.
NEW YORK, Jan 29- Puerto Rico's Economic Activity Index for December will likely show further declines in business conditions, weak index component readings suggested, which would add to the growing unease over the cash-strapped island's weak financial and economic outlook.