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Municipal Bonds

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  • NEW YORK, Aug 21- Hedge funds negotiating with Puerto Rico's public power authority PREPA over a possible restructuring of more than $8 billion in bonds include two involved in Argentina's protracted bond negotiations, Knighthead Capital Management and Redwood Capital Management, according to the full bondholder agreement published on Thursday.

  • Aug 21- The holders of $5.2 billion of Detroit water and sewer revenue bonds turned in only 28.34 percent of the debt for repurchase before Thursday's expiration of the city's tender offer, according to tender agent data. Robert Apfel, Bondholder Communications president, said official results would be announced by Detroit on Friday.

  • Just over quarter of Detroit water/sewer bonds tendered Thursday, 21 Aug 2014 | 5:33 PM ET

    Aug 21- Bondholders of $5.2 billion of Detroit water and sewer revenue bonds turned in only 28.34 percent of the debt for repurchase by Thursday's expiration of the city's tender offer, according to tender agent data.

  • 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.

  • ISDA delays Argentina CDS auction until September Tuesday, 19 Aug 2014 | 5:16 PM ET

    ISDA's 15-member determinations committee voted unanimously Tuesday to postpone the auction until at least after Sept. 2.

  • Puerto Rico GO bonds trade at more than 3-month high Tuesday, 19 Aug 2014 | 4:25 PM ET

    NEW YORK, Aug 19- Puerto Rico's benchmark general obligation bonds rallied to their highest level in over three months on Tuesday as investors bet the bonds will be not be affected during a possible restructuring of the island's power authority.

  • NEW YORK, Aug 15- Bonds of Puerto Rico's PREPA power authority hit their highest price in nearly two months on Friday, a day after the troubled utility reached a deal with creditors to extend credit lines and develop a plan to restructure its business. Amodeo does not hold PREPA bonds but does own Puerto Rico general obligation and tax revenue bonds.

  • Aug 14- The Detroit City Council on Thursday approved four bond issues to raise cash to pay settlements with some city creditors, according to the city clerk's office, offering a glimpse at how Detroit intends to finance its exit from the biggest-ever municipal bankruptcy.

  • NEW YORK, Aug 14- Puerto Rico's electric power authority, known as PREPA, will pay an interest rate of alternate base rate plus 4 percent under credit agreements with Scotiabank and Citibank, the utility said in a filing on Thursday. PREPA disclosed the rate in a filing on a site of the Municipal Securities Rulemaking Board.

  • Ambac was also negotiating on behalf of Erste Europ√§ische Pfandbrief-und Kommunalkreditbank AG, the holder of the bonds, and Wells Fargo Bank, the bond trustee and the flagship bank of Wells Fargo& Co. Details of the negotiations are subject to a judicial gag order.

  • Aug 14- A bond insurance company fired back at Detroit's attempt to invalidate $1.45 billion of pension debt, claiming in a court filing late Wednesday that it was "fraudulently" led to guarantee payments on the debt.

  • Aug 14- A bond insurance company fired back at Detroit's attempt to invalidate $1.45 billion of pension debt, claiming in a court filing late Wednesday that it was "fraudulently" led to guarantee payments on the debt.

  • Why Wall Street is going back into junk Monday, 11 Aug 2014 | 4:45 PM ET
    Traders work on the floor of the New York Stock Exchange (NYSE) in New York.

    Wall Street is dipping back in to the junk bond market after the rout in high-yield corporates resulted in record outflows just a week ago.

  • SEC charges Kansas with fraud on pension disclosures Monday, 11 Aug 2014 | 3:31 PM ET

    Securities regulators have filed fraud charges against the state of Kansas, alleging offering documents failed to disclose risks to investors.

  • WASHINGTON, Aug 11- The U.S. Securities and Exchange Commission said on Monday it has charged Kansas with fraud for not properly disclosing funding problems with its public pension plan, in the third time the federal regulator has taken action against a state.

  • WASHINGTON, Aug 1- Issuance of U.S. municipal bonds fell steeply in July, with sales for the first seven months of 2014 running 15.4 percent below the same period last year, according to Thomson Reuters data released on Friday. Total sales in July were $25.6 billion, 23.8 percent below June and 10 percent below the $28.4 billion sold in July 2013.

  • Argentine creditor says govt 'choosing' to default Thursday, 24 Jul 2014 | 6:43 PM ET
    Posters on a wall against the 'vulture funds' in Buenos Aires, Argentina.

    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 downgrades Atlantic City to 'junk' status Wednesday, 23 Jul 2014 | 4:27 PM ET
    Showboat Atlantic City hotel in Atlantic City, N.J.

    Moody's downgraded the general obligation bonds of Atlantic City, New Jersey to "junk," citing the casino town's declining tax base.

  • Painful reckoning looms for Puerto Rico bondholders Wednesday, 23 Jul 2014 | 7:30 AM ET
    Signs of economic depression are visible in the Condado neighborhood of San Juan, Puerto Rico.

    Momentum is building toward a deal that would make painful losses inevitable for investors holding about $20 billion in Puerto Rican bonds.

  • 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.