CHICAGO, April 21- The Chicago Board of Education paid a stiff penalty for its fiscal woes on Tuesday as investors demanded fat yields for its $295.7 million general obligation bond sale. Municipal bonds carrying the same ratings as the Chicago school system, A-minus by Standard& Poor's and BBB-minus by Fitch Ratings, would normally trade only 85 to 100 basis...» Read More
Add a new concern to the stable of high-yield bond risks: ownership of some companies' issuance has become concentrated with just a few fund managers.
A handful of the Nov. 4 races such as the dead heat in Illinois, possibly the most fiscally dysfunctional state, shape up as de facto referendums on reform and their results could make municipal bond investors alter their bets. "People are not so much voting for governor in some of these states but how they want the pensions addressed," said Craig Brandon, Co-Director...
Morgan Stanley's Gary Kaminsky discusses the panic at Wednesday's market open, saying municipal bonds have remained the best asset class.
In a wide-ranging conversation, Bogle held forth on the Federal Reserve, hedge funds, and how individuals can "own their age."
The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials.
Municipal bonds will no longer be part of the easily sellable assets that banks can use to show they are able to survive a credit crunch.
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.
Securities regulators have filed fraud charges against the state of Kansas, alleging offering documents failed to disclose risks to investors.
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 downgraded the general obligation bonds of Atlantic City, New Jersey to "junk," citing the casino town's declining tax base.
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.
A crucial referendum looms in Detroit, as a clutch of creditors decide whether to approve a plan that would cut the cash-strapped city's debt.
Mutual funds that hold municipal bonds in Puerto Rico are suing the commonwealth over its newly passed law dealing with bankruptcy.
Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.
New York Fed President William Dudley warned Puerto Rico about its growing debt load.
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.
The city of Detroit has reached a deal with retired police officers and firefighters that would preserve current pensions.
A federal judge's approval of Detroit's settlement with two banks marks a turning point in the city's reorganization.