Municipal Bonds


  • SHANGHAI, Oct 21- A draft document circulated by China's Ministry of Finance on local government debt proposes letting them issue bonds to replace borrowings taken through opaque financing vehicles, according to people who have seen the draft. This lending was originally encouraged by Beijing to stimulate the economy and offset the impact of the 2008/ 2009...

  • NEW YORK, Oct 17- U.S. states and cities are urging regulators to let banks treat municipal bonds as liquid assets, arguing in a letter that munis are among the safest investments and "highly tradeable." "We urge your agencies to amend your recent decision to not treat municipal securities as High Quality Liquid Assets," said a letter, dated Oct. 16 and signed by...

  • Kaminsky: Munis best asset class   Wednesday, 15 Oct 2014 | 10:20 AM ET
    Kaminsky: Munis best asset class

    Morgan Stanley's Gary Kaminsky discusses the panic at Wednesday's market open, saying municipal bonds have remained the best asset class.

  • NEW YORK, Oct 10- Puerto Rico paid a steep price to complete a $1.2 bln short-term financing deal on Friday as bonds of the indebted commonwealth slipped to a three-month low and recent data showed the economy and tax revenues remain weak. Puerto Rico paid an interest rate of nearly 8 percent to borrow from a syndicate of banks until next June, the commonwealth's...

  • NEW YORK, Oct 9- Moody's "manipulated" public pension data in a way that has presented an excessively bleak picture of the $3.7 trillion sector, an advocacy group for state pension funds said in a hard-hitting open letter to the ratings agency. The letter, dated Oct. 8, follows the publication of a report by Moody's last month that claimed public pension liabilities...

  • DETROIT, Oct 6- Detroit may take years before fully functioning as a city, its mayor said on Monday as he gave a tepid blessing to the plan for ending the city's historic bankruptcy. Mayor Mike Duggan was the last witness called by Detroit's attorneys, who then rested the city's case in a U.S. Bankruptcy Court hearing on the plan to adjust $18 billion of debt.

  • Jack Bogle: Bill Gross career move is Pimco's loss Sunday, 28 Sep 2014 | 1:00 PM ET
    Jack Bogle

    In a wide-ranging conversation, Bogle held forth on the Federal Reserve, hedge funds, and how individuals can "own their age."

  • Detroit officials regaining most city control Thursday, 25 Sep 2014 | 6:17 PM ET

    The Detroit City Council on Thursday unanimously approved a plan to transfer daily operations to elected officials.

  • Muni bonds excluded from the US bank liquidity rule Tuesday, 26 Aug 2014 | 9:30 AM ET

    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.

  • 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.

  • 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.

  • Mistake to follow mathematical rules for rates: Yellen

    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.

  • Bankruptcy vote may give Detroit breathing room Friday, 11 Jul 2014 | 8:58 AM ET

    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 sue Puerto Rico on bankruptcy worries Monday, 30 Jun 2014 | 1:15 PM ET
    A roofless colonial building is overtaken by vegetation in Old San Juan, Puerto Rico.

    Mutual funds that hold municipal bonds in Puerto Rico are suing the commonwealth over its newly passed law dealing with bankruptcy.

  • Moody's lifts Calif rating to highest since 2001 Wednesday, 25 Jun 2014 | 6:46 PM ET

    Moody's upgraded its rating on California's general obligation debt, citing the state's improving financial position and employment growth.

  • Fed's Dudley warns over Puerto Rico's debt load Tuesday, 24 Jun 2014 | 5:42 PM ET
    A man walks past a vacant building on November 12, 2013 in the Santurce neighborhood of San Juan, Puerto Rico. The island territory of the United States, Puerto Rico, is on the brink of a debt crisis as lending has skyrocketed in the last decade as the government has been issuing municipal bonds.

    New York Fed President William Dudley warned Puerto Rico about its growing debt load.

  • Detroit, major union reach key contract agreement Saturday, 14 Jun 2014 | 6:30 AM ET
    A file photo of downtown Detroit

    A settlement has been reached in Detroit's historic bankruptcy case over the treatment of unsecured limited-tax general obligation bonds.