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Municipal Bonds

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  • Fake interest rates not the way forward: James Grant

    James Grant, Grant's Interest Rate Observer, shares his thoughts on New Jersey's pension problems, and the impact of a low rate environment.

  • Puerto Rico debt deadline due today

    CNBC's Kate Kelly reports on whether the island is likely to make interest payments on nearly $2 billion in loans.

  • People listen as Puerto Rico Gov. Alejandro Garcia Padilla addresses the island's residents in a televised broadcast regarding the governments $73 billion debt, in San Juan, Puerto Rico, June 29, 2015.

    OppenheimerFunds, the largest holder of Puerto Rico debt, warned the island it stands ready to defend the terms of bonds it holds.

  • Here's your opportunity on Puerto Rico talk

    Discussing the debt issues in Puerto Rico, and the outlook for bond holders, with Michael Pepe, JHS Advisors, and Oliver Pursche, Bruderman Brothers CEO. Pepe has the trade.

  • A Puerto Rican flag flies from a building in San Juan, Puerto Rico

    With Puerto Rico saying it can't pay its $72 billion debt, bond investors worry whether bond insurers can cover a looming default.

  • NEW YORK, June 30- U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municpal bond funds, warned the island it stands ready to defend the terms of bonds it holds, a day after the governor said he wanted to restructure debt and postpone bond payments. Puerto Rico's Governor Alejandro Garcia Padilla could be heading toward a fight...

  • UPDATE 1-Puerto Rico bonds fall sharply for second day Tuesday, 30 Jun 2015 | 12:00 PM ET

    NEW YORK, June 30- Puerto Rico's bonds fell sharply for a second straight session on Tuesday, a day after the island's governor said he wanted to restructure debt and postpone bond payments for years, as investors speculated about which classes of the securities were most at risk. Almost 10 percent of municipal bonds that traded Monday were Puerto Rico- related,...

  • Cramer: Puerto Rico is the big story Tuesday, 30 Jun 2015 | 9:03 AM ET
    Cramer: Puerto Rico is the big story

    CNBC's Jim Cramer explains why Puerto Rico is the big story concerning investors at this moment.

  • How the US is helping to sink Puerto Rico Tuesday, 30 Jun 2015 | 7:21 AM ET
    Puerto Rico capitol building

    One report notes that Puerto Rico's close association with the United States is both a benefit and a curse when it comes to the island's economy.

  • June 30- Standard& Poor's Ratings Services lowered its credit rating on Puerto Rico to' CCC-minus' from' CCC-plus', hours after Governor Alejandro Garcia Padilla said the U.S. territory needed a period of bankruptcy to restructure its debt. Former IMF staffers-- engaged by Government Development Bank, Puerto Rico's financing arm-- issued a damning report on Sunday...

  • Puerto Rico bonds: Beware these key dangers Tuesday, 30 Jun 2015 | 6:41 AM ET
    Puerto Rico bonds: Beware these key dangers

    Alexandra Lebenthal, Lebenthal Holdings president & CEO, weighs in on the main issues surrounding Puerto Rico's municipal bond woes.

  • NEW YORK, June 29- To restructure government debt Puerto Rico will need to reach a negotiated settlement with creditors or modify its constitution, a long and complicated undertaking that may not succeed. "If they go to any holders of debt and say do you want to swap this for that, that doesn't necessarily imply any changes," said Charles Blitzer, who advises funds on...

  • Gauging Puerto Rico contagion Monday, 29 Jun 2015 | 1:01 PM ET
    Gauging Puerto Rico contagion

    Puerto Rico's bond crisis is raising questions close to home. Alexandra Lebenthal of Lebenthal & Company, provides perspective.

  • SHANGHAI, June 22- Support for China's economy from the central bank has been put at risk by a surge in municipal bond issuance that has driven up yields, undermining its efforts to cut borrowing costs. Traders are betting government bond yields will rise rather than fall in coming months on the back of more debt sales, producing a tug-of-war between a People's...

  • Andrew Ceresney, head of the SEC's enforcement division, said the firms represented about 70 percent of the dollar value of all municipal bonds issued in the United States during the four years ended on Sept. 30. Among the firms charged include units of banks such as Bank of America Merrill Lynch, BNY Mellon, Goldman Sachs, Citigroup, JP Morgan, Royal Bank of Canada...

  • CHICAGO, June 17- The Chicago City Council on Wednesday approved with no debate Mayor Rahm Emanuel's proposal to sell $1.1 billion of bonds to continue restructuring outstanding debt and pay other obligations. Chicago will use the authorization to convert short-term commercial paper into long-term fixed-rate bonds and complete the refinancing of...

  • SHANGHAI, June 10- China's finance ministry said on Wednesday it has approved a second batch of local government debt swaps worth 1 trillion yuan, doubling the size of the existing swap program announced in March. As growth has slowed in 2015, Beijing has been walking a fine line, trying to simultaneously rationalize often inefficient local government...

  • REUTERS SUMMIT-Regulators close in on bond-markup rules Wednesday, 10 Jun 2015 | 3:34 PM ET

    NEW YORK, June 10- U.S. securities industry regulators are close to proposing final rules requiring brokerage firms and bond dealers to disclose how much they mark up the price of most bonds they sell to retail customers. The controversial rules, proposed in November by the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking...

  • Yields trimmed for $111.7 mln Chicago sales tax bonds Thursday, 4 Jun 2015 | 2:31 PM ET

    CHICAGO, June 4- Investor demand allowed Chicago to lower yields on $111.7 mln of sales tax revenue refunding bonds that were priced on Wednesday, according to details of the deal released on Thursday. But Chicago continues to pay a penalty for its financial woes, which include a $20 billion unfunded pension liability. Chicago officials said investors put in...

  • A U.S. appeals court in New York rejected arguments from Gary Heinz, Peter Ghavami and Michael Welty that prosecutors waited too long to bring wire fraud and conspiracy charges under federal law. The case stems from a wide-ranging bid-rigging investigation involving the $3.7 trillion U.S. municipal bond market that resulted in 17 convictions and $743...