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Municipal Bonds

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  • 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.

  • WASHINGTON, Oct 1- The U.S. bond market may be teetering on the brink of a "liquidity cliff" and appears to be an asset "bubble" that could burst once interest rates start to rise again, a top U.S. securities regulator said on Wednesday. "Everybody knows that this is a cliff that is coming," said Securities and Exchange Commission Republican member Daniel Gallagher, in...

  • NEW YORK, Oct 1- Investors in U.S.-based mutual funds committed a net $831 million to bond funds in the week ended Sept. 24 on continued appetite for tax-free municipal debt, data from the Investment Company Institute showed on Wednesday. "This is just a yield-chasing play," said David Keeble, global head of fixed income strategy at Credit Agricole in New York.

  • 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.

  • NEW YORK, Sept 18- The amount of outstanding U.S. municipal bonds grew slightly in the second quarter, but individual investors continued to pull back from the sector, putting overall holdings at an eight-year low, Federal Reserve data released on Thursday showed.

  • Sept 17- The Michigan Strategic Fund board gave final approval on Wednesday for the sale of up to $450 million of 30- year revenue bonds for a downtown Detroit arena that will be home to the National Hockey League's Detroit Red Wings.

  • Kent Hiteshew, director of the Treasury's newly-formed Office of State and Local Finance, told a meeting of bond attorneys that he was aware of concerns that the elimination of municipal bonds from the definition of banks' high-quality liquid assets could potentially limit bank demand for the debt, pumping up costs of new bond issuance.

  • Kent Hiteshew, director of the Treasury's newly-formed Office of State and Local Finance, told a meeting of bond attorneys that he was aware of concerns that the elimination of municipal bonds from the definition of banks' high-quality liquid assets could potentially limit bank demand for the debt, pumping up costs of new bond issuance.

  • U.S. regulators adopted tighter standards on liquidity requirements for large banks, part of a global effort to make big banks such as JPMorgan Chase and Citigroup more resilient in a future financial crisis. "For us, it's quite simple," said Ronald C. Green, chief financial officer of Houston, Texas.

  • Aug 28- Barclays PLC has agreed to raise up to $275 million to fund Detroit's exit from municipal bankruptcy, the city announced on Thursday. The financing will involve financial recovery bonds issued through the Michigan Finance Authority then purchased by Barclays at a price equal to par, according to deal's term sheet.

  • Detroit says investor demand for water/sewer bonds is big Wednesday, 27 Aug 2014 | 1:44 PM ET

    Aug 27- Detroit's sale on Tuesday of nearly $1.8 billion of water and sewer bonds attracted about $7.6 billion in orders and will save the bankrupt city nearly $250 million, city officials said on Wednesday.

  • WASHINGTON, Aug 26- U.S. banks will not be able to include municipal bonds in mandatory buffers of easy-to-sell assets under rules nearing final approval, a person familiar with the process said on Tuesday.

  • 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.

  • Aug 25- 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, Bloomberg reported, citing a person familiar with the matter. The Public Affairs Office of the Federal Reserve could not be reached out for comment outside of regular U.S. business hours.

  • DETROIT, Aug 22- The Detroit Board of Water Commissioners agreed on Friday to repurchase nearly $1.5 billion of water and sewer revenue bonds tendered by investors by a deadline on Thursday.

  • 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.