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Municipal Bonds

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  • 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 Europäische 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.

  • What happens to bonds when everyone aims to sell? Thursday, 14 Aug 2014 | 4:25 PM ET

    NEW YORK— If bonds start to tumble, should I sell my bond mutual fund? It's a question investors are asking as expectations rise for a more volatile bond market. Inventories of investment-grade and high-yield bonds at Wall Street banks and other primary dealers are now just 20 percent of where they were in 2007, according to State Street Global Advisors.

  • 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.

  • Puerto Rican utility likely to get credit reprieve Wednesday, 13 Aug 2014 | 1:33 PM ET
    A general view of a power station of Puerto Rico Electric Power Authority, in San Juan, March 24, 2014.

    Puerto Rico's power authority PREPA is likely to receive an extension of vital lines of credit it uses to buy oil, a financial industry executive says.

  • 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.

  • July 30- Franklin Resources Inc said on Wednesday investors withdrew $400 million from its municipal bond funds in the latest quarter, a trend that may continue in the short term on worries over Puerto Rico's chronic fiscal woes.

  • July 30- Franklin Resources Inc said on Wednesday investors withdrew $400 million from its Templeton municipal bond funds in the latest quarter, a trend that may continue in the short term on worries over Puerto Rico's chronic fiscal woes.

  • Puerto Rico weighs on Templeton funds muni bond business Wednesday, 30 Jul 2014 | 10:46 AM ET

    July 30- Franklin Resources Inc Chief Executive Gregory Johnson said Wednesday that investors made net withdrawals of $400 million from the company's Templeton municipal bond funds during the fiscal third quarter, a trend that may continue in the short term as they fret over Puerto Rico's chronic fiscal woes.

  • CEO JOHNSON SAYS HEADLINE RISK AROUND PUERTO RICO MAY CONTINUE TO HURT MUNI BOND FLOWS IN THE SHORT TERM.

  • FRANKLIN RESOURCES CEO SAYS TEMPLETON U.S.

  • July 25- Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors.

  • Brian Zwerner, a former manager of Bank of America's municipal derivatives desk, was sentenced to spend three years on probation and pay a $10,000 fine by U.S. According to court papers he has also agreed to pay Bank of America $890,000 and settle related U.S. Securities and Exchange Commission civil charges.