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Municipal Bonds

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  • Chicago downgrades: the takeaways for investors Tuesday, 26 May 2015 | 11:15 AM ET
    Chicago, Illiinois.

    After a recent string of credit downgrades on Chicago, UBS's Thomas McLoughlin says here are the takeaways for investors.

  • SHANGHAI, May 26- Chinese five- and ten-year treasury futures for September delivery were down nearly one percent today, in their sharpest one day move since hitting the market, as rising municipal bond supply threatens to complicate the central bank's easing bias. The rebound in yields is likely partly technical, after the central bank cut its policy rate by 25...

  • SHANGHAI, May 26- Chinese five-year treasury yields have risen 16 basis points in the past ten days to 3.16 percent, following a flurry of new municipal bond issuance by heavily indebted provinces. "The central bank's easing policies will mainly push down one- or two-year rates," said Frances Cheung, Head of Rates Strategy Asia Ex-Japan at Societe Generale.

  • China's Guangxi to auction 20 bln yuan bonds on May 28 Thursday, 21 May 2015 | 8:44 PM ET

    SHANGHAI, May 22- China's Hubei Zhuang Autonomous Region will auction 20 billion yuan of bonds ranging in tenor from three to 10 years on May 28, according to a notice posted on the website of one of the country's main bond clearing houses late on Thursday. Guangxi will be the fourth government to auction municipal bonds in China this year. Of the 20 billion yuan,...

  • WASHINGTON, May 21- The U.S. Federal Reserve did an about-face on Thursday and proposed allowing banks to count certain municipal bonds as liquid assets in order to comply with new rules designed to ensure banks can survive a cash crunch. The rule change will not apply only to banks regulated by the Federal Reserve that have $250 billion or more in total...

  • NEW YORK, May 21- Puerto Rico's benchmark government bonds hit their highest level in more than a month on Thursday in a 5- day rally sparked by an agreement on new revenue raising tax measures last week. Puerto Rico's general obligation bonds that carry an 8 percent coupon and expire in 2035, a $3.5 billion tranche sold mainly to hedge fund last year, hit 83 cents on...

  • CHICAGO, May 21- Banks that entered into credit and other deals related to Chicago's general obligation variable-rate debt have agreed not to demand payments triggered when the city's rating was cut to junk by Moody's Investors Service, according to city documents. The forbearance agreements between Chicago and the banks will allow the city to convert the...

  • Reform takes back seat as China drives muni debt swap Thursday, 21 May 2015 | 3:09 AM ET

    *Beijing acts to prop up fledgling municipal bond market. Beijing launched a new U.S.-style municipal bond market to supplant LGFV financing, a reform it hoped would bring market discipline to local borrowing and allocate capital to better effect, a perennial problem in China, where too much lending finds its way to inefficient state projects and entities.

  • SHANGHAI, May 20- China's Hubei province will auction 20 billion yuan of bonds ranging in tenor from three to 10 years on May 27, according to a notice posted on the website of one of the country's main bond clearing houses on Wednesday. Hubei will be the third province to auction municipal bonds in China this year following Jiangsu's auction on Monday and another...

  • We have a municipal bond crisis in Chicago: Advisor Tuesday, 19 May 2015 | 12:55 PM ET
    Signs direct traffic at a construction site along Interstate 294 (I-294) near Chicago, Illinois.

    As Chicago's municipal bonds continue to be downgraded, an advisor says something has to be done on the political level.

  • What's next for Chicago's debt crisis?   Tuesday, 19 May 2015 | 12:50 PM ET
    What's next for Chicago's debt crisis?

    In an extended, CNBC's Rick Santelli discusses Chicago's municipal bond crisis with Mike Shedlock, Sitka Pacific Capital Management.

  • *Jiangsu bond issue eases fears over local govt debt. SHANGHAI, May 19- China stocks bounced sharply off one-week lows on Tuesday, cheered by Beijing's 2015 guidelines for economic reform that prioritize further opening of the country's capital market and the restructuring of state enterprises. The guidelines, which target areas including the Shenzhen- Hong...

  • LOS ANGELES, May 18- San Bernardino's council approved a bankruptcy exit plan on Monday night that seeks to virtually eliminate the southern California city's pension bond debt while paying Calpers, the state pension system, in full. The Luxembourg- based bank EEPK, holder of the $50 million pension obligation bonds, Ambac Assurance Corp, which insures a portion...

  • SHANGHAI, May 15- Falling tax revenue and the plodding pace of local governments' refinancing through municipal bonds means that China could face a serious fiscal squeeze on the local level, forcing Beijing to intervene more aggressively to avert a Chinese "fiscal cliff". China's money supply grew at is slowest pace on record in April while HSBC said in a report on...

  • UPDATE 1-S&P downgrades Chicago GO bonds to A- from A+ Thursday, 14 May 2015 | 7:57 PM ET

    CHICAGO, May 14- Chicago's credit rating suffered a new blow on Thursday when Standard& Poor's Ratings Services dropped it two notches to A-minus and warned it could fall even further. S&P's downgrade came just two days after Moody's Investors Service dropped Chicago's general obligation rating into the junk level in the wake of an Illinois Supreme Court...

  • S&P downgrades Chicago GO bonds to A- from A+ Thursday, 14 May 2015 | 7:11 PM ET
    Chicago

    S&P credit rating agency on Thursday downgraded Chicago's general obligation bonds to A- from A+.

  • NEW YORK, May 13- A downgrade of Chicago's debt rating to junk created confusion in the $3.7 trillion U.S. municipal bond market on Wednesday, with prices sliding in a volatile session and predictions that they still have further to fall. While Moody's Investors Service downgraded the city's $8.1 billion of general obligation debt to junk at Ba1, other big Wall...

  • Moody's cuts Chicago credit rating to 'junk'   Wednesday, 13 May 2015 | 11:00 AM ET
    Moody's cuts Chicago credit rating to 'junk'

    Chicago debt was downgraded by Moody's to "junk" level. CNBC's Kate Rogers explains.

  • HONG KONG/ BEIJING, May 12- China is set to let banks and local governments use municipal bonds as collateral for borrowing, according to sources and an official document seen by Reuters, which could pump prime a fledgling market Beijing hopes will help local authorities manage their unwieldy debts. Banks will also be able to use the bonds as collateral in the...

  • SHANGHAI, May 13- China's Jiangsu province will restart on May 18 a delayed plan to sell bonds worth 52.2 billion yuan, a major Chinese bond issues website posted late on Tuesday. Jiangsu, China's first province to launch municipal bonds, will issue 10.44 billion yuan worth of three-year bonds, 15.66 billion yuan of five-year, 15.66 billion yuan of seven-year...