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Municipal Bonds

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  • 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...

  • CHICAGO— The city of Chicago's credit rating took another hit with the decision by Standard& Poor's to lower the rating of the city's general obligation bonds two notches to A- from A+, still investment grade. Standard& Poor's action Thursday follows a decision earlier this week by Moody's Investor's Service to lower Chicago's credit worthiness to junk status.

  • 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...

  • NEW YORK, May 12- Jeffrey Gundlach, chief executive of investment firm DoubleLine Capital, said Puerto Rico municipal bonds represent about 1 percent of his DoubleLine closed-end fund. In an investor call on Tuesday, Gundlach said Puerto Rico is not a "big bet" for the $2.2 billion DoubleLine Income Solutions Fund. Gundlach did purchase some pension obligations...

  • Moody's downgrades Chicago debt to 'junk' Tuesday, 12 May 2015 | 5:02 PM ET
    Skyline of Chicago

    Moody's downgraded Chicago's credit rating down to junk level "Ba1" from "Baa2."

  • HONG KONG/ BEIJING, May 12- China is set to let banks and local governments use municipal bonds as collateral for borrowing, sources told Reuters on Tuesday, which could pump prime a fledgling market Beijing hopes will help local authorities manage their unwieldy debts. As China's economy slips to its lowest annual growth in a quarter of a century this year, many...

  • LOS ANGELES, May 11- An attempt by holders of bonds issued by bankrupt San Bernardino to win the same treatment accorded the city's biggest creditor, state pension giant Calpers, was thrown out by a federal judge on Monday. San Bernardino, a city of 205,000 that is 65 miles east of Los Angeles, declared bankruptcy in July 2012 with a $45 million deficit.

  • Muni bonds still a buy?   Thursday, 7 May 2015 | 2:08 PM ET
    Muni bonds still a buy?

    Where to put money in muni bonds, with BlackRock municipal bond group head Peter Hayes.

  • Puerto Rico default fears   Thursday, 7 May 2015 | 2:07 PM ET
    Puerto Rico default fears

    BlackRock municipal bond group head Peter Hayes, discusses debt options in Puerto Rico.