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  • CHICAGO, May 27- Underwriters initially priced $668 million of Chicago general obligation bonds on Wednesday with yields topping out at 6 percent for bonds due in 2042 with a 5.75 percent coupon, according to pricing scales obtained by Reuters. The four issues priced through senior underwriter Bank of America Merrill Lynch are part of Chicago's plan to...

  • Chicago bonds initially priced with top yield of 5.96 pct Wednesday, 27 May 2015 | 10:02 AM ET

    CHICAGO, May 27- Underwriters initially priced $170.2 million of Chicago general obligation bonds on Wednesday with a top yield of 5.96 percent for bonds due in 2040 with a 5.75 percent coupon, according to a pricing scale obtained by Reuters. The bond sale is part of Chicago's plan to convert about $805 million of variable-rate debt to fixed rate and ending...

  • May 21- Moody's Investors Service on Thursday cut Puerto Rico's bond ratings further into junk status, saying the troubled U.S. territory would not be able to access markets by the June 30 fiscal year-end and might have to prioritize debt payments. Puerto Rico is struggling with $72 billion in debt and faces a bond payment of $655.2 million on its general...

  • 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...

  • Half a millennium later, that sum wouldn't buy a square foot of office space in New York City's trendiest real estate market, the area below 34th Street known as Midtown South. Fueled by an influx of workers from the Internet economy and a record 17 consecutive quarters of rising prices, the average cost per square foot of office space in Midtown South hit an...

  • 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+.

  • S&P downgrades Chicago GO bonds to A- from A+ Thursday, 14 May 2015 | 6:50 PM ET

    NEW YORK, May 14- S&P credit rating agency on Thursday downgraded Chicago's general obligation bonds to A- from A+, which the agency said was three notches above "junk" level, citing the financial challenges the city is facing. The agency said it expects the city will address its liquidity pressures, "whether through full re-negotiations or through utilizing its own...

  • CHICAGO, May 13- A day after pushing Chicago's credit rating to junk, Moody's Investors Service dropped ratings on Wednesday for the city's school and park districts to that level as well. Moody's dropped the rating on $6.2 billion of Chicago Board of Education general obligation bonds three notches to Ba3 and the rating on $616 million of Chicago Park District...

  • 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...

  • CHICAGO, May 13- Chicago began an uphill battle in court on Wednesday to keep its cost-saving pension reform law from meeting the same fate as an Illinois law that was declared unconstitutional last week by the state supreme court. Michael Freeborn, an attorney who filed one of the two lawsuits challenging the law, said a ruling by Novak could come soon after the...

  • CHICAGO, May 12- Moody's Investors Service on Tuesday pushed Chicago's credit rating into the "junk" category, citing limited options for easing the city's growing unfunded pension liability after a state court last week invalidated a state pension reform law. The downgrade of Chicago's $8.1 billion of general obligation bonds moves the city's rating down...

  • SHANGHAI, May 11- China's banks are facing their toughest year since the onset of the global financial crisis in 2009, with interest rate cuts and liberalization of the deposit rate system eating into their profit margins. The People's Bank of China cut interest rates for the third time in six months on Sunday in a bid to lower companies' borrowing costs, while...

  • US companies hoarding $1 trillion in cash Monday, 11 May 2015 | 2:10 AM ET
    US dollars

    Just five US companies are hoarding nearly half a trillion dollars as the country’s tax code and a tepid global economy deter firms from spending.

  • May 5- A recent decision by the Oregon Supreme Court overturning cuts to public pensions is a "credit negative" that will hurt the budgets of both the state and its cities, Moody's Investors Service said in a report on Tuesday. Last month, the Oregon Supreme Court ruled that reductions in cost-of-living-adjustments for retirees and current employees passed in...

  • HONG KONG, May 3- Fosun International Ltd, an investment company controlled by Chinese billionaire Guo Guangchang, said it had offered to buy the 80 percent it does not already own in U.S. insurer Ironshore Inc for $1.8 billion. The move follows Fosun's decision to buy a 20 percent stake in the casualty and property insurer for $464 million in August 2014 in a bid to...

  • Traders work the floor of the New York Stock Exchange.

    U.S. stocks closed higher, recovering from the prior day's selloff, as investors eyed higher Treasury yields and looked for signs of economic growth.

  • CHICAGO, May 1- Chicago's $20 billion unfunded public pension liability is on track to grow significantly regardless of the outcomes of litigation over the constitutionality of benefit cuts or legislative action, Moody's Investors Service said on Friday. But the credit rating agency warned there will be a growing risk to Chicago's solvency if its four...

  • Winning and losing picks from last Sohn conference Friday, 1 May 2015 | 12:17 PM ET
    The 2015 Sohn Investment Conference takes place on Monday May 5th in New York.

    With the S&P 500 advancing 11 percent since last year's Sohn Investment Conference, here's a rundown on the winners and losers for the year.

  • US dollar and data in focus on Wall Street Friday, 1 May 2015 | 8:45 AM ET
    Traders work on the floor of the New York Stock Exchange.

    US stock index futures indicated a higher open on Friday ahead of a data-packed day, after stocks closed down more than 1 percent.