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  • Puerto Rico's debt problems just got even worse Monday, 18 Jan 2016 | 5:25 PM ET
    Debris is scattered around the government housing project Puerta de Tierra which is undergoing renovation work, in San Juan, December 2, 2015.

    Puerto Rico is now facing a $16 billion financing gap over the next five years, up from the $14 billion originally projected in September.

  • Ambac CEO fires back over Puerto Rico strain Thursday, 14 Jan 2016 | 7:26 PM ET
    The Puerto Rican Capitol in San Juan

    The CEO of Puerto Rican insurance company Ambac fired back at his critics in an exclusive interview with CNBC.

  • CHICAGO, Jan 14- Illinois sold $480 million of bonds on Thursday, its first debt issue in nearly two years, with the U.S. municipal market's hunger for higher-yielding assets easing the interest penalty the state is paying for its fiscal woes. "Market yields are lower, driving investors out for additional yield and Illinois offers them the opportunity to do that,"...

  • CHICAGO, Jan 14- Illinois sold $480 million in bonds on Thursday, its first debt issue in 20 months, which helped ease the fiscally challenged state's long-standing penalty in the yield-hungry U.S. municipal market. Illinois has the lowest credit ratings and the widest so-called credit spread among the 50 states. "Market yields are lower, driving investors out...

  • Illinois sells $480 mln bonds at overall rate near 4 pct Thursday, 14 Jan 2016 | 12:21 PM ET

    CHICAGO, Jan 14- Bank of America Merrill Lynch won $480 million of Illinois general obligation bonds on Thursday with a bid that resulted in an overall interest cost of 3.9989 percent for the fiscally shaky state, which has not issued any debt in 20 months. Yields in the issue topped out at 4.27 percent in 2041 with a 5 percent coupon, which is 161 basis points over the...

  • CHICAGO, Jan 11- A Chicago City Council committee on Monday approved $2.65 billion of bonds requested by Mayor Rahm Emanuel to further trim risky adjustable-rate debt from its portfolio and raise money for capital improvements. Emanuel originally requested $1.25 billion of general obligation bonds, but city finance officials reduced the amount to $650...

  • WASHINGTON, Jan 11- The U.S. Supreme Court on Monday declined to hear an appeal filed by three former executives of Swiss global investment bank UBS AG convicted of conspiring to deceive U.S. cities and towns by rigging bids to invest municipal bond proceeds. The court left in place a June 2015 ruling by the 2nd U.S. Court of Appeals that upheld the 2012 convictions...

  • CHICAGO, Jan 6- Chicago will head to the municipal bond market next week with a $500 million bond issue amid uncertain pension funding requirements and political turmoil. Chicago's current budget relies on a bill passed by the Illinois House and Senate that would reduce city payments to its pension funds covering police and fire fighters.

  • SHANGHAI, Dec 28- China plans to refinance the remaining outstanding local government debt as of end-2014 within around three years, the state-owned China Business News reported on Monday, citing the finance minister. Finance Minister Lou Jiwei told a meeting of China's parliament, the National People's Congress, that officially counted local government...

  • NEW YORK, Dec 24- Puerto Rico needs debt restructuring authority under U.S. bankruptcy law to address what the Obama Administration has previously called an "escalating crisis," U.S. U.S. House of Representatives Speaker, Republican Paul Ryan, has instructed committees to work with Puerto Rico's government to come up with a solution to the island's financial...

  • Muni bonds expert: Here's what Puerto Rico needs Thursday, 24 Dec 2015 | 7:40 AM ET
    A vacant building in the Santurce neighborhood of San Juan, Puerto Rico.

    Puerto Rico should take a page out of New York City's playbook, Alexandra Lebenthal says.

  • High yield danger spots: Alexandra Lebenthal Thursday, 24 Dec 2015 | 6:11 AM ET
    High yield danger spots: Alexandra Lebenthal

    Alexandra Lebenthal, Lebenthal Holdings president and CEO, shares her outlook on the high yield market, including a warning in Puerto Rico bonds.

  • CHICAGO, Dec 23- Illinois on Wednesday avoided downgrades of its relatively low credit ratings ahead of the state's $480 million bond sale next month. Standard& Poor's removed the immediate threat of a downgrade of Illinois' A-minus rating, but placed a negative outlook on it. Fitch Ratings affirmed a BBB-plus general obligation rating with a stable outlook,...

  • CHICAGO, Dec 23- Illinois on Wednesday avoided a downgrade of its relatively low credit ratings ahead of the state's planned sale of $480 million of bonds next month. An impasse between Illinois' Republican governor and Democrats who control the legislature has left the state without a budget for the fiscal year that began on July 1. S&P, which said a downgrade was...

  • U.S. municipal bonds on solid footing heading into 2016 Wednesday, 23 Dec 2015 | 7:00 AM ET

    Barclays' muni index returns as of Monday of 3.23 percent also outperformed every other U.S. and Canadian fixed-income index. However, Barclays' muni analysts project total tax-exempt returns to turn slightly negative at -1.0 percent to -0.5 percent in the coming year. "Higher Treasury rates, rich valuations and headline risks are set to make 2016 a lackluster...

  • NEW YORK, Dec 16- U.S. top-rated municipal bonds were little changed on Wednesday after the Federal Reserve raised interest rates for the first time in nearly a decade and bond investors adjusted to the likelihood of more increases next year. "We are on a new trajectory and potentially a totally new economic environment," said Jim Colby, chief municipal strategist...

  • NEW YORK, Dec 4- The U.S. Supreme Court on Friday agreed to hear Puerto Rico's bid to reinstate a law that would allow restructuring of the U.S. territory's public agencies as the Caribbean island grapples with its huge debt load. DAVID TAWIL, PRESIDENT, MAGLAN CAPITAL, NEW YORK. "I think that Congress is not about to do anything.

  • NEW YORK, Dec 1- Puerto Rico on Tuesday made bond payments on $355 million worth of debt maturing on Dec. 1 that was issued by its Government Development Bank by diverting revenues pledged to other debt. "The Commonwealth of Puerto Rico's Government Development Bank made full payment of debt service to its note holders today, despite its strained liquidity.

  • NEW YORK, Nov 17- The premium Connecticut pays to borrow money in the municipal bond market rose on Tuesday as the state tapped investors for $650 million amid concerns about its weakening revenues and underfunded public pension system. Investors have been penalizing states with poorly funded pension systems this year and recent news that Connecticut will...

  • Nov 17- Avenue Capital Group continues to buy municipal bonds from Puerto Rico, believing it would be difficult to lose money on the already distressed securities, its co-founder said on Tuesday. Puerto Rico defaulted on part of its obligations in August and has been trying to bring creditors to the table to agree to reductions on their debt.