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Bonds Municipal Bonds

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • NEW YORK, May 15- Debt-laden Puerto Rico announced on Monday that the Government Development Bank, once the primary fiscal agent for the U.S. territory, has reached a liquidation deal with its creditors, avoiding a protracted bankruptcy. The agreement would be executed through a so-called Title VI proceeding under PROMESA, the federal rescue law for Puerto Rico,...

  • Construction crews conduct repairs on Broadway Street on April 25, 2017 in San Francisco, California.

    The mixed track record of infrastructure projects suggests that a $1 trillion rebuilding plan may not be a slam-dunk for investors.

  • May 10- Bond insurer Ambac Financial Group Inc said it was "aggressively pursuing" loss mitigation strategies in debt-laden Puerto Rico. Ambac's plan announced in its quarterly earnings report on Wednesday comes a week after Puerto Rico said it would restructure its public debt, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S....

  • The federal financial oversight board for Puerto Rico on Wednesday pushed the U.S. commonwealth into a court-sanctioned restructuring process akin to U.S. bankruptcy, known as Title III. Puerto Rico will use the court processes to restructure much of its $70 billion debt load and $49 billion in pension liabilities. Among those settlements, Harrisburg,...

  • May 4- A pair of bond insurers with about $9 billion at stake in Puerto Rico's debt crisis on Thursday sued the U.S. territory and its financial oversight board, objecting to a fiscal turnaround plan approved by the board in March. The suit filed by units of Assured Guaranty Ltd and MBIA Inc came a day after Puerto Rico announced a historic restructuring of its...

  • May 3- Puerto Rico on Wednesday filed for a form of bankruptcy protection, bumping aside Detroit for the title of the largest municipal insolvency case in U.S. history. Puerto Rico's overall debt burden is nearly seven times larger than Detroit's was when it entered bankruptcy. Puerto Rico, as a U.S. territory, is barred from filing for the same kind of creditor...

  • May 3- Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $3.8 trillion U.S. municipal bond market. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds. The debt restructuring petition was filed by Puerto Rico's financial oversight...

  • A person carries a Puerto Rican national flag during a protest against the government's austerity measures as Puerto Rico faces a deadline on Monday to restructure its $70 billion debt load or open itself up to lawsuits from creditors, in San Juan, Puerto Rico May 1, 2017.

    Gov. Ricardo Rossello announced that he had requested that the federally appointed Oversight Board trigger Title III of the Promesa Act.

  • The request came under Title III of the PROMESA law is an in-court debt restructuring process akin to U.S. bankruptcy protection, as Puerto Rico is barred from traditional bankruptcy because it is a U.S. territory. The case was filed in U.S. District Court in Puerto Rico. "The governor needed to show that his primary allegiance lies with the citizens of Puerto Rico,...

  • Without a last-minute agreement or a move by Puerto Rico to seek an in-court debt workout similar to bankruptcy, bondholders and other creditors are expected to file a wave of litigation over the island's bond defaults starting at midnight Monday. Bond prices rose in response to Congressional negotiations late Sunday that included a $295 million boost in...

  • Without an agreement or a move by Puerto Rico to seek an in-court debt workout similar to bankruptcy, bondholders and other creditors are expected to file a wave of litigation over the island's bond defaults starting at midnight Monday. Bond prices rose in response to Congressional negotiations late Sunday that included a $295 million boost in Medicaid...

  • NEW YORK, April 21- A war of words rather than talk of reconciliation is the latest indication that Puerto Rico and its creditors are getting nowhere fast in their negotiations to restructuring the island's $70 billion in debt before mediation is due to end on Friday. A group of general obligation debtholders accused the government on Wednesday of breaking...

  • Construction crews work along Highway 101 in Novato, Calif.

    Municipal bonds have found new appeal as tax reform prospects fade.

  • NEW YORK, April 19- An elected official of a New York City suburb faces trial on Wednesday in what authorities have called the first criminal securities fraud case involving municipal bonds. Christopher St. Lawrence, the elected supervisor of Ramapo, New York, has been charged with securities fraud, wire fraud and conspiracy. Lawrence in April 2016 along with...

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • NEW YORK, April 12- Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits...

  • *Secession clause in Aberdeen bond a first for debt markets. ABERDEEN, Scotland, April 7- A promise in a bond issued by Aberdeen city stipulating that investors can demand their money back early if the country leaves Britain is the starkest sign yet of investor nervousness over the prospect of Scottish secession. Aberdeen council told Reuters on Thursday it may...

  • April 3- The sale of debt by states, cities, schools and other issuers in the U.S. municipal bond market totaled $86.5 billion in 2017' s first quarter, a drop of 9.5 percent from the same period in 2016, according to Thomson Reuters data on Monday. Bank of America Merrill Lynch ranked second with $11 billion of debt in 118 deals, while J.P. Morgan Securities was third...

  • The four reactors are part of two projects known as V.C. Summer in South Carolina, which is majority-owned by SCANA Corp and Vogtle in Georgia, which is owned by a group of utilities led by Southern Co.. Tax-exempt bonds issued by the Municipal Electric Authority of Georgia, which owns 22.7 percent of the Vogtle units, and South Carolina Public Service Authority,...