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Bonds Municipal Bonds

  • BEIJING/ HONG KONG, May 26- China has tried to brush aside a rare cut to its credit rating by Moody's Investors Service as misinformed, but its reaction highlights its sensitivity to how it is being viewed just as it seeks more foreign capital in its equity and bond markets. "Funding is not really an issue for China, so the level of meetings at the Ministry of Finance or...

  • CHICAGO/ SAN FRANCISCO, May 19- Wells Fargo& Co is paying a price in the U.S. municipal bond market for the bogus customer accounts scandal that hit the bank last year and led to bans by some cities and states, an analysis of Thomson Reuters data shows. California, along with Massachusetts, Chicago, and Ohio, suspended Wells Fargo last fall from pricing their negotiated...

  • CHICAGO/ SAN FRANCISCO, May 19- Wells Fargo& Co is paying a price in the U.S. municipal bond market for the bogus customer accounts scandal that hit the bank last year and led to bans by some cities and states, an analysis of Thomson Reuters data shows. California, along with Massachusetts, Chicago, and Ohio, suspended Wells Fargo last fall from pricing their negotiated...

  • NEW YORK, May 19- An elected official of a New York City suburb was convicted on Friday of what authorities have called the first criminal securities charges brought over municipal bonds, a spokesman for federal prosecutors said. Christopher St. Lawrence, the elected supervisor of Ramapo, New York, was convicted by jurors in federal court in White Plains, New York,...

  • NEW YORK, May 16 (Reuters)- Puerto Rico is due to embark on a bankruptcy process on Wednesday that could take years to resolve, as investors scramble to get the highest recovery on their bonds. "The 25 percent may be what the Commonwealth identified as a available to cover debt service but it doesn't necessarily mean that will be the ultimate recovery," said Shaun...

  • NEW YORK, May 16- Puerto Rico is due to embark on a bankruptcy process on Wednesday that could take years to resolve, as investors scramble to get the highest recovery on their bonds. "The 25 percent may be what the Commonwealth identified as a available to cover debt service but it doesn't necessarily mean that will be the ultimate recovery," said Shaun Burgess,...

  • 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,...

  • 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...