Washington and Illinois, two of last year's top five export states by dollar value, for the first time warned about potential trade-related consequences in documents for recent bond sales. Now an expanding tariff war with China and Trump's threat to withdraw from the 24- year-old North American Free Trade Agreement between the United States, Mexico and...
CHICAGO, Aug 22- Yield-hungry investors snapped up nearly $966 million of Illinois bonds on Wednesday as the state was once again penalized in the U.S. municipal market for its big fiscal woes. Illinois has the lowest credit ratings among the U.S. states at a notch or two above junk due to financial problems that include a $129 billion unfunded pension liability...
NEW YORK, Aug 22- Credit risks stemming from cyberattacks on U.S. cities, school districts and other municipal bond issuers are likely to grow as the public sector remains an easy target for hackers, S&P Global Ratings said in a report on Wednesday. The U.S. public sector has broadly and quickly adopted new technologies to provide public services, such as online...
WASHINGTON, Aug 22- U.S. banking regulators said on Wednesday they were easing liquidity rules on the treatment of municipal securities, allowing banks to count more of the assets toward certain liquidity requirements. State and local governments also pushed for the relaxed treatment of municipal securities while Congress considered the law to ensure the...
WASHINGTON, Aug 22- U.S. banking regulators said on Wednesday they were easing liquidity rules on the treatment of municipal securities, allowing banks to count more of the assets against certain liquidity requirements. The interim final rule, announced by the Federal Reserve, allows banks to treat "investment grade" municipal securities as "high quality...
BANKING REGULATORS EASE LIQUIDITY RULES ON TREATMENT OF MUNICIPAL SECURITIES- FEDERAL RESERVE.
RULE CHANGE ALLOWS BANKS TO TREAT' INVESTMENT GRADE' MUNICIPAL SECURITIES AS HIGH QUALITY LIQUID ASSETS- FED.
WASHINGTON, Aug 20- Municipal securities dealers must now inform investors about material financial obligations and defaults or other similar events under changes to municipal securities disclosure rules, the U.S. Securities and Exchange Commission said in a statement on Monday.
SAN JUAN, Aug 17- A U.S. federal judge on Friday ruled against a group of bondholders that bought debt issued by Puerto Rico's largest public pension, the Employees Retirement System, denying their ability to hold claim on property used as collateral. With roughly $120 billion in debt and pension liabilities, Puerto Rico filed for bankruptcy protection under a...
NEW YORK, Aug 15- U.S. fund investors turned up demand for bonds and global equities during the most recent week, but pulled back from domestic stocks, Investment Company Institute data showed on Wednesday. "Fixed income on a relative basis has actually become fairly attractive," said Fritz Folts, chief investment strategist at 3 EDGE Asset Management in Boston.
CHICAGO, Aug 9- Puerto Rico bonds rallied on Thursday, a day after the latest debt restructuring deal struck between the bankrupt U.S. commonwealth and its bondholders as well as a federal court ruling that affirmed the budgetary powers of an oversight board. Stock prices rallied for bond insurers with exposure to Puerto Rico after the island's government...
CHICAGO, Aug 9- Puerto Rico bonds rallied on Thursday, a day after the latest debt restructuring deal struck between the bankrupt U.S. commonwealth and its bondholders as well as a federal court ruling that affirmed the budgetary powers of an oversight board. The benchmark Puerto Rico general obligation bonds due in 2035 with an 8 percent coupon traded as high as...
Aug 8- Puerto Rico has reached a deal with bondholders and insurers of debt issued by its bankrupt sales tax financing corporation, COFINA, the U.S. territory's governor and federal oversight board said on Wednesday. Puerto Rico has been in bankruptcy court since May 2017 trying to restructure about $120 billion of debt and pension obligations.
Aug 8- Puerto Rico has reached a deal with bondholders and insurers of debt issued by its bankrupt sales taxing authority, COFINA, the U.S. territory's governor and federal oversight board announced on Wednesday.
NEW YORK, Aug 1- U.S. fund investors showed continued demand for bond funds in the latest week, extending a streak of inflows that dates back to mid-February, Investment Company Institute data showed on Wednesday. Bond funds attracted $4.4 billion, of which $613 million went to tax-free municipal bonds. Domestic equity exchange-traded funds attracted $3.5...
July 31- A preliminary deal with owners of more than $3 billion of Puerto Rico Electric Power Authority bonds, announced late on Monday, puts the bankrupt utility on a tentative path toward transformation and privatization, but more challenges remain. That process produced multiple proposals that were ultimately stymied, including one that was rejected by...
WASHINGTON, July 25- A group of U.S. Senate liberals on Wednesday introduced legislation providing debt relief to Puerto Rico as the island territory struggles to recover from a devastating 2017 hurricane that worsened conditions in an already-suffering economy. Independent Senator Bernie Sanders and Democratic Senator Elizabeth Warren have joined up...
July 16- The U.S. Securities and Exchange Commission should form a working group with two of its regulatory counterparts to review and harmonize the rules they use to police electronic corporate and municipal bond-trading platforms, an SEC subcommittee said on Monday. The regulation of electronic fixed income trading venues varies depending on the...
NEW YORK, June 27- Deutsche Bank AG's U.S. securities division agreed to pay a $1.4 million fine to the Financial Industry Regulatory Authority on Wednesday to settle charges that it violated reporting and supervisory rules related to equity and municipal bond trades. Deutsche Bank declined to comment on the matter. FINRA, the U.S. securities industry's...
NEW YORK, June 15- California will sell $1.7 billion of tobacco bonds on Wednesday, providing the supply-hungry municipal debt market with one of its high-yield staples and topping next week's roster of deals. The Golden State Tobacco Securitization Corporation, a special-purpose trust established to securitize proceeds from California's share of a...
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