Seven years ago, in the wake of a government shutdown caused by a $740 million budget deficit, Puerto Rican officials vowed to fix the island’s finances by 2010. Now investors are calling their bluff. Click here to continue reading.
The Tennessee Consolidated Retirement System has allocated only 13 percent of the $1.5 billion approved for junk-rated debt this year as its chief investment officer takes a guarded approach to the asset class. Click HERE for more.
By Matt Barry, Bloomberg Government It is probably safe to say that it is unlikely opponents of President Obama’s health law will try to seek its demise by threatening another shutdown or pushing against the debt ceiling again. However, more targeted and strategic efforts to increase the scrutiny of the law’s implementation and target specific [...]
Structured notes tied to credit-default swap indexes are selling at a record pace as investors seek lower-volatility alternatives to stocks and as corporate defaults in Europe decline. Nordea Bank AB, SEB AB and Societe Generale SA led $1.7 billion of issuance this year, a 35 percent increase from all of 2012, according to data compiled [...]
The $188 billion market for Build America Bonds is set to trail the rest of municipal debt for the first time as issuers face cuts to their federal subsidies while investors bet interest rates will rise. The taxable debt created under President Barack Obama’s 2009 stimulus plan has lost 6.1 percent this year, compared with a 3.7 percent drop for the $3.7 [...]
Asia’s fundamentals, in particular those of Southeast Asia and India, have deteriorated over the last two years. Still, it is both inappropriate and misleading to equate the present situation with that in 1997, the year of the Asian financial crisis. Ranging from measures of external vulnerability to financial system soundness, the present situation is significantly superior. Click here to continue reading the [...]
Park Cities Bank’s holding company, North Texas Bancshares Inc., filed for bankruptcy, citing soured commercial real-estate loans and declining natural gas prices. Click here to continue reading.
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The Texas Municipal Retirement System is investing $250 million in bank loans as it shifts money from equities and bonds. Click HERE for more.