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One Third of All Chapter 9s Dismissed Between 1954 and July 2013 Not all Chapter 9 petitions filed by municipalities end up remaining Chapter 9 bankruptcies. Between 1954 and July 2013, 101 such cases were dismissed while 164 cases were confirmed. Another 36 Chapter 9 cases are in the process of being worked through. Municipal markets have [...]
The fate of a 2 percent sliver of Detroit’s obligations is drawing scrutiny from investors holding a $900 billion chunk of the municipal-debt market. To read more, click here.
WHAT TO WATCH: Group of 20 central bank governors and finance ministers begin a two-day meeting in Moscow, with topics including the effects of global stimulus programs. Treasury Secretary Jacob J. Lew said he will press his counterparts to spur growth. The U.K.’s budget deficit widened in June on deteriorating local government finances, while tax receipts rose. To read more, [...]
Altin, the closed-end fund of hedge funds with $250 million in assets, is looking to allocate money to global macro and event-driven managers in a move to add risk to the portfolio, according to Michael Malquarti, portfolio manager for Alternative Asset Advisors S.A., the investment manager of the listed fund. To read more, click here.
Sales soared 94 percent this year of U.S. structured notes where the yield depends on the worst performer in a basket of stocks, as issuers hunt for ways to lure buyers amid lower equity volatility and interest rates. Investors bought $1.07 billion of the securities, up from $551.5 million over the same period a year [...]
Islamic bonds fared better than non-Shariah compliant notes in the emerging-market debt selloff last week after the Federal Reserve signaled it may trim bond buying, prompting the widest spread in 19 months. To read more, click here.
Gottex Fund Management Holdings Ltd., the $6 billion Lausanne, Switzerland-based firm, is looking for activist, event-driven and long-short equity funds, as part of a move away from credit, chief investment officer Kevin Maloney said. To read more, click here.
Global regulators said they are weighing steps to ensure that banks take a realistic view of the possible losses on their investments, after uncovering variations in how lenders assess risk. To read more, click here.