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Municipal Markets

It’s Tough to Make Predictions, Especially About the Future

January 4, 2016

Or so said Yogi Berra, the oft-quoted Yankee catcher. Generational-low rates in the beginning of the year sparked a refunding binge as cities and states swapped out older, more expensive bonds for cheaper interest rates. Many firms adjusted their supply forecasts mid-year, but none of the figures that the shops

Puerto Rico Bondholders Wait to See If Willingness to Pay Trumps Ability to Pay

December 1, 2015

BY KATE SMITH, BLOOMBERG BRIEF On the cash-strapped island of Puerto Rico, there’s been only one fundamental change in the past 18 months. Unfortunately for investors, it’s the most important thing: willingness to repay debts. The chart below shows prices on the island’s $3.5 billion in general obligation bonds sold

Transit Needs More Than Fares to Run, Report Shows

November 17, 2015

BY JOE MYSAK, BLOOMBERG BRIEF EDITOR Transit systems can’t make it by farebox alone goes the old saying, and a report published last week by Moody’s Investors Service — “U.S. Mass Transit Agencies: Increased Ridership, Sizable Expansion Signals Higher Taxpayer Subsidies” — illustrates the point. According to a table in

Surprising Ballot Measures That Won the Vote

November 5, 2015

BY KATE SMITH, BLOOMBERG BRIEF On Tuesday, taxpayers across the U.S. voted on more than $24 billion in new borrowing. Below, a few of the under-the-radar deals that could be hitting the market soon. This graphic originally ran in Bloomberg Brief: Municipal Market. Take a free trial to that newsletter here.

Puerto Rico Fails to Provide 2014 Report by Deadline

November 2, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico failed to submit audited financial statements for fiscal 2014 by a self-imposed Oct. 31 deadline, according to a Municipal Securities Rulemaking Board filing. The commonwealth’s annual report for the fiscal year ended June 30, 2014 was 181 days late, the longest that Puerto

Municipal Market 3Q StatBook

October 30, 2015

It may be a record year for the municipal market even with a heavy supply of headline risks from Puerto Rico. Click on the newsletter below to open the full Q3 Statbook.

Puerto Rico Governor May Not Seek Re-Election

October 29, 2015

BY MICHELLE KASKE AND BILL FARIES, BLOOMBERG NEWS Puerto Rico Governor Alejandro Garcia Padilla may announce this week that he will not seek re-election, El Nuevo Dia, the island’s biggest daily newspaper, reported, citing unidentified sources. In a comment posted on the 44-year-old governor’s official Twitter account, Garcia Padilla said

Chicago Tax-Increase Spurs Bond Rally

October 28, 2015

BY ELIZABETH CAMPBELL, BLOOMBERG NEWS Chicago Mayor Rahm Emanuel is poised to push through the biggest property-tax increase in the city’s history to help pay its annual pension-fund bills. Eliminating the $20 billion debt to retirees that’s pushed its bond rating to junk will still have to wait. Aldermen who

Puerto Rico Set to Meet Lenders’ Advisers This Week

October 26, 2015

BY LAURA J. KELLER, BLOOMBERG NEWS Puerto Rico officials have called a meeting this week with advisers to some of the island’s bondholders after the Obama administration pressed Congress to give the U.S. territory a boost in its debt restructuring negotiations, according to three people with knowledge of the matter.

Obama Seeks Chapter 9 Authorization for Puerto Rico

October 22, 2015

BY KASIA KLIMASINSKA AND MICHELLE KASKE, BLOOMBERG NEWS President Barack Obama is pressing for Congress to give Puerto Rico sweeping powers to reduce its $73 billion debt burden through bankruptcy, escalating administration involvement as the Caribbean island’s access to cash dries up. Puerto Rico would be provided with a form