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Municipal Markets

Puerto Rico Lawmakers Pass Bond Plan With Cap

December 10, 2014

BY MICHELLE KASKE Puerto Rico’s legislature passed a $2.9 billion borrowing measure that would repay money owed to the Government Development Bank and fund public transportation. The measure increases the territory’s petroleum tax to $15.50 per barrel, from $9.25, with the additional revenue going to back a bond sale of as much as

Brief Bites With Taylor Riggs

December 5, 2014

Highlights from the Bloomberg Brief Newsletters. Click here to watch the weekly video.

Municipal Market 12.4

New Jersey Sells Debt after Releasing Revised $83 Billion Unfunded Pension Liability

December 4, 2014

New Jersey sold $525 million of general obligation bonds Wednesday, rated A1 by Moody’s and A by Standard & Poor’s and Fitch. Bond maturing in 10 years with a 5 percent coupon yielded 2.58 percent, compared with 10-year bonds trading at 2.77 percent in the secondary market. Debt maturing in 20

Municipal Market 12.3.14

Muni Bond 30-Day Visible Supply Reaches Four-Year High as Rates Head Lower

December 3, 2014

Issuers have scheduled $20.9 billion of bond sales for the next 30 days, the most since December 2010, as borrowing costs fell for a ninth straight session. Bloomberg’s AAA muni benchmark 10-year yield fell to 2.18 percent on Tuesday, down from 2.31 percent on Nov. 18 and down from 3 percent at the beginning of the year. State

FBI Raids Office of Puerto Rico Water Agency

November 26, 2014

BY MICHELLE KASKE FBI agents raided the office of the Puerto Rico Aqueduct & Sewer Authority in San Juan, according to Moises Quinones, a spokesman for the law-enforcement agency. Officials from the Federal Bureau of Investigation entered the water authority’s office, stayed for about 2 1/2 hours and collected documents, said Quinones, who’s

The Muni-Meltdown That Wasn’t

November 25, 2014

“An old-media kind of guy, I still keep file folders of stories, blog entries, clippings, messages and reports printed out and more or less sorted. Back in early 2009, I started a file labeled “Hysteria’’ to hold the physical evidence of what I thought the most unusual and even outlandish claims being leveled against

Muni Meltdown Animated Introduction

November 25, 2014

Watch our special Meltdown Animation. You can view the full report by clicking on the link at the end.

Puerto Rico Modeled as Riskiest Credit, Pricing 9 Percent Above Top Rated Munis

November 19, 2014

Puerto Rico is the riskiest credit in the municipal market, with spreads 900 basis points above Bloomberg’s AAA muni benchmark scale, followed by Alabama with spreads 400 basis points above the benchmark scale, according to Bloomberg’s municipal credit risk model. Spreads on Puerto Rico bonds widened 20 basis points in the week ended Nov. 7. Illinois and Connecticut

Houston Schools Sells Debt on Low Unemployment, Property Tax Revenue Growth

November 17, 2014

Houston Independent School District is expected to sell $356 million of unlimited tax general obligation bonds Tuesday, with AAA backing from the Permanent School Fund. Property tax revenue grew 3.5 percent over the last three years to over $1 billion. Houston has an unemployment rate of 5.5 percent and over $31,000 income per capita. In September, Houston joined Dallas

Ohio Cuts OPEB Liabilities by Most, Florida Sees Biggest Increase

November 12, 2014

The map below shows the percent change in other post-employment benefits, or OPEB, between fiscal year 2011 and fiscal year 2013, according to Moody’s Investors Service. Ohio saw the biggest reduction, cutting OPEB liabilities by 65 percent. Michigan and Iowa cut OPEB liabilities by 40 percent. Florida saw the biggest increase, as