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Municipal Markets

Chicago Advances Property-Tax Hike for Pensions

October 21, 2015

BY ELIZABETH CAMPBELL, BLOOMBERG NEWS Chicago Mayor Rahm Emanuel’s record property-tax increase is closer to becoming a reality, as lawmakers seek to curb pension-fund shortfalls that have triggered downgrades to the city’s credit rating. The city council’s finance committee voted 17 to 10 on Tuesday to raise real-estate levies by

Spotlight on the Golden State

October 20, 2015

In this special California-themed issue, we run down who’s who in the California municipal bond market. We rank the top bond counsel, financial advisers, underwriters and borrowers in the state. Also, read about how bond buyers are rewarding California for the state’s economic turnaround, the inside scoop behind the push for a new National

Budget Impasse Dims Pennsylvania Outlook

October 19, 2015

BY BRIAN CHAPPATTA AND ROMY VARGHESE, BLOOMBERG NEWS The outlook on Pennsylvania’s credit rating was dropped to negative from stable by Moody’s, which cited a budget stalemate that has lasted for more than 100 days and led investors to demand higher yields to hold the state’s bonds. The outlook revision

Market Skeptical of Puerto Rico Treasury Rescue

October 16, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico bond prices suggest that investors are doubtful of a proposal that would have the U.S. Treasury assist the commonwealth in the restructuring of its debt. General obligations maturing in July of 2035, the most actively-traded Puerto Rico securities in the last three months

Commentary – Municipal Bond Markups Get Ready for Their Close-Up

October 15, 2015

Read Joe Mysak’s exclusive commentary below.

Puerto Rico Said in Talks to Restructure Debt

October 15, 2015

BY MICHELLE KASKE AND KASIA KLIMASINSKA, BLOOMBERG NEWS Puerto Rico and U.S. officials are discussing the issuance of new bonds administered by the Treasury Department to help restructure the commonwealth’s $73 billion debt burden, according to a person familiar with the discussions. Under a proposal, the Treasury would administer an

Municipal Market – Best of September

October 14, 2015

Check out our free wrap-up of the top stories on the Municipal Market during September.

Santander Fined $6.4 Million on Puerto Rico Trading

October 14, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Santander Securities LLC will pay $6.4 million for not updating its risk assessment of Puerto Rico bonds and failing to supervise certain trades of commonwealth securities, the Financial Industry Regulatory Authority said. The Puerto Rico-based unit of Banco Santander SA will pay $4.3 million to

Puerto Rico May Not Be Able to Avoid Defaults: Rhodes

October 13, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico, at risk of running out of cash as soon as November, may be unable to pay investors as it looks to restructure $73 billion of debt, said Steven Rhodes, the former U.S. bankruptcy judge who is advising the island’s government. Puerto Rico faces

Municipal Market Weekly Digest

October 9, 2015

Catch up on this week’s top stories with our free Municipal Market Digest.