Municipal Markets >>>
The longest-term bonds offer a buying opportunity, analysts at JPMorgan Chase & Co. and Citigroup Inc. say, as yields reach a two-year high following Detroit’s bankruptcy and concern over the Federal Reserve curbing bond purchases. To read more, click here.
Build America Bonds, the federally subsidized municipal bonds orphaned in 2010 after Congress failed to extend their life, are beating Treasuries and corporate debt even as the taxable securities are poised to record their first losing year. To read more, click here.
Investors seeking refuge from Detroit’s record bankruptcy may find it in Florida’s Reedy Creek Improvement District, which helps keep Walt Disney Co.’s Magic Kingdom running and is planning its biggest borrowing since at least 1990. To read more, click here.
California’s sale this week of $5.5 billion of notes is putting it on pace for the least short-term borrowing in five years as the outlook for the world’s ninth-largest economy brightens. To read more, click here.
Governor Chris Christie’s post-Hurricane Sandy leadership has won over New Jersey voters as he heads toward re-election. Now he’s gaining fans in the municipal-bond market. To read more, click here.
Wayne County, home of Detroit, has seen the extra yield investors demand to own its debt soar to a record, showing the price Michigan localities are paying after the Motor City filed for bankruptcy. To read more, click here.
Jefferson County, Alabama, won court approval of a creditor vote on a $1.3 billion debt-reduction plan that is being threatened by interest rates that are higher than the county planned. To read more, click here.
State and local-government pension investments gained the most in two years in fiscal 2013, overshadowed by intensifying scrutiny of underfunded municipal retirement plans following Detroit’s bankruptcy. To read more, click here.
Bill Schuette left Washington after losing his House seat in a failed bid for the U.S. Senate in 1990. He returned to his native Michigan, seeking lesser political jobs to rebuild his career. To read more, click here.