Municipal Markets

Borrowing for Infrastructure at Decade Low

October 7, 2015

BY BRIAN CHAPPATTA, BLOOMBERG NEWS States and cities rely on the $3.7 trillion U.S. municipal-bond market to pay for roads, commuter trains and water works. Yet even with a growing backlog of projects, 61,064 deficient bridges and interest rates near a half-century low, such borrowing has dropped to the slowest

Puerto Rico Willingness to Pay Test Arrives Dec. 1

October 6, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico is only eight weeks away from letting investors know whether the commonwealth will live up to its pledge to use all legally available resources to pay off bonds as the Caribbean island’s cash dwindles. The Government Development Bank, which handles funding for the

Tennessee Reviews Clawbacks for VW Tax Incentives

October 5, 2015

BY MARK NIQUETTE, BLOOMBERG NEWS Tennessee lawmakers will review the state’s investment of hundreds of millions of dollars in incentives for Volkswagen AG’s Chattanooga plant and provisions for recouping money if the company’s emissions-cheating scandal threatens jobs. A Senate panel is scheduling a hearing in coming weeks on the affair’s

Municipal Market Weekly Digest

October 2, 2015

This edition contains the top stories and data for the week ending Oct 2, 2015.

Prepa Gets Extension From Bondholders

October 2, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico’s main electric provider won a two-week extension from its bondholders to negotiate how to restructure $8.3 billion of debt. Investors holding about 35 percent of the utility’s debt and its fuel lenders agreed to delay until Oct. 15 the expiration date on an

Puerto Rico Planning New Corporate Tax

October 1, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico officials are looking to replace an expiring tax with a new levy to draw much-needed revenue from the world’s best-selling medications while seeking to avoid driving U.S. manufacturers from the commonwealth. The island is in discussions with its U.S.-based and multinational manufacturers to

Municipal Market Weekly – Top Stories and Data

September 25, 2015

Welcome to our free weekly compendium of the top stories and data for the week ending Sept 25th, 2015. Click on image below to access.

Puerto Rico Bonds Eclipse Teetering Pension Fund

September 25, 2015

BY MICHELLE KASKE, BLOOMBERG NEWS Puerto Rico’s $72 billion debt burden overshadows another financial threat to the Caribbean island: a government workers pension fund that’s set to go broke in five years. As Governor Alejandro Garcia Padilla prepares to push for bondholders to renegotiate debts he says the commonwealth can’t

Muni Bonds at Cheapest in Two Months Lure Columbia

September 24, 2015

BY BRIAN CHAPPATTA, BLOOMBERG NEWS James Dearborn isn’t buying the argument that bonds will suffer when the Federal Reserve breaks from its almost decade long policy of keeping borrowing costs close to zero. “We believe the Fed could raise rates and that the long-term end of our market could do

N.J. Approves Atlantic City Budget That Closes Deficit

September 23, 2015

BY ROMY VARGHESE, BLOOMBERG NEWS Atlantic City, the distressed gambling resort whose finances are being overseen by New Jersey, is closing a $101 million budget deficit this year by firing workers, tapping state aid and drawing on casino money. The budget approved by the state’s Local Finance Board Tuesday depends