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New Detroit bankruptcy plan in the hands of creditors
A new proposed plan to end Detroit's $18 billion bankruptcy would pay bondholders 20 cents on the dollar and give police and firefighters higher pension payouts than other city employees. Now disagreement from both bond insurers and unions is expected to usher in a new, more contentious phase of ...
Puerto Rico cuts push OppenheimerFunds' junk holdings above limit
Fund company says while there's “room for improvement,” commonwealth "moving in the right direction."
Puerto Rico downgrade a buying opportunity for some investors
S&P move was no surprise, but some managers see longer-term strains and are staying away.
S&P cuts Puerto Rico credit to junk
Cites inability to raise funds in capital markets, keeps on watch with negative implications.
Muni bond contrarian stands firm
As we wrote in InvestmentNews last September (Puerto Rico muni bonds: A contrarian view), we continue to think that the government of Puerto Rico has the ability and willingness to honor its debt service obligations to bondholders, and at current prices, general-obligation and various agency debt
SEC eases, clarifies muni adviser registration requirements for RIAs, BDs
Those who provide local governments with advice on derivatives won't have to register.
Bob Doll puts his money where his mouth is
Nuveen's chief equity strategist Bob Doll isn't just making a list of 10 predictions. He's created an investable portfolio of stocks based on those predictions. Jeff Benjamin has the details.
UBS Puerto Rico closed-end muni investors losing billions
UBS Puerto Rico closed-end muni bond fund investors are losing billions; new research pegs losses at $1.66 billion over the first nine months of 2013.
2013: A tale of two muni markets
Charles Dickens' famous first line of “A Tale of Two Cities” — “It was the best of times, it was the worst of times” — could have referred to investors' views of U.S. cities and the municipal bond market last year.
Gridlock is good for municipal bond investors
For the $3.7 trillion municipal bond market, Washington's political divide may be a good thing. This year's congressional elections weaken chances of a far-reaching tax-code overhaul that would roll back the break for buyers of state and local-government debt, said analysts including Morgan Stanley
The irrational fear of muni bond defaults
This year has been full of an exhausting parade of headlines related to defaults and potential defaults in the municipal market. While some of these headlines are warranted because of the size of the default, very few municipal bond managers were surprised by Detroit or the problems Puerto Rico is
In a tale of two muni markets, it's far, far better for advisers to find the middle ground
Neither the best- nor worst-case scenario is accurate and that means credit analysis is more important than ever.
UBS Puerto Rico faces 'Whopper' of a problem over muni bond funds
The woes stemming from UBS AG's unit in Puerto Rico over the sale of local, closed-end municipal bond funds have landed squarely in the lap of UBS brokers and financial advisers in the island commonwealth.
BofA settles municipal derivatives-rigging claims
Bank of America Corp. agreed to pay $20 million to settle a class-action lawsuit by a group of government entities that alleged the bank was part of a conspiracy that rigged bids for municipal derivatives. The $20 million is in addition to the $62.5 million Bank of America contributed to a
Morgan Stanley's outlook for munis in 2014 isn't pretty
Morgan Stanley forecasts an 80% chance that municipal bonds will lose money again next year, primarily because of rising interest rates. Year-to-date through Tuesday, the average national intermediate-term bond fund is down 2.16%.
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February 27, 2014