Results for "municipal bonds"

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Puerto Rico cuts push OppenheimerFunds' junk holdings above limit

February 13, 2014

OppenheimerFunds Inc. has municipal funds in which speculative-grade holdings exceed limits outlined in prospectuses after Puerto Rico was cut to junk by the three biggest rating companies. As a result, the money manager said it is unable to...

Puerto Rico downgrade a buying opportunity for some investors

February 5, 2014

Some savvy bond traders are describing Puerto Rico's credit downgrade as “blood in the water,” a saying that translates to a buying opportunity for the most aggressive investors. Seeing bond-rating agency Standard & Poor's downgrade Puerto...

S&P cuts Puerto Rico credit to junk

February 5, 2014

Puerto Rico's general-obligation bonds have been cut one step to speculative grade by Standard & Poor's, which cited the U.S. commonwealth's limited ability to raise funds in the capital markets. S&P lowered the island to BB+ from BBB- and kept...

Muni bond contrarian stands firm

January 19, 2014

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...

Bob Doll puts his money where his mouth is

January 14, 2014

Robert Doll, Nuveen Asset Management's chief equity strategist and senior portfolio manager, is putting his money where his mouth is. The well-known and well-respected strategist has been issuing a list of predictions every year for some time...

SEC eases, clarifies muni adviser registration requirements for RIAs, BDs

January 14, 2014

Investment advisers who provide state and local governments with advice on using municipal derivatives in their investment portfolios won't have to register with the Securities and Exchange Commission as muni advisers. The SEC made a distinction...

UBS Puerto Rico closed-end muni investors losing billions

January 6, 2014

Investors in the beleaguered UBS Puerto Rico family of closed-end municipal bond funds are losing billions. Nineteen closed-end local muni bond funds sold by UBS Financial Services Inc. of Puerto Rico brokers lost $1.66 billion during the first...

2013: A tale of two muni markets

January 5, 2014

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. The best of times...

Gridlock is good for municipal bond investors

January 2, 2014

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...

The irrational fear of muni bond defaults

December 24, 2013

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...

In a tale of two muni markets, it's far, far better for advisers to find the middle ground

December 17, 2013

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 in 2013. The best of times...

UBS Puerto Rico faces 'Whopper' of a problem over muni bond funds

December 6, 2013

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. The market for Puerto Rico's $70 billion...

BofA settles municipal derivatives-rigging claims

December 5, 2013

Bank of America Corp. has agreed to pay $20 million to settle a class-action lawsuit by a group of government entities which alleged the bank was part of a conspiracy that rigged bids for municipal derivatives. The $20 million is in addition...

Morgan Stanley's outlook for munis in 2014 isn't pretty

December 4, 2013

This year has been tough for municipal bonds, and unfortunately for investors, it's going to get worse before it gets better, according to Morgan Stanley Research. Morgan Stanley forecasts an 80% chance that municipal bonds will lose money again...

Detroit bankruptcy has surprising long-term implications

December 3, 2013

The bankruptcy court's Tuesday ruling that makes Detroit eligible to become the largest municipal bankruptcy in U.S. history is not likely to have a major impact on the muni bond market, but it certainly won't help. For much of the muni bond...

UBS offers to repurchase Puerto Rico muni bond funds, plaintiff's attorneys say

November 25, 2013

A unit of UBS AG in the past two weeks has offered to repurchase shares of moribund closed-end municipal bond funds invested in Puerto Rican muni securities from a select number of clients. The market for Puerto Rico's $70 billion muni debt...

Bonds to avoid tapering's effect

November 24, 2013

Interest rates are rising, cities are filing for bankruptcy, and the Federal Reserve is preparing to begin reducing its monetary-stimulus policies, a process known as tapering. To some, these events might make it appear to be a bad time to invest...

Taper threat triggering global debt fallout

November 12, 2013

Treasuries are shaping up as the world's biggest losers as taper prospects loom larger. Yields climb to eight-week high German Bunds are tracking the weaker Treasuries. Other euro zone bonds also soft The muni bond market could see some real...

Judge dismisses SEC complaint involving UBS Puerto Rico bonds

October 31, 2013

In a win for UBS Financial Services Inc., a Securities and Exchange Commission administrative judge this week dismissed allegations that two leading executives in Puerto Rico committed fraud in 2008 and 2009 when making statements to clients...

Galvin eyeing Puerto Rican muni debt obligations

October 13, 2013

Massachusetts securities regulators have begun to make inquiries about the sale of Puerto Rican municipal debt obligations to investors in the state, with the office of Secretary of the Commonwealth William Galvin last Wednesday saying that...

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