Results for "municipal bonds"

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New Build America Bonds are the hot muni investment

April 26, 2009

A little more than a week after they were first issued, sales of Build America Bonds have reached nearly $10 billion and are climbing. Some estimates anticipate that sales of the federally subsidized taxable municipal bonds could reach $50 billion...

Moody’s assigns negative outlook to all U.S. municipalities

April 9, 2009

Moody’s Investors Service has placed all U.S. municipalities on negative outlook, indicating its expectations for the whole sector over the next 12 to 18 months. It is the first time that the New York-based ratings agency issued a broad report...

Fitch’s plan to change muni ratings put on hold

March 3, 2009

Fitch Ratings is putting off a review of its municipal ratings program because of the economic downturn. The New York-based ratings agency said today the review would be deferred because municipal finance issuers are being “severely [affected]...

Fidelity to expand in muni bonds, capital markets

February 26, 2009

Fidelity Investments plans to increase its presence in the municipal-bond market, firm executives said in an interview. “We want to increase the number of negotiated deals, either as underwriters and managers or co-managers of municipal bonds,...

Oppenheimer sued over California fund

February 19, 2009

OppenheimerFunds Inc. of New York is facing a class-action involving its California Municipal Fund, which lost 41.3% last year. A claim filed yesterday in the United States District Court for the Northern District of California by investor Robert...

Municipal bonds issuance up from a year ago

February 2, 2009

Municipalities stepped up their issuance of bonds by 5.3% in January, from a year ago, according to The Bond Buyer. The issuances made up the majority of the municipal bonds entering the market last month — 380 — with a par value of $14.97...

Barney Frank proposes TARP restrictions

January 9, 2009

The Department of the Treasury would be required to take significant steps to mitigate foreclosures under legislation outlined today by House Financial Services Committee chairman Barney Frank, D-Mass. The bill, which has not yet been introduced,...

SIFMA adds municipal bond expert

January 7, 2009

The Securities Industry and Financial Markets Association has hired Leon J. Bijou as managing director and associate general counsel in a bid to expand its municipal bond expertise. In the new position, Mr. Bijou will work with the group’s...

MSRB announces senior management changes

October 14, 2008

The Municipal Securities Rulemaking Board has promoted two staff members to new roles and hired a new member to its senior management team. The Alexandria-based organization has tapped Harold L. Johnson as deputy executive director and Ernesto...

Curian offers muni-bond ETFs

August 12, 2008

A tax-exempt strategy that utilizes exchange traded funds investing in municipal bonds has been announced by Curian Capital LLC, which provides a fee-based separately managed account platform to financial professionals. Curian’s strategy, a...

Nuveen gets infusion for ARS

May 21, 2008

Nuveen Investments LLC said today that it has received a commitment of up to $1.75 billion from an unidentified major financial institution to refinance the struggling auction rate preferred securities issued by the company’s municipal closed-end...

Tax exemptions for bonds upheld

May 19, 2008

In a 7-to-2 decision, the U.S. Supreme Court today ruled that Kentucky can continue to tax out-of-state municipal bonds, while choosing not to tax in-state ones. Kentucky was appealing a 2006 state appellate court ruling that exempting interest...

Muni bonds flee auction-rate securities

March 21, 2008

Municipal borrowers plan to pull at least $21 billion of bonds out of auction rate securities by May 1 as part of an effort to escape soaring costs, according a Bloomberg report. The amount is more than what was sold in any year before 2002,...

MBIA replaces CEO

February 19, 2008

MBIA Inc. chairman Gary Dunton has resigned because of problems the subprime mortgage meltdown caused the company. He is being replaced by former chief executive officer Joseph “Jay” Brown, company officials announced today. Mr. Brown returns...

Regulator weighs muni transparency issues

February 15, 2008

A municipal bond regulator will seek comment on whether banks and securities firms should reveal more information on bidding for auction-rate bonds. The Municipal Securities Rulemaking Board, the primary muni bond regulator, will consider a...

FGIC plans new bond insurer

February 15, 2008

Financial Guaranty Insurance Co., the embattled bond insurer, wants to split itself into two companies, according to published reports. The company placed a request with the New York State Insurance Department to open a new bond insurance unit,...

Heartland fined $3.9M for mispricing funds

January 29, 2008

The Securities and Exchange Commission has ordered Heartland Advisors Inc. to pay $3.9 million in penalties for marking down the prices of two municipal bond funds more than seven years ago. The company and its chief executive, William J. Nasgovitz,...

Forced selling of munis seen as unlikely

November 16, 2007

A possible downgrade of municipal bond insurers has caused worries that mutual funds might be forced to sell off lower-quality issues that carry a high rating due to insurance. Some tax-free funds are required to hold certain amounts of higher-rated...

Supremes weigh muni-bond taxation

November 5, 2007

The U.S. Supreme Court will hear arguments today in a case that could affect the way states tax other states’ bonds. Traditionally, state governments have provided investors an incentive to keep their capital within state lines: Interest on...

Lord Abbett beefs up muni-bond team

October 22, 2007

Lord Abbett & Co. LLC has added Marybeth Leithead as a portfolio manager on its Municipal Bond team. She will be involved in helping to develop and implement investment strategy for the company's $9 billion in tax-free assets, with a focus on...

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