Results for "municipal bonds"

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Philadelphia sues seven banks over 'collusion' in municipal bond deals

February 21, 2019

Philadelphia sued seven banks, including JPMorgan Chase & Co. and Bank of America Corp., accusing them of costing local governments billions of dollars by colluding to fix the prices on floating-rate bonds issued to finance public works. The...

The only certainty is death, taxes, and muni advantages

February 14, 2019

If the last few days are any indication, the denizens of Wall Street either aren't as sharp as they seem or they're dreading the prospect of paying more in taxes. I say this because two of the most popular articles on the Bloomberg terminal...

Why muni bond dealers welcome the tax-the-rich push

February 4, 2019

Politics aside, one corner of Wall Street is likely welcoming Democrats' talk of raising taxes on the rich. Higher rates tend to be a good thing for the $3.8 trillion state and local government bond market, a haven for investors looking for...

Muni-bond funds return to Puerto Rico

January 31, 2019

Traditional bond buyers are going back to Puerto Rico. After shunning the U.S. territory for much of the past six years, municipal-bond mutual funds are again buying the government's debt as it recovers from the 2017 hurricane and inches closer...

Vanguard holds half of PG&E $920 million municipal bonds

January 15, 2019

The Vanguard Group holds about $415 million of municipal bonds issued on behalf of PG&E Corp., about half of the $920 million state and local debt sold for the California utility that's edging toward bankruptcy because of the fallout from devastating...

Banks continue to unload munis in third quarter

November 29, 2018

Some of the biggest U.S. banks have continued to reduce their exposure to state and local government debt, slashing such holdings by $3 billion during the third quarter, after the federal corporate tax cut weakened the appeal of the securities....

Municipal bond slide may scare away key buyers

October 8, 2018

Municipal bonds suffered their worst week since early February last week, but the real test of the market lies ahead. Will slow-to-react individual investors pull their money out in droves, as they have during previous downturns? Individuals,...

U.S. banks continue to slash exposure to muni-bonds made less valuable by tax cuts

August 27, 2018

Some of the biggest U.S. banks have continued to slash their exposure to state and city debt since the federal government cut corporate tax rates, leaving the securities less attractive to the companies. JPMorgan Chase & Co., State Street Corp.,...

SEC forces cities, states to reveal bank loans

August 20, 2018

The Securities and Exchange Commission moved to require states and local governments to disclose bank loans and privately placed debt, seeking to address concerns that bondholders are being left in the dark about a fast-growing segment of public...

SEC charges two firms in municipal bond 'flipping' scheme

August 14, 2018

The U.S. Securities and Exchange Commission alleged that two firms committed fraud by snapping up municipal bonds floated in new debt offerings and quickly unloading them for a profit. The agency Tuesday alleged that from at least 2009 to 2016,...

Puerto Rico sales-tax bonds soar on news of debt deal

August 9, 2018

Puerto Rico bonds soared as much as 30% after the island reached a debt restructuring deal with owners of its sales-tax backed securities, marking a significant milestone in the government's record bankruptcy. The U.S. territory's subordinated...

Cash floods into muni bond funds

July 26, 2018

Bondholders are no longer seeing losses from their investments in state and local-government debt — and they're pouring money back into the market. Mutual funds that focus on municipal bonds picked up $1.68 billion in the week through July...

In wake of tax reform, muni bond market gains footing

July 23, 2018

Six months after the sweeping tax-reform package that cut corporate and individual rates rattled the $3.7 trillion municipal bond market, financial advisers say the fallout has proven to be a good thing for investors. With deductions for state...

Wells Fargo takes $8.7 million arbitration hit over Puerto Rican bonds

July 20, 2018

A Financial Industry Regulatory Authority Inc. arbitration panel has awarded clients of Wells Fargo almost $8.7 million over the firm's handling of sales of Puerto Rican municipal bonds. The panel found that Wells Fargo and Marc Rogers, one...

Muni closed-end funds may be ripe for tax-loss sales

July 5, 2018

It's only July, but it's not too early to discuss selling municipal-bond closed-end funds to offset a capital gains tax liability, according to Greg Neer of Relative Value Partners. Almost 90% of closed-end funds monitored by Bloomberg posted...

The sad but important truth about taxable bonds and AUM

July 2, 2018

Investors should hold a mix of stocks and bonds. Most high-income investors have limits on their ability to shelter savings, so they need to invest a significant amount in brokerage accounts. Depending on their risk tolerance, some of these...

UBS to pay $4.3 million in Puerto Rico bonds claim

June 27, 2018

UBS Financial Services Inc. has lost another multi-million-dollar Finra arbitration award stemming from the sale of individual Puerto Rico bonds and closed-end funds. According to the arbitration award, which was decided last Friday by a three-person...

Municipal bonds once seen as the safest now tarnished

June 20, 2018

Late last month, Fitch Ratings downgraded $2.5 billion of Illinois's sales-tax bonds by five steps, dropping them closer to debt backed only by the state's promise to repay. It may not be the last ratings cut for state and local government bonds...

Biggest U.S. banks cut municipal-bond holdings

May 31, 2018

More than a half dozen of the biggest U.S. banks reduced their holdings of state and local government bonds by billions of dollars after the federal government slashed corporate tax rates, making the securities less valuable to one of the market's...

Bond mark-up transparency rule could help investors, cause more work for brokers

May 14, 2018

New regulations designed to illuminate the cost of bonds, which went into effect on Monday, are likely to help retail investors but cause more work for brokers. The regulations — one from the Financial Industry Regulatory Authority Inc., the...

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