WASHINGTON (Reuters) – The board overseeing the $3.6 trillion U.S. municipal bond market wants to shed more light on a dark and growing area of public finance: direct lending from banks.
In a strongly worded advisory, the Municipal Securities Rulemaking Board on Thursday said many state and local governments do not disclose bank loans and the resulting murkiness threatens investors.
By Karen Pierog and Lisa Lambert
(Reuters) – U.S. municipal bond market supply shrank on Monday in the face of an East Coast blizzard, with Pennsylvania pushing off a $1 billion general obligation debt sale until next week and cash-strapped Atlantic City delaying a $12 million bond anticipation note deal.
Altogether, issuers postponed $1.7 billion of municipal bond sales, including more than two-thirds of the week’s competitive deal calendar, as what the National Weather Service called a “crippling and potentially historic blizzard” bore down on Wall Street.
WASHINGTON, Dec 31 (Reuters) – Sales of new U.S. municipal
bonds in 2014 will exceed 2013′s total, Thomson Reuters data
showed on Wednesday, a twist ending to a year that began with
Preliminary data shows issuance for 2014 was likely $314.95
billion, 1 percent more than the $311.86 billion sold in 2013.
The increase was from refinancing, with refunding bonds rising
11.5 percent to $180.44 billion, as well as large deals. The
number of deals in 2014, 10,156, was down from 10,563 in 2013.
(Reuters) – Detroit’s historic bankruptcy, which officially
ended earlier this month, cost the city nearly $178 million in
fees and expenses for teams of lawyers and consultants,
according to a city court filing on Tuesday.
Jones Day, Detroit’s lead law firm for the biggest-ever
municipal bankruptcy which was filed by the city in July 2013,
billed the most by far, at $57.9 million.
WASHINGTON (Reuters) – The U.S. municipal bond market contracted to $3.63 trillion in the third quarter, the smallest amount of outstanding debt in five years, according to Federal Reserve data released on Thursday.
The total was only slightly less than the second quarter, when all outstanding bonds equaled $3.66 trillion, the Fed’s quarterly report showed.
WASHINGTON, Dec 11 (Reuters) – The U.S. municipal bond
market contracted to $3.63 trillion in the third quarter, the
smallest amount of outstanding debt in five years, according to
Federal Reserve data released on Thursday.
The total was only slightly less than the second quarter,
when all outstanding bonds equaled $3.66 trillion, the Fed’s
quarterly report showed.
WASHINGTON, Dec 9 (Reuters) – U.S. states’ revenues are
growing at a faster clip than last year, mostly due to the
brightening national economic picture, and are stabilizing the
governments’ budgets, according to a nationwide survey released
“Economic growth and declines in the unemployment rate have
led to an improved outlook for state revenues in fiscal 2015,
but state budgets still face challenges from stagnant wages,”
the National Association of State Budget Officers survey found.
WASHINGTON (Reuters) – The Chicago suburb of Harvey has settled civil charges in an unusual case where federal regulators had rushed to obtain an emergency restraining order against a planned bond sale, the Securities and Exchange Commission said on Friday.
Under the settlement reached with the SEC on Thursday, Harvey will be required to obtain an independent consultant and undergo an audit, and the city faces certain restrictions on selling new debt.
WASHINGTON, Nov 21 (Reuters) – A large number of U.S.
municipalities and bond underwriters have reported through a
federal program that they violated securities disclosures law,
with many revealing they failed to give investors material
information, a top securities cop said on Friday.
Issuers face a Dec. 1 deadline to report disclosure
violations to the Securities and Exchange Commission in the
regulator’s latest stab at strengthening regulation of the $3.7
trillion municipal market.
By Lisa Lambert
(Reuters) – The judge who confirmed Detroit’s plan to exit the biggest municipal bankruptcy in history could set a date later this week for the cost- and debt-cutting measures to take effect.
Federal Bankruptcy Judge Steven Rhodes on Friday ruled the plan for cutting $7 billion in debt was fair to creditors and feasible for the city to implement. [ID:nL1N0SX1A4] Now he must set that plan in motion with a confirmation order.