De Blasio blows off bond signals

By Cate Long
May 28, 2014

Thomson Reuters MMD

Have the bond vigilantes begun to crack the whip at New York City Mayor Bill de Blasio? Capitol New York reports:

Investing in America’s largest transit system

By Cate Long
October 9, 2013

I often forget how exciting capital investment can be. Most of us in muniland think more about bond structures, credit ratings and yields than about the actual projects being built. A short report about the MTA from Morningstar Municipal caught my attention:

The parking lots around Yankee Stadium still stink

By Cate Long
June 19, 2012

Last June I wrote about a bizarre, unrated municipal bond deal that was issued to finance some new parking garages at Yankee Stadium. Because very few people were using the parking facilities, it looked like the $237 million of tax-exempt bonds would soon default. Now the law firm of the former mayor of New York, Rudy Giuliani, has been hired to strike a deal between Bronx Parking Development Co, the parking garages’ operating entity consisting of a husband-and-wife team based in upstate New York, and the bondholders. From the Daily News:

Let Europe kill municipal CDS

By Cate Long
October 31, 2011

The solution to Greece’s debt crisis that Europe’s leaders announced on Thursday has market participants and commentators howling. It includes a provision that changes long-established rules for credit-default swaps mid-game. Mike Dolan, Reuters’ Investment Strategy Editor in Europe, said this:

Untimely data will cost muniland potential investors

By Cate Long
October 8, 2011

If municipal bonds lose their tax-exempt status, as some in the corridors of power in Washington are suggesting, municipalities will increasingly be competing with corporations for investors. As this competition intensifies, municipalities with poor accounting and disclosure practices could find it difficult attracting capital.

A war horse of a past fiscal crisis

By Cate Long
September 27, 2011

Richard Ravitch, who helped New York state and city survive the fiscal crisis of the 1970s, breathed fire on bond market participants attending their annual industry get-together in New York City today.