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Treasury: Firms to roll out covered bonds
“This is a tough environment to launch a new financial product,” said Neel Kashkari, assistant secretary of the Department of the Treasury, but “never has the market needed this financial product as much as we need it now.”
Fifth Third said to be selling off muni funds
Fifth Third Asset Management Inc. is selling off all its municipal bond funds to Federated Investors Inc., according to the website fundaction.com.
Muni death watch concerns advisers
Many financial advisers consider municipal bonds to be relatively safe investments, but that image took a hit last week when Jefferson County, Ala., moved a step closer to what could be the largest municipal bond default in U.S. history.
Bond insurers boosted by upbeat report
MBIA Inc. and Ambac Financial Group Inc. rallied in early trading following a positive report from Standard and Poor’s.
Curian offers muni-bond ETFs
A tax-exempt strategy that utilizes exchange traded funds investing in municipal bonds has been announced by Curian Capital.
Berkshire slumps, MBIA back in black
Berkshire Hathaway reported net earnings declined to $2.88 billion from $3.12 billion a year ago.
Prudential agrees to settle with SEC
Prudential Financial yesterday agreed to settle allegations from the SEC that it used reinsurance contracts to overstate its income by more than $200 million.
Industry group to address credit risk
In response to the credit crisis, a group of financial industry executives unveiled a plan today to improve risk management.
EMMA online to the rescue
The SEC has voted unanimously to help investors find free financial information about muni bonds on the Internet.
SIFMA forms covered-bond-traders group
The member firms on the new committees have agreed to take a series of actions to enhance the U.S. covered-bond market.
Gov’t bond issuance to jump more than 50%
Net new issuance of Treasury coupon securities is projected to hit $82.5 billion in the third quarter.
MSRB to improve transparency
The board took action to improve transparency in the municipal bond market during its three-day meeting.
CFA Institute poll calls for rating reform
Investors, brokers and analysts believe the current bond-rating system should be reformed.
Munis take soft hit despite ARS woes
Second-quarter volume of long-term muni bonds totaled $226.3 billion, a 1.3% drop from the same period last year.
Bond insurers try to erase insurance
Bond insurers are in talks with banks, looking to wipe away some $125 billion of insurance on debt securities.
Bill would curtail separate muni ratings
Legislation that would require municipal bonds to be rated similarly to corporate bonds was introduced today in the House.
MBIA and Ambac downgraded by S&P
The bond insurers are also facing downgrades from Moody's Investors Service.
MBIA and Ambac downgraded by S&P
The bond insurers are also facing downgrades from Moody's Investors Service.
Bond-rating firms to overhaul fee collection
The aim is to remove some of the power investment banks have over selecting which rating firms get paid to rate deals.
Nuveen gets infusion for ARS
The firm will refinance the auction rate preferred securities issued by its municipal closed-end funds.
