Attempts to avoid the largest municipal-bond default in U.S. history were dealt a blow this month when two Wall Street banks ended swap agreements with Jefferson County, Ala.
Fitch Ratings is putting off a review of its municipal ratings program because of the economic downturn.
Ratings agencies today painted a bleak outlook for AIG, following news of the insurer’s massive fourth-quarter loss and an additional $30 billion lifeline from the U.S. government.
Standard and Poor’s yesterday announced ratings downgrades for 10 major life insurers, including Genworth Financial Inc., Lincoln National Corp. and MetLife Inc.
Fidelity Investments plans to increase its presence in the municipal-bond market, firm executives said in an interview.
Hard times are on the horizon for insurers as commercial mortgage exposure haunts carriers and capital levels shrink, according to Fitch.
Janus Capital Group Inc. of Denver saw its ratings drop a notch to junk status today courtesy of Standard & Poor’s of New York.
OppenheimerFunds Inc. of New York is facing a class-action involving its California Municipal Fund, which lost 41.3% last year.
Municipalities stepped up their issuance of bonds by 5.3% in January, from a year ago, according to The Bond Buyer.
The genesis of the index is the Temporary Liquidity Guaranty Program created by the Federal Deposit Insurance Corp., which allows bank holding companies to issue senior unsecured debt guaranteed by the U.S. government.
The default rate for issuers of U.S. corporate junk bonds — bonds that Standard & Poor’s rates BB+ and below — is expected to “catapult” to an all-time high of 13.9% by December, S&P said in a report today.
SIFMA has hired Leon J. Bijou as managing director and associate general counsel in a bid to expand its municipal bond expertise.
Global bond underwriting activity declined by 29% in 2008 to $4.33 billion, the lowest level since 2000, according to data from Dealogic Holdings PLC of London.
The Municipal Securities Rulemaking Board has submitted a plan for approval by the SEC today to collect and disseminate critical market information about auction rate bonds and other variable-rate municipal securities.
Fully 91% of firms said a lack of clarity about the way the federal government’s Troubled Asset Relief Program works is making them less willing to participate in it.
It's understandable that bargain hunters are drawn to beaten-down stocks, but they may be doing themselves a disservice if they don't also consider junk bonds
The Municipal Securities Rulemaking Board has promoted two staff members to new roles and hired a new member to its senior management team.
In an effort to breathe life into the struggling economy, the Treasury Department will inject $250 billion into banks, while the FDIC took steps to help depositors.
