AMP Capital Australian Corporate Bond Fund, which outperformed its peers over the past decade, prefers U.S. and European banks to the South Pacific nation’s lenders on improving economic prospects in those two regions.
Victor Yeung, a former managing director of LaSalle Investment Management with $47.6 billion of property assets globally, started his own fund targeting the growing Asia-Pacific real estate investment trusts.
California’s Assembly passed limits on long-term bonds that have saddled school districts with debt of as much as 10 times the principal after financing new classrooms in years of slumping property values.
California capped the total interest costs on capital-appreciation bonds issued by school districts at four times the amount borrowed to rein in the financing method that Treasurer Bill Lockyer called “abusive.”
Bonds issued by California school districts that defer billions of dollars in interest payments for decades are rallying to a five-month high as Governor Jerry Brown prepares to sign a bill limiting their use.
California Treasurer Bill Lockyer will push for limits on bonds that have saddled school districts with debt payments as much as 10 times the principal and seek to ban those maturing more than 25 years in the future, a spokesman said.