John Dillon News
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Ex-Jefferies & Co. managing director Jesse C. Litvak will go on trial in February on charges that he defrauded customers of more than $2 million on trades of residential mortgage-backed securities.
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Yields on top-rated tax-exempt 10- year debt exceeded those of comparable U.S. Treasuries for the first time since Dec. 1 as investors favored shorter-term debt amid slower municipal issuance.
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The $3.7 trillion municipal-bond market is heading for its worst monthly performance since June. If the past decade is any guide, October may be even worse.
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Ex-Jefferies & Co. managing director Jesse C. Litvak will go on trial April 1 on charges that he defrauded customers of more than $2 million on trades of residential mortgage-backed securities.
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The $3.7 trillion municipal market is poised for its steepest monthly decline since 2010 as investors spooked by threats to the debt’s tax-exempt status withdrew the most money in almost two years.
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BlackRock Inc., the world’s largest asset manager, is selling some of its riskiest municipal bonds in favor of safer local debt as $1.2 trillion of potential federal spending cuts and tax increases loom.
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Municipal debt rated two levels above high-risk junk outperformed top-rated bonds in August as investors sought higher returns amid record low yields.
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Investors are pouring the most money in two months into the $3.7 trillion municipal market, helping U.S. local governments lower costs during the biggest borrowing wave since June.
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U.S. state and local debt is on its way to beating stocks, Treasuries, corporate bonds and commodities for a second straight year when adjusting for volatility, the longest win streak since 2006.
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The $3.7 trillion municipal market is wrapping up its best month since January. If the past decade is any indication, August may be even better.
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