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.
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.
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.
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.
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.
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.
Municipal debt rated two levels above high-risk junk outperformed top-rated bonds in August as investors sought higher returns amid record low yields.
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.
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.
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.
"So much has changed in a week."
- John Dillon on Dec 20, 2012