Mikhail Foux News
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Localities from Florida to California are selling taxable bonds at the fastest pace in three years as the additional cost of issuing the debt instead of tax-free financing is near the lowest since 1994.
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The largest exchange-traded fund tracking the $3.7 trillion U.S. municipal-bond market is selling at a discount to its underlying assets for the longest stretch since 2011 as investors pull the most cash from muni mutual funds in three months.
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Inventiv Health Inc. , the provider of sales and marketing services to science companies, is selling debt as slowed issuance of high-yield, high-risk debt in May will likely interrupt the record pace of earlier this year.
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The cost to protect U.S. corporate debt from losses rose to the highest level this week amid concern the economy is slowing. The perceived risk of Bank of America Corp. and Goldman Sachs Group Inc. grew.
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The cost of derivatives protecting against economic meltdown have jumped to the highest since May on speculation banks will need to buy the contracts as funds seek to restructure a type of Canadian structured note, according to Citigroup Inc.
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The euro will fall 9 percent against the dollar should Greece default, according to Citigroup Inc. prices for quanto credit swaps that allow investors to bet on currency volatility and sovereign debt risk.
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The cost of protecting bonds from default in the U.S. fell every day this week, dropping to the lowest in more than six months, after payrolls rose more than forecast, bolstering optimism the labor market is recovering.
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The cost to protect against defaults on U.S. corporate bonds rose to the highest in a week on lingering concern as to how the European Union will manage its sovereign debt crisis.
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Potash Corp. of Saskatchewan Inc. bondholders are losing confidence that BHP Billiton Ltd.’s $40 billion bid for the fertilizer maker will succeed and will instead be bought in a debt-laden takeover.
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Traders have more confidence in Brazil honoring its debts than the wealthiest U.S. states including Connecticut and New Jersey, a sign to Citigroup Inc. and DoubleLine Capital LP that the country’s debt is overvalued.
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