A historic exodus from municipal mutual funds is propelling the biggest jump in trading in local debt since 2011 as individuals and money managers bet an expanding economy will drive up interest rates.
Investors holding about $238 million of tax-exempt bonds used to build parking garages at Yankee Stadium in New York will receive a $6.9 million overdue payment on Nov. 15, according to a filing with the Municipal Securities Rulemaking Board.
U.S. banks led by JPMorgan Chase & Co. and Wells Fargo & Co. have bought a record amount of municipal debt. That demand is now at risk under a Federal Reserve proposal that excludes local bonds from a list of easy- to-sell assets.
New York’s Long Island Power Authority is offering to buy back as much as $2.5 billion of debt as part of a plan to restructure the utility, which was widely criticized after Hurricane Sandy left almost a million of its customers in the dark for weeks.
Leonard M. Leiman, who led the securities-law practice at New York-based Reavis & McGrath when it merged in 1988 with Fulbright & Jaworski in what was then among the largest such marriages in history, has died. He was 82.
L.J. Hart & Co., a St. Louis-based municipal-bond underwriter, agreed to pay a $200,000 fine to settle charges that it violated pay-to-play rules by giving tickets to sporting events to win work from schools and counties.