U.S. securities regulators proposed stricter rules on brokers in the $3.7 trillion municipal-debt market designed to prevent investors from being shortchanged when trading state and local government bonds.
Puerto Rico is planning to offer about $2.86 billion of general-obligation bonds next month, providing the island with sufficient liquidity through June 2015, Government Development Bank officials said.
The largest holders of Puerto Rico bonds are betting that a planned debt sale by the commonwealth will fuel a rally in its securities by alleviating doubts the U.S. territory can raise funds in the capital markets.
Illinois’s borrowing costs have fallen to the lowest level in six months as investors join Governor Pat Quinn in wagering that a law bolstering the worst- funded state pension system has “stopped the bleeding.”
The judge overseeing Detroit’s bankruptcy has rejected a $165 million settlement between the city and the banks that provided the city with interest-rate swaps. This startling development raises fundamental issues about the fairness of the original deals and the quality of the advice Detroit received before, during and after the transactions.
Investors holding about $238 million of defaulted tax-exempt bonds used to construct parking garages at Yankee Stadium in New York are set to benefit from a planned land sale for a new soccer stadium at the site.