Jefferson County, which filed the biggest U.S. municipal bankruptcy until Detroit, is selling $1.8 billion of sewer debt to help exit court protection. Standard & Poor’s rates the bonds above junk. Investors disagree.
China fixed the yuan at a record high amid U.S. calls for faster appreciation and investors are tipping renminbi bonds to be one of the best bets in emerging markets as the Federal Reserve prepares to rein in stimulus.
New Haven, Connecticut, sold two streets this year to Yale University, its biggest employer, and raised taxes to bolster its finances. The moves haven’t been enough to win over investors and ratings companies.
Legg Mason Inc., the money manager that has struggled with more than five years of net redemptions, said fiscal second-quarter profit rose 6.8 percent as a market rally lifted assets and fees tied to performance rose.
Western Asset Management Co.’s main fund is rebounding after trailing rivals in 2007 and 2008, beating similar strategies from BlackRock Inc. and Pacific Investment Management Co. for the third straight year. The bond manager’s next challenge is to reverse withdrawals.
Eike Batista’s OGX Petroleo & Gas Participacoes SA is trading in the bond market as if it will be liquidated after an audit showed reserves at the company’s main oil field are 62 percent less than it had estimated.