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MUFG Takes Aim at Biggest Issuers
MUFG Union Bank NA, the United States unit of Japan's biggest bank, plans to climb the ranks among U.S. municipal underwriters by focusing on the largest issuers.
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Ambac Assurance Corp. said the ink is dry on its Detroit limited-tax GO settlement that calls for a 34% repayment, plus additional recovery if the city wins a lawsuit that seeks to repudiate its pension certificates. more »
Municipal Assurance Corp., Assured Guaranty's municipal-only business, has been licensed by the California Department of Insurance to write financial guaranty insurance in the state alongside its affiliates Assured Guaranty Municipal Corp. and Assured Guaranty Corp. more »
Despite ongoing federal court battles over the fate of the nation's health insurance system, Utah's Intermountain Healthcare Services found a receptive muni market when it priced $158 million of tax-exempt bonds July 22, officials said. more »
Houston saved about $16.6 million on $372 million of new money and refunding issues over a two-day period, controller Ronald Green told The Bond Buyermore »
Credit spreads on California's general obligation have been narrowing, both before and after the state's upgrade to Aa3 by Moody's Investors Service. more »
Stern Brothers & Co., which advised on a recent $500 million MTA bond sale, hired former New York City Councilman David Weprin and added Neal Oldendorp in New Jerey. more »
The online securities auction site Zions Direct – intent on becoming the "eBay of fixed income" -- is looking for a chance to price its first municipal primary market issue, according to chairman David Hemingway. more »
The New Mexico Finance Authority will raise $57 million for its public project revolving loan fund with a competitive sale of revenue bonds. more »
Tennessee plans to price $210 million of new and refunding GO bonds Wednesday in the gilt-edged state's first foray into the market in two years. more »
Florida has hired legal counsel to sue the bankrupt Digital Domain over $20 million in state incentive funding. more »
Rating agencies affirmed Missouri's triple-A but warned they are watching the impact of income tax cuts and a ballot measure that could hurt the governor's power to cut budgeted spending when revenues falter. more »
Tax-exempt money market funds raked in $6.22 billion, the biggest weekly inflow in five years, as total net assets rose to $258.75 billion in the week ended July 7, according to The Money Fund Report, a service of iMoneyNet.com. more »
Financial guarantors that insure $15 billion of Puerto Rico bonds have taken a drubbing in the stock market as the island's debt restructuring law triggered a series of credit downgrades. more »

Since the release of the Securities and Exchange Commission's final municipal advisor registration rule in September 2013, the Bond Dealers of America and its members have dedicated significant efforts and resources to work with regulators, educate issuers and ultimately be prepared to make a successful implementation of the rule.

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