MAC Acquires California License
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.
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July volume was down year over year as municipalities keep their foot on project financing, opting to rebuild reserves and liquidity instead. more »
Hawaii took advantage of a market starved for bonds to increase the size of its highway revenue deal and lower its borrowing costs. more »
The 6th circuit appeals court will hear oral arguments Wednesday on Syncora's appeal of a key decision in the Detroit bankruptcy, one of the insurer's five pending appeals in the case. more »
The Detroit Metropolitan Wayne County Airport is heading to market next week with $107 million of airport revenue bonds, hoping it doesn't take too much of a beating for carrying what is one of the most tainted names in the municipal bond world. more »
A settlement with Detroit's limited-tax general obligation bondholders that calls for a 34% recovery also gives the creditors a say in the city's effort to repudiate $1.4 billion of pension certificates, one of the most controversial aspects of the bankruptcy case. 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 »
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. 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 »

As banks make more loans to lower-rated municipalities, they may have to follow Interagency Guidance on Leveraged Lending that was developed with private and corporate borrowers in mind.

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