Yesterday's front-page story about credit problems affecting the short-term market included two points that require clarification. Liquidity providers cannot walk away from their obligations to buy bonds back from an investor unless a tender-option termination event occurs, typically a downgrade of the bonds to below investment grade rather than to double-A. In addition, in auction-rate security auctions, banks are not the liquidity providers but have the option to backstop deals.
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The week was a long-awaited reckoning with record supply, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
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The meeting will be held on July 23 and 24.
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Randall "Randy" Miller, Chad Miller and Jeffrey De Laveaga were charged by the SEC with creating false documents that were provided to investors in two municipal bond offerings.
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The National League of Cities rolled out its annual report showcasing the challenges facing mayors, including the end of BIL funding and a steady diet of uncertainty about the flow of future federal dollars.
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The House cuts are less severe than those proposed in President Donald Trump's 2026 budget.
10h ago -
Schools and governments turn to bonds to cover payouts in the wake of a California law that temporarily lifted the statute of limitations on sex abuse claims.
11h ago