Unsecured creditors got 5 cents to 20 cents on the dollar for their claims under a bankruptcy reorganization plan for Vallejo, Calif.
Report: Defaults Overhyped — Jan. 20
The Center on Budget and Policy Priorities said fears about municipal defaults and bankruptcies are greatly exaggerated.
Moody’s Sees Worse To Come — April 27
Analysts warned that 2011 would be the toughest year for state and local governments since the economy tanked in 2008.
Market experts lamented that lower municipal bond volume might be here to stay as state and local governments tighten their belts and the federal government cuts spending.
Firms Manage With Slim Pickings — May 17
Municipal bond bankers confronted with fewer deals to underwrite say they are getting creative and aren’t having second thoughts about their commitment to the underwriting business.
Lobbyists got to work launching campaigns for states and local governments to protect tax-exempt interest for municipal bonds against cost-cutting efforts in Congress.
Munis and Treasuries Get Crazy — Aug. 4
A “flight to quality” sent investors flocking to Treasuries and municipals.
The downgrade of the United States by Standard & Poor’s to AA-plus from AAA reverberated through the municipal bond market.
Obama Proposal Stuns Market — Sept. 14
President Obama’s proposal to cap tax-exempt interest for higher-income taxpayers shocked market participants, including muni issuers who said such a development could result in about $10 billion more in added interest costs.
Jefferson County, Ala., filed the largest municipal bankruptcy in U.S. history, saying it could not come to terms with creditors over restructuring $3.14 billion of defaulted sewer debt.
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