Speculative grade bonds

The WAPA board of directors says it is looking for a replacement who would start on July 1, when Andrew Smith says he will depart.

The authority's CEO said it has no money for facilty maintenance.

The troubled American Dream mall in New Jersey's Meadowlands benefited from a wider growth in consumer shopping demand.

Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.

It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.

The governor should have involved the legislature earlier in decision making on how to give the Water and Power Authority money to make a bond payment, lawmakers said.

The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.

Friday price talk for the unrated tax-exempt paper was between 11% and 15%.

The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.

The deal comes amid market inflows and a dearth of high-yield supply, but demand will depend, as always, on the price, investors said.