Results for "municipal bonds"

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Trump budget chief says no U.S. bailout for Puerto Rican debt

October 4, 2017

President Donald J. Trump's budget chief said not to take the president's suggestion that Puerto Rico's debt would be "wiped out" literally, as the territory's bonds plunged to a record low Wednesday. A benchmark general obligation bond due...

Hurricanes that ravaged Puerto Rico also wreck its bonds

September 29, 2017

Hurricanes Irma and Maria devastated Puerto Rico, and the storms' effects on the islanders will last for years. Far less dire – but still lingering – will be the effect on Puerto Rico's municipal bonds and the mutual funds that hold them....

Ex-Morgan Stanley broker at center of Puerto Rico bond disputes

September 28, 2017

The Puerto Rico municipal bond mess has landed on the doorstep of Morgan Stanley, with mounting arbitration claims against the firm stemming from sales of the bonds and closed-end funds from a former broker in Miami. The broker, Angel Aquino-Velez,...

Odd letter highlights fiduciary concerns in Puerto Rico

September 21, 2017

Even when a broker is a fiduciary, he can certainly fail to act like one. Take, for example, the case of Oriental Financial Services Corp. It is a small broker-dealer that is part of a larger financial services company based in San Juan, Puerto...

Muni bonds' tax break looks safe for now

September 13, 2017

Donald J. Trump and Treasury Secretary Steven Mnuchin have expressed support for maintaining the tax break on municipal bonds. The market takes them at their word. As the Republican president embarks on a push for tax cuts, top-rated state and...

UBS loses $793,000 in Puerto Rico bond arbitration case

June 28, 2017

A Finra all-public arbitration panel has awarded claimants $793,077.61 in a case involving the sale of Puerto Rico municipal bonds by UBS. The claimants — Madeleine Carrero, individually and as trustee of Fideicomiso Ulises Barros and Ulises...

Illinois' financial woes present risk — and opportunity — to muni bond investors

May 31, 2017

Illinois' financial woes, coming in the immediate wake of Puerto Rico's bankruptcy filing, is shining more light on the risks and opportunities in the municipal bond market, and stands out as a reminder that financial advisers should pay extra...

Trump miscues, more cash becoming available will drive summer muni bond rally

May 19, 2017

Municipal bonds got a lift this week as turmoil surrounding President Donald J. Trump's administration sparked a flight to safe assets. An even bigger boost will come this summer as investors will receive a flood of cash that will outstrip the...

OppenheimerFunds stays uniquely committed to Puerto Rico's muni bonds

May 5, 2017

Puerto Rico's recent bankruptcy filing shines fresh light on the so-called Rochester team at OppenheimerFunds, which has remained stubbornly committed to the U.S. territory even as it has rumbled toward a wall of financial woes. The filing on...

Arizona broker-dealer settles charges it underwrote fraudulent muni bonds

April 6, 2017

Lawson Financial Corp., a now-defunct municipal bond underwriter in Phoenix, Ariz., has settled with the Securities and Exchange Commission over charges related to muni bond offerings the firm underwrote that turned out to be fraudulent. Also...

DOL fiduciary rule gets it half right on the municipal bond market

July 7, 2016

While some modifications have been made, municipal-bond investors are still left in a potentially tight spot with regard to the Department of Labor's fiduciary rule. To its credit, the DOL seems to be listening to feedback with an open mind,...

Despite congressional relief, impending Puerto Rico debt default could trip up municipal bond investors

June 30, 2016

As Puerto Rico inches ever closer to defaulting on its next debt payment, Congress has stepped up to try to help the island find a way out of its suffocating financial woes, which includes $70 billion worth of debt on top of $40 billion in underfunded...

The markets brace for Puerto Rico's default

June 30, 2016

The markets are bracing for the next shoe to drop in the form of a default by Puerto Rico. The plan to default on $1 billion worth of general obligation bonds. With GE Capital now off the list of financial institutions the government considers...

The case for favoring revenue bonds over general obligation bonds

June 13, 2016

A municipal bond is a municipal bond is a municipal bond. Anyone who believes that to be true has failed to see the increasingly idiosyncratic nature of the municipal marketplace. A testament to that fact: The Barclays Puerto Rico Index declined...

Why the inventor of 401(k)s came to view them as 'monsters'

May 19, 2016

The father of the 401(k) grew to think the plans were better at sending fees back to the financial industry than helping savers. “He believed in doing the right thing.” Mark Cuban says with “100% certainty” that the market will tank...

Survey of 50 states shows 'stable' finances, for most

May 15, 2016

For municipal bond investors, surveying the 50 states is a bit like attending a high school reunion. Some folks are doing great, while Ralphie and Julie really need to check into rehab. The annual State of the States survey by Conning & Co....

Keep your eye on the Puerto Rico bond saga

May 8, 2016

Puerto Rico's debt default should be a lesson for investors and their advisers: Even apparently low-risk investments, such as municipal bond mutual funds, must be monitored regularly. And the default shows once again that high returns probably...

OppenheimerFunds among the biggest bulls on Puerto Rico's municipal bonds

May 3, 2016

Puerto Rico's missed debt payment on Monday is seen by some on Wall Street as just the latest shoe to drop for the financially-strapped island nation. The country has another $2 billion debt payment due July 1, is $70 billion in debt, and is...

Puerto Rico default could blindside investors in municipal bonds

May 2, 2016

As the Puerto Rican government embraces default as a way of dealing with a $422 million debt payment due Monday, a lot of investors and financial advisers might be surprised at how exposed they are to the island country's financial woes. Even...

Investors poured $32 billion into bonds in March with Vanguard, BlackRock dominating

April 15, 2016

Investors poured an estimated $31.9 billion into bond funds in March, and investment advisers did much of the pouring. The inflow to bond funds was the most since January 2013, when bond funds saw a net $32.6 billion come in, says Morningstar,...

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