Municipality finance
UBS ordered to pay $160 million in fines by SEC
Published online only
Source: Operational Risk & Regulation
Swiss bank charged with undermining the competitive bid process of municipal securities
Original headline:
Source: Risk magazine
After the longest budget stand-off on record, California passed an $86.6 billion spending plan in October. However, the most populous US state faces continuing challenges, including a large structural...
Published online only
Source: Risk magazine
Lockyer warns California may miss budget revenue targets
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More Municipality finance articles
Harrisburg woes spark fears of muni crisis
Original headline:
Source: Credit
State capital of Pennsylvania flirts with default on two general obligation municipal bonds, raising fears over the ability of local government issuers to meet repayments.
Advance refunding of municipal bonds threatens future value
Original headline:
Source: Credit
The tendency among municipal issuers to call their bonds early in the belief they are refunding on better terms often results in the loss of future value, to the detriment of the taxpayer.
US municipalities wary of two-way CSAa
Original headline:
Source: Risk magazine
European sovereigns are tentatively moving towards two-way credit support annex agreements, but US municipalities are proving to be much more resistant to posting collateral on derivatives trades. The result is a credit and funding headache for their...
New MSRB rules seek to end municipal swap adviser scandals
Original headline:
Source: Risk magazine
Dodd-Frank rules take aim at brokers pushing muni rate swaps for bigger payday
Binge then bust
Published online only
Source: Risk magazine
Politicians have recently expressed alarm at a cross-currency swap conducted between Greece and Goldman Sachs in 2001, which allowed the sovereign to reduce the debt it reported in its public accounts. But other examples now coming to light show the apparent...
Buy now, cry later
Published online only
Source: Risk magazine
The role of derivatives in sovereign and local government borrowing has been in the spotlight since February, when a 2001 cross-currency swap between Greece and Goldman Sachs hit the headlines again. That trade, first reported in Risk in 2003 (Risk...
Upgrades to muni ratings ‘optimistic’, investors warn
Published online only
Source: Credit
Investors have voiced concerns about proposed upgrades to the credit ratings of municipal bond issuers, after Fitch Ratings and Moody’s Investors Service announced changes to the ways in which state and local governments are rated. Fitch said on March...
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