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Banks Look to Profit on Muni-Bond Fears
Keywords:
The size of the municipal CDS market is about $50 billion. Five large derivatives dealers- Bank of America Merrill Lynch, Citigroup, Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley- met in November 2010 to discuss standardizing paperwork for "muni CDSs" to attract more buyers and sellers. The biggest banks are hoping to profit from the deteriorating finances of US cities and states. The CDSs or credit default swaps require swap sellers to compensate buyers if a municipal issuer misses an interest payment or restructures its debt. This makes states nervous and they are suspicious of CDSs, believing that this encourages speculators to bet on, and worsen states' financial situation. California is about to require all 86 of its underwriting banks to disclose what CDSs they have traded on the states' debt, for customers or for their own accounts.
Credit Default Swaps (CDS) on the debt of U.S. cities and states
12/21/2010
CDS on municipal debt. Efforts by investment banks to sell derivatives on municipal debt.
Grouped Articles
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
Meredith Whitneyâs Muni Bond Prediction Draws Scrutiny
New York Times 02/07/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
The financing of local and regional governments in the U.S.- 2010-2011
08/28/2010
The impact on state and local governments as investors demand higher yields from some states and regional governments. The impact on state budgets of higher financing costs.
Grouped Articles
U.S. Cities Grapple With Finances
Wall Street Journal 10/30/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Wall Street Journal 12/24/2010
Budget cuts in local government and services in the U.S. - 2011-2013
12/14/2009
Cuts for schools and the MTA local transport in New York state and New York city.
Grouped Articles
Wall Street Journal 07/30/2013
Cities' Revival Curbed By Red-Ink Budgets
Wall Street Journal 11/02/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Paterson Trims Aid to Schools and Localities
New York Times 12/14/2009
Drastic Cuts Are Expected as M.T.A. Unveils Budget
New York Times 12/14/2009
States Scramble to Close New Budget Gaps
Wall Street Journal 12/18/2009
State and local government debt that could create a financial crisis in the USA
12/04/2010
Grouped Articles
Mounting Debts by States Stoke Fears of Crisis
New York Times 12/04/2010
Mangano Lowers Taxes but Leaves Nassau County in a Fiscal Crisis
New York Times 12/10/2010
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
New York Times 01/06/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
Reflation Takes Credit for Muni Rout
Wall Street Journal 01/21/2011
State budgets in the U.S. as the economic crisis hits states hard in 2009.
07/03/2009
California is down to issuing warrants or i.o.u.'s to pay taxpayers, local governments and vendors. Other state governments face difficult situations.
Grouped Articles
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Coffers Empty, California Pays With I.O.U.’s
New York Times 07/03/2009
Eighty Years After the Great Crash -- 'Is It the '30s Again?'
Wall Street Journal 10/18/2009
8 Arrested in Protest at Berkeley Chancellor’s Home
New York Times 12/13/2009
State, Local Tax Revenues Decline 7%
Wall Street Journal 12/30/2009
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