SEC probes muni bond default

SEC probes default on bonds https://www.bloomberg.com/news/articles/2020-02-24/sec-probes-owner-of-chicago-apartments-after-muni-bond-default

Resources to understand government debt

http://www.gfoa.org/debt-101-volume-1-issuing-bond http://www.gfoa.org/debt-101-volume-2-responsibilities-after-bond-issuance GFOA’s Committee on Governmental Debt Management issued these two resources

Kansas faces SEC charges

http://www.reuters.com/article/2014/08/11/sec-kansas-pensions-idUSL2N0QH15Z20140811 related to nondisclosure of pension underfunding issues to bond investors in offerings dating back to 2009 and 2010.

Bond sales slowing despite low interest rates

This article talks about a nervousness to incur bond debt by issuers, and a corresponding decrease in capital improvements as a result of the actions. Impact on yields is addressed. http://www.reuters.com/article/2014/06/02/us-usa-municipals-supply-idUSKBN0ED0Z920140602

NY City bond sale

The first bond sale since the city's proposed budget was called "credit negative" by Moody's. http://www.bloomberg.com/news/2014-06-09/nyc-bond-sale-gives-investors-vote-on-de-blasio-budget.html

State and Local governments taking too long to

get their financials ready.   Issues for muni bond investors who want timely information http://www.reuters.com/article/2013/10/08/municipals-reports-timing-idUSL1N0HY1J620131008

Municipalities being scrutinized for cooking the books related to bonds

per this WSJ article.  This article generated many comments from readers related to issues of muni bond financing , culpability of players, and related matters...  http://online.wsj.com/article/SB10001424127887324659404578501241181682894.html?mod=dist_smartbrief

Moody's lowers Britain's bond rating

for first time from AAA http://www.guardian.co.uk/business/2013/feb/23/george-osborne-britain-aaa

S&P lowers Illinois Bond rating

What again?  I thought this just happened back in August.   Are the citizens noticing this?   http://www.pionline.com/article/20130125/DAILYREG/130129916/pension-woes-drive-moody8217s-sp-to-lower-illinois8217-bond-ratings

Illinois Illinois, what you gonna do?

"By the rivers gently flowing Illinois, Illinois; O'er thy prairies verdant growing, Illinois, Illinois,  Comes an echo on the breeze, Rustling through the leafy trees, And its mellow tones are these, Illinois, Illinois, And its mellow tones"......

are screaming "How are you going to address these fiscal issues"?    Standard and Poors  yesterday downgraded the bond rating with the fair state (described above in idyllic terms in our state song) - the state that has the worst pension funding of any other state, among a host of other problems.  That is my pension we are talking about, so I have no answers, only questions.   How to fix this?  http://www.bloomberg.com/news/2012-08-29/illinois-debt-cut-by-s-p-after-lack-of-action-on-pension-funding.html

Muni Bond Market Tumbles This Week

Challenges are described in terms of the impact of this on borrowing costs for cities, hospitals, schools.  The Wall Street Journal article from 1/14/2011 details this worrisome trend. http://online.wsj.com/article/SB10001424052748704307404576080322679942138.html?mod=ITP_pageone_0
A CBS news video from a month ago that called State Budgets: Day of Reckoning described some of the challenges is at this link (sorry for the commercials therein, but the video is interesting as this discusses some of the broad issues).  Also interesting because it included multiple state issues, including my favorite home State of Illinois featuring former Comptroller Dan Hynes - this is not an isolated problem; it is widespread.  The predictions sound scary to me    http://www.cbsnews.com/video/watch/?id=7166293n&tag=cbsnewsMainColumnArea.9

Bond sales hit the highest in ten months

States and local governments are ready to issue about $13 billion in municipal bonds this week, according to data compiled by Bloomberg. The glut of supply is forcing issuers to raise yields to attract buyers.  http://www.bloomberg.com/news/2010-10-05/muni-bond-sales-reach-10-month-high-as-new-york-state-borrows-1-4-billion.html

New Jersey didn't have all disclosures

New Jersey recently settled a claim from the SEC that the state failed to disclose to bond investors that it didn't properly fund two of its pension plans when it issued bonds from 2001 to 2007. Likely more lawsuits in crackdowns to come  http://accounting.smartpros.com/x70295.xml

State and local governments shifting to selling taxable bonds

http://www.bondbuyer.com/issues/119_352/monthly_muni_volume-1012894-1.html
While this article in the Bond Buyer newspaper indicates May was the fourth heaviest bond issuance for May since the information has been tracked, it also has some complexities as governments are shifting their financing somewhat to non-tax exempt issuances.  Read to see why this is happening