Bonds

November 2, 2009 -- Washington, D.C. -- The U.S. Department of the Treasury today announced its current estimates of marketable borrowing for the October – December 2009 and the January – March 2010 quarters:

* During the October – December quarter, Treasury expects to issue $276 billion in net marketable debt, assuming an end-of-December cash balance of $85 billion, which includes $15 billion for the Supplementary Financing Program (SFP). The borrowing estimate is $209 billion lower than announced in July 2009. The decrease in borrowing is primarily related to cash balance adjustments related to the SFP, and lower outlays offset partially by lower receipts.    » read more »

Clean Renewable Energy Bonds Awarded to More Than 800 Recipients Nationally

October 27, 2009 --
WASHINGTON -- As part of the Obama Administration's efforts to spur renewable energy production, the U.S. Department of Treasury today announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country.

Funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), these energy bonds help government agencies, public power providers, and cooperative electric companies obtain lower cost financing for clean energy development projects.    » read more »

Bill provides 100 percent Department of Energy loan guarantees to support PACE Bonds

October 19, 2009 -- Washington, DC – On Monday, Rep. Steve Israel (D-N.Y.) announced the introduction of legislation to support and expand Property Assessed Clean Energy (PACE) Bond programs (H.R.3836).

A PACE bond is a small municipal bond where the proceeds are loaned to commercial and residential property owners to finance energy retrofits and who then repay their loans over 20 years via an annual assessment on their property tax bill. Rep. Israel’s legislation will change the Department of Energy indirect loan guarantee program to provide 100 percent guarantees for PACE bond programs.    » read more »

Signs Executive Order opening federal program to 209 communities across Massachusetts

BOSTON – Friday, October 16, 2009 - As part of the Patrick-Murray Administration’s Massachusetts Recovery Plan to secure the state’s economic future, Massachusetts Governor Deval Patrick has signed an Executive Order that will open the state’s Recovery Zone Bond Program. The Recovery Zone Bonds, authorized through the American Recovery and Reinvestment Act, support both public and private development efforts by offering favorable borrowing rates for projects within areas designated as “Recovery Zones”.    » read more »

ARRA bonds to fund energy efficiency improvements and renewable energy installations at public schools

October 14, 2009 -- FREDERICKSBURG -- Virginia Governor Timothy M. Kaine today announced the availability of $119 million in American Recovery and Reinvestment Act (ARRA) bond authorizations for local school divisions to finance energy efficiency improvements and renovations, as well as renewable energy projects for public school buildings.    » read more »

Bond agencies praise state’s responsible management of taxpayer dollars

October 07, 2009 -- Dover – The country's three major bond-rating agencies have affirmed Delaware's triple-A ratings based, in part, on the state's strong fiscal management practices.

“Delaware is being rewarded for the fiscal discipline exercised during these challenging times,” Gov. Markell said. "Members of the General Assembly and this administration made the tough choices to responsibly solve last year's historic budget challenge and those decisions are paying off now. We will still face significant challenges in the upcoming budget, and it is important we work together in a bipartisan way and exercise the same discipline as we address Delaware's financial future."    » read more »

6/19/2009 -- Raleigh -- North Carolina Governor Bev Perdue today signed Senate Bill 754, enabling North Carolina schools to use interest-free bonds for school construction, repair and renovation as part of the American Recovery and Reinvestment Act (ARRA).

“Our children need a welcoming and encouraging learning environment, one that makes them excited to come to school every day,” Perdue said. “These bonds create a win-win situation – new jobs and better classrooms.”

The bill enables local education agencies to administer $275,772,000 in bonding authority for new, qualified school construction bonds (QSCB) and gives $56,699,000 in bonding authority to continue qualified zone academy bonds (QZAB).    » read more »

Merrill Lynch Fund Manager Survey Finds Economic Recovery Remains on Track Despite Bond Market Sell-Off; Investors ruling out “double-dip” recession as they embrace equities

NEW YORK AND LONDON – The upturn in global investor sentiment has withstood the recent large sell-off in bonds, according to the Merrill Lynch Survey of Fund Managers for June. Investors have expressed confidence in global economic recovery and, broadly, in the equity markets, in spite of their fears the sell-off would damage sentiment. The yield on 10-year U.S. Treasuries rose to 3.85 percent from 3.09 percent between the May and June surveys.    » read more »

Governor Culver Discusses I-JOBS With Nation’s Top Bond Rating Agencies

June 10, 2009 -- DES MOINES – In a sign that the I-JOBS Initiative is moving forward, Iowa Governor Chet Culver today joined with State Treasurer Michael Fitzgerald and state budget officials to hold conference calls with the nation’s three leading bond rating agencies to discuss the I-JOBS Bonds. The state is expected to issue $590 million in special obligation bonds in the coming weeks to help pay for part of the infrastructure investment and job creation program.    » read more »

June 9, 2009 -- HONOLULU – Hawaii Governor Linda Lingle announced today that the State of Hawaii successfully sold $725.3 million of general obligation bonds to fund various State capital projects, including public school facilities, University of Hawaii projects and other capital projects statewide.

The $725.3 million bond sale included $500 million of new money proceeds to fund new capital improvement projects and $225.3 million of refunding bonds to refinance outstanding debt. The refinancing of existing debt resulted in a reduction in debt service of approximately $100 million per year in fiscal years 2010 and 2011. The overall interest rate for the bonds was 4.12 percent.    » read more »

2009-05-28 -- "The U.S. Treasury proposal announced today provides incentives for GM's unsecured bondholders to support GM's restructuring efforts in the event GM decides to pursue a 363 sale as part of a bankruptcy proceeding.

Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success.

GM appreciates the unwavering support of the U.S. Treasury and the President's Task Force on Autos and thanks the unofficial committee of bondholders for their support of the proposal."

Source: GM

Inflow Seen As U.S. Pension Plans Seek to Avoid Big Jump in Liabilities

BOSTON, May 26, 2009 — Standish Mellon Asset Management Company LLC, the fixed income specialist for BNY Mellon Asset Management, said that U.S. corporate pension plans appear to be increasing their allotment to long-term investment-grade corporate bonds to protect themselves against the looming threat of soaring liabilities. Since the beginning of 2009, pension plans have added more than $1 billion for Standish to invest in these bonds.

Standish expects the yields on long-term investment-grade corporate bonds to fall back to more typical levels, which will push up pension plan liabilities substantially. The value of plan liabilities moves inversely with long-term investment-grade corporate bond yields.    » read more »

Washington, D.C., May 5, 2009 — The Securities and Exchange Commission today charged Renato Negrin, a former portfolio manager at hedge fund investment adviser Millennium Partners L.P., and Jon-Paul Rorech, a salesman at Deutsche Bank Securities Inc., with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses.    » read more »

Common stock plus accrued interest in cash offered for $27 billion of outstanding public debt; Successful exchange to result in at least $44 billion reduction in total liabilities from bondholders, U.S. Treasury and VEBA

2009-04-27 -- DETROIT - General Motors announced today that it is commencing public exchange offers for $27 billion of its unsecured public notes. The exchange offers are a vital component of GM's overall restructuring plan to achieve and sustain long-term viability and the successful consummation of the exchange offers will allow GM to restructure out of bankruptcy court.    » read more »

In Letter, Governor Paterson Calls for Secretary Geithner to Support Municipal Bond Market; Current Financial Crisis has Severely Hurt the Ability of Local Governments to Borrow, Driving Cost to Taxpayers

February 26, 2009 -- New York Governor David A. Paterson today called on Treasury Secretary Timothy F. Geithner to help restore the municipal bond market in order to protect the ability of local governments to borrow by issuing bonds. Governor Paterson is specifically calling for an infusion of capital from the Treasury Department to help stabilize the bond insurance market in order to reduce borrowing costs for local governments.    » read more »