Search results for: bankruptcy

Detroit bankruptcy — One year later

Ability is not the same as willingness to pay. Political pressures continue to influence the Bankruptcy process, potentially to the detriment of bondholders and leaving politically-connected stakeholders more equal than others.

Tagged with: Fixed Income, New Tax Regime

Municipal pension obligations: Why fear about underfunding may be unjustified, and why Chapter 9 will never become pervasive (save a few outliers)

Concerns about plan solvency are widespread and attention-grabbing, though perhaps unjustified. Collectively, pension funded ratios have declined at the state and local level, though the cost of funding actuarially required contributions remains manageable as a percent of governmental spending.

Tagged with: Fixed Income, New Tax Regime

Detroit and Stockton are game changers for municipalities in fiscal distress

Contrary to past experience and conventional wisdom, general obligation bonds are not sacrosanct and very low recovery rates are possible. Pensioners and other politically favored classes are likely to be treated more kindly than bondholders.

Tagged with: Fixed Income, Investing, Muni Perspectives Blog

PBGC’s 40th anniversary report – Some good news and some bad news

The overall financial position of the 40-year old Pension Benefit Guarantee Corporation is adequate for the next several years. However, the multiemployer deficit is a real concern.

Tagged with: Global Perspectives

Puerto Rico’s credit challenges intensify

Puerto Rico’s new debt restructuring law led to a Moody’s downgrade. Our assessment of the relative strength of Puerto Rico’s general obligation bonds remains unchanged, as they are not covered by the new law.

Tagged with: Fixed Income, Investing

Three reasons why REITs can continue to rally

REITs have produced attractive returns YTD being up 13.60% through April (up 16% as of May 12). Fundamentals remain solid, demand for commercial real estate remains strong and companies continue to increase dividends.

Tagged with: Equities, Investing

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