An attorney for a Puerto Rico Electric Power Authority bondholders group raised concerns Wednesday about an Oversight Board mailing to bondholders asking them to support its plan of adjustment, which would result in them getting a better deal than non-supporting bondholders. PREPA Ad Hoc Group attorney Eric Brunstad Jr. said at Wednesday’s Puerto Rico omnibus
The abrupt ouster of House Speaker Kevin McCarthy and the battle for his former position now underway carry little direct or immediate effect on the municipal market, but participants agree that the repercussions tilt negative for everyone from issuers to investors and bankers. With the ink barely dry on Saturday’s continuing resolution to keep the
In this article US10Y Follow your favorite stocksCREATE FREE ACCOUNT Bill Gross, Portfolio Manager, Janus Capital Group Lucy Nicholson | Reuters Widely followed investor Bill Gross believes Treasury yields have the potential to shoot even higher in the short run. “I think we’re gonna go to five [percent],” Gross said on CNBC’s “Last Call” Tuesday,
Former U.S. President Donald Trump appears in the courtroom with his lawyers for his civil fraud trial at New York State Supreme Court on October 03, 2023 in New York City. Seth Wenig | Getty Images Former President Donald Trump on Wednesday returned to court for the third day of his $250 million business fraud
United States 10-year Treasury yields soared above 4.8% on Oct. 3, their highest level since 2007. DoubleLine Capital CEO Jeffrey Gundlach said in a post on X (formerly Twitter) that the spread between the 2-year and 10-year Treasury yields has narrowed from 109 basis points a few months ago to 35 basis points. He cautioned
Rishi Sunak axed the northern leg of the HS2 high-speed rail line to Manchester, promised sweeping education reforms and announced a smoking crackdown as he told the Conservative party conference he would take “radical” decisions to change Britain. The prime minister argued that £36bn could be saved by scrapping HS2 north of Birmingham, and that
The Open Network (TON), a decentralized blockchain platform originally designed by Telegram, has secured major funding from the venture arm of the cryptocurrency exchange MEXC. TON has raised an eight-figure investment from MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange MEXC, the firm announced on Oct. 4. In conjunction with funding, MEXC and the
In 2021, Ardana Labs claimed it would provide an innovative stablecoin platform for the Cardano network. The new project, called “Ardana,” would allow investors to lock up crypto collateral and mint fiat-pegged stablecoins, including a U.S. dollar-based token called dUSD. It raised $10 million from investors that year, but it suddenly closed up shop in
Munis were weaker Tuesday, but outperformed a U.S. Treasury selloff. Equities sold off as well. Triple-A yields rose anywhere from two to eight basis points while UST saw yields rise by as much as 13 basis points out long. The two-year muni-to-Treasury ratio Tuesday was at 72%, the three-year was at 72%, the five-year at
Bitcoin (BTC) price gained 6% from Oct. 1 to Oct. 2 but after failing to break the $28,500 resistance, the price dropped by 4.5% on the same day. This decline happened because of the disappointing performance of Ether (ETH) futures exchange-traded funds (ETFs) that were launched on Oct. 2 and concerns about an upcoming economic
Receive free Kevin McCarthy updates We’ll send you a myFT Daily Digest email rounding up the latest Kevin McCarthy news every morning. Kevin McCarthy’s position as Speaker of the House of Representatives was in peril on Tuesday after 11 Republicans voted to proceed with an effort to oust him and Democrats said they would not
As the calendar moves into autumn, clusters of wildflowers across Colorado are withering away, not to be seen again until springtime. While these blossoms may be disappearing for the time being, something else is blooming in Boulder County—a once-in-a-lifetime real estate opportunity. The Boulder Flower Farm, the region’s largest flower producer, has arrived on the
The agency that manages Chicago’s convention center campus wades into the market this week with a deal that continues its trend of pushing off looming bond payments to manage a persistent mismatch between its revenues and its debt service schedule. The Metropolitan Pier and Exposition Authority of Illinois is set to price $56.2 million of
McCormick spices are displayed on a shelf at a supermarket on March 28, 2023 in San Anselmo, California. Spice Maker McCormick reported better-than-expected first quarter earnings with revenues of $1.57 billion compared to $1.52 billion one year ago. Justin Sullivan | Getty Images News | Getty Images Check out the companies making headlines in midday
The rush of excitement that accompanied the launch of nine new Ethereum futures exchange-traded funds (ETFs) appears to have yielded little in the way of investment dollars in comparison. On Oct. 2, nine new ETF products, which are designed to track futures contracts tied to the value of Ethereum’s native currency Ether (ETH) arrived on
A group of Puerto Rico Electric Power Authority bondholders opposed to the Oversight Board’s proposed plan of adjustment identified its members Wednesday. The new faction, called the PREPA Ad Hoc Group, holds $2.1 billion in uninsured PREPA bonds and hundreds of millions of dollars more in insured bonds. $8.5 billion of PREPA bonds were outstanding
Despite United States Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres calling on the Securities and Exchange Commission (SEC) to immediately approve the listing of spot Bitcoin (BTC) exchange-traded funds (ETFs), the agency once again delayed its decision. When it comes to spot Ether (ETH) ETFs from VanEck and ARK 21Shares, the SEC
Many muni market thought leaders were caught off guard by the weekend congressional action that averted a government shutdown by way of enlisting help from House Democrats. “I was surprised,” said Brett Bolton, V.P., federal legislative and regulatory policy, Bond Dealers of America. “Not surprised that the Speaker took the measure he took, but waiting to
Receive free Conservative Party UK updates We’ll send you a myFT Daily Digest email rounding up the latest Conservative Party UK news every morning. Jeremy Hunt, UK chancellor, has announced a £1bn plan to squeeze civil service numbers. Hunt told the Conservative party conference in Manchester he would freeze recruitment to the civil service, which
Former President Donald Trump, right, sits in the courtroom at New York Supreme Court, Monday, Oct. 2, 2023, in New York. Seth Wenig | AP The $250 million civil fraud trial that could see former President Donald Trump permanently banned from doing business in New York began Monday. The trial comes a year after New