- Closely watched in the municipal bond market and by the monolines (MBI, AGO, AMBC) will be today's decision by a U.S. bankruptcy judge on whether Detroit's pledge to pay on general obligation debt is binding or whether it's merely a promise which a broke city can walk away from.
- The impact could be a large one as GO debt has forever been considered secured debt and thus among the safest places to put money. Emergency manager Kevyn Orr has deemed about $410M of city GO paper as unsecured debt, and Detroit on October 1 defaulted on payment.
- On the hook for millions of dollars, municipal insurers contend they and bondholders have first call on the property tax revenue necessary to make good on the bonds.
- Also maybe coming today will be Orr's plan for restructuring and a bankruptcy exit.
- Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, XMPT, SHM, BABZ, BABS, SUB, PRB, SMB, PZT, NYF, CXA, SHYD, PWZ, PVI, SMMU, MUAF, INY, MUAE, MUAD, MUAC, VRD, MUAG, GMMB, MUAH, RVNU
From other sites
at 4-traders.com (Tue, 4:57PM)
at Nasdaq.com (Jan 8, 2015)
at Benzinga.com (Dec 22, 2014)
at Nasdaq.com (Nov 14, 2014)
at CNBC.com (Oct 7, 2014)
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