- An agreement between Detroit and bond insurers Assured Guaranty (AGO), Ambac (AMBC), and National Public Finance Guaranty (MBI) would be a critical step as the city winds its way through Chapter 9 bankruptcy. Detroit emergency manager Kevin Orr has deemed about $410M of previously sacrosanct general-obligation debt as unsecured, a decision bond insurers - who would be on the hook for millions if the paper sees just the 15% recovery Orr has proposed - are howling about.
- "Time is growing shorter," said Michigan Governor Rick Snyder in an interview today. "A lot of work is going on in the mediation process, with great urgency ... [the] best case" is for parties to reach a settlement. A deal, says the Journal, could be struck as early as tomorrow.
- Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABZ, BABS, XMPT, PRB, SUB, PZT, SMB, NYF, SHYD, CXA, PWZ, PVI, SMMU, INY, MUAF, MUAE, MUAD, VRD, MUAC, MUAG, MUAH, GMMB, RVNU
- Also watching with interest: Syncora Holdings (SYCRF).
WSJ: Detroit nearing deal with bond insurers
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