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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
|
2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Penn. issues rescue plan for indebted Harrisburg |
Reuters - June 13, 2011 - By Edith Honan
Pennsylvania offered a rescue plan to its deeply indebted capital of Harrisburg on Monday, with recommendations for a wage freeze, a possible property tax hike and the sale of the incinerator at the root the city's fiscal problems.
The city of 50,000, located about 100 miles west of Philadelphia, has been pushed to the brink of disaster as it struggles under the triple burden of $300 million of debt from the incinerator, rising costs and political squabbling.
The state stopped short of recommending bankruptcy -- a move that likely would have rattled the $2.9 trillion municipal bond market, where investors have been spooked since last year amid predictions of mass defaults and possible bankruptcies.
The recommendations will be formally presented to the City Council at a public meeting later on Monday.
Last December, with the city facing the prospect of bond defaults, deep service cuts, or worse, Pennsylvania officials put Harrisburg under its Act 47 law, which obliges faltering cities to implement plans to ward off Chapter 9 bankruptcy filings.
Ahead of the release of the Harrisburg report, experts said it was unlikely bondholders would be placed at risk.
"Normally, states and local governments do anything they can to make sure the bondholders get paid -- not because of some fondness for bond debt but because of their interest in being able to have the access to the market to make the local decisions locally," said Jim Spiotto, a municipal bankruptcy specialist.
Paul Brennan of Nuveen pointed to Pennsylvania's "really good track record" of helping to turn around much larger cities, including Pittsburgh and Philadelphia.
At the root of Harrisburg's troubles is a financing scheme to fund its state-of-the-art trash-burning plant that left the city with roughly $300 million in debt.
For the complete article.
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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