|
|
|
|
| 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. |
|
|
| Bonds Online |
|
|
| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
|
S&P National Bond Index
|
3.00% |
|
|
S&P California Bond Index
|
2.96% |
|
|
S&P New York Bond Index
|
3.13% |
|
|
S&P National 0-5 Year Municipal Bond Index
|
0.70% |
|
|
| S&P/BGCantor US Treasury Bond |
400.09 |
|
| More |
|
| Income Equities: |
|---|
| Preferred Stocks |
|---|
|
S&P U.S. Preferred Stock Index
|
848.03 |
|
|
S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
|
|
S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
|
|
S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
|
|
| REITs |
|---|
|
S&P REIT Index
|
174.07 |
|
|
S&P REIT Index (TR)
|
425.30 |
|
|
| MLPs |
|---|
|
S&P MLP Index
|
2,469.58 |
|
|
S&P MLP Index (TR)
|
5,428.50 |
|
|
See Data
|
|
|
|
 |
|
|
|
|
|
|
MBIA to ‘Barely Scrape’ Through Beyond 2015, CreditSights Says |
Bloomberg - Aug. 25, 2010 - By Christine Richard
MBIA Inc., the holding company of the world’s largest bond insurer, should be able to make payments on $1 billion of debt until 2015, and will then “barely scrape” through the year, according to CreditSights Inc.
MBIA, which had $390 million in cash and highly liquid investments as of June 30, will end 2015 with $3 million, CreditSights analysts Rob Haines, Craig Guttenplan and Joseph Di Carlo in New York wrote in an Aug. 24 report.
Investors should sell five-year and shorter-dated credit- default swap protection on Armonk, New York-based MBIA the analysts said. They would receive $1.55 million upfront in addition to $500,000 a year for selling protection on $10 million of the company’s debt for five years, according to data provider CMA. The swap prices signal the market has priced in a 50.5 percent chance of default over five years assuming debtholders can recover 32 percent.
“Given management guidance and using our expectations for sources and uses of holding company cash, we expect MBIA to have sufficient resources to barely scrape through 2015,” the analysts at the bond-research firm wrote.
Even as losses mount at MBIA Corp., the unit that insures structured finance securities, regulators are unlikely to take- it over, which would trigger a default at the holding company, Haines said in a telephone interview.
“Regulators have been loath to seize bond insurance companies,” he said.
MBIA spokesman Kevin Brown didn’t immediately return a call for comment.
Negative Outcome
MBIA’s $292.9 million of 6.4 percent senior unsecured bonds due 2022 traded at 73 cents on the dollar on Aug. 19, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
For the complete article visit BusinessWeek.com
|
|
|
|
|
|
| Partner Market Place |
|
|
|
| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
|
|
| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
Keep up with monthly, in-depth coverage of fixed income market strategies, commentary, and insights as seen by our sources. Sign up for the free BondsOnline Advisor now!
Unsubscribe here [+] |
|
|
|
|
|
|
|
|
