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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
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3.00% |
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S&P California Bond Index
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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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SEC's Walter Seeks Regulations That Would Protect Municipal Bond Investors |
Bloomberg - Sept. 21, 2010 - by William Selway
Rules for selling municipal bonds should afford investors protections similar to those in other U.S. markets, Securities and Exchange Commission member Elisse B. Walter said.
Investors should be able to get “information that is not materially misleading and does not contain material omissions,” Walter said today at a San Francisco hearing. “That includes receiving financial and other material information that is not stale. As I have previously bemoaned, investors in municipal securities are, in certain respects, afforded second-class treatment.”
The SEC is moving to remake regulations covering public officials and Wall Street underwriters who sell municipal bonds to investors. SEC Chairman Mary Schapiro in May said regulators should consider requiring more timely disclosure of financial information, adopting mandatory accounting standards and ensuring that borrowers such as real-estate developers who raise money through municipal entities provide adequate information to investors.
The $2.8 trillion municipal market is used by cities, states and towns that back the bonds with taxes, as well as entities such as nursing homes, hospitals and real-estate developers that act through government agencies and default when the projects fail.
Failed Monorail
During the last three years, more than $17 billion of municipal bonds have defaulted, including those backed by Las Vegas’ monorail and a toll road in South Carolina, according to Distressed Debt Securities Newsletter, a Miami Lakes, Florida publication that tracks defaults. Individual investors dominate the municipal bond market, holding more than $1 trillion directly and more through mutual funds.
“In spite of their well-deserved reputation for safety, municipal securities can and do default,” Walter said.
Schapiro appointed Walter to lead the hearings on improving regulations for the municipal bond market. The San Francisco session is the first of six planned.
Separately, the financial regulatory overhaul that President Barack Obama signed in July provided for a two-year study of municipal finance disclosure, including whether to scrap a 1975 law that prevents the SEC from imposing the same requirements on local governments that it does on corporations. The SEC has also established a special unit to bring municipal securities enforcement cases.
For the complete article visit Bloomberg.com
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Income Security Recommendation January 2013 Issue.
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