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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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Yields Climb on New York Mortgage Muni Bonds Backed by Dexia |
By Martin Z. Braun
Oct. 4 (Bloomberg) -- Yields on New York state mortgage agency bonds backstopped by Dexia SA rose as much as 0.75 percentage point on concern that the Brussels-based bank hasn’t written down enough of its holdings of Greek government debt.
The daily yield of a New York floating-rate mortgage- revenue bond maturing in 2037 jumped to 2.75 percent today from 2 percent yesterday, according to data compiled by Bloomberg. Interest costs on similar securities also backed by so-called standby purchase agreements from Dexia have risen as much as 1.25 percentage points since last week. Under such arrangements, the bank guarantees to be a buyer of last resort for the debt.
“Yields have definitely adjusted up,” said Dan Solender, the head of municipal bonds at Lord Abbett & Co. in Jersey City, New Jersey.
The French and Belgian governments pledged to support Dexia after shares of the bank fell 22 percent in Brussels on concern that Europe’s sovereign-debt crisis has reduced the lender’s ability to obtain funding. Dexia guarantees $13.4 billion of U.S. municipal bonds, according to data compiled by Bloomberg.
Marian Zucker, president of the office of finance and development at New York’s Home and Community Renewal Agency, didn’t immediately respond to a request for comment.
Breakup Weighed
Company directors met yesterday to weigh a breakup of the company, including creating a “bad bank” for troubled assets, according to people with knowledge of the talks, who declined to be identified because the negotiations are private. Options for Dexia will be the focus of a Belgium cabinet meeting late today in Brussels. Both the French and Belgian governments own stakes in the bank, which was bailed out in 2008.
Moody’s Investors Service put Dexia’s three main operating units on review for a downgrade yesterday on concern the lender was struggling to maintain liquidity amid “worsening funding conditions in the wider market.”
For the complete article.
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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