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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
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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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Washington State Arena Nears Default as Bailout Bill Work Stalls |
Bloomberg Businessweek - Dec. 1, 2011 - By James Nash
Dec. 1 (Bloomberg) -- Default looms today on $41.8 million in bond-anticipation notes backing a money-losing regional arena in Washington, potentially harming other municipal issuers, according to state Treasurer James McIntire.
Lawmakers adjourned yesterday in Olympia without acting on a bill to aid the Greater Wenatchee Regional Events Center Public Facilities District and aren’t scheduled to reconvene until noon today, two hours after the payment is due, said Chris McGann, a McIntire spokesman.
The district is almost certain to default on debt sold in 2008 to build a 4,300-seat arena in Wenatchee, City Attorney Steve Smith said by telephone. McIntire called on lawmakers to pass the bailout measure in a Nov. 18 statement, warning of a default’s broader impact on issuers statewide.
“Even if they made a decision tomorrow, they would still have to wire the money and that probably wouldn’t happen the same day,” Smith said late yesterday. “Technically, you’d be in default, but I’m sure the noteholders would take the money the next day. Even if you miss by a day or two, I don’t think it’s an irreconcilable problem.”
Municipal-bond defaults for the year through September fell to $949 million from $2.89 billion in the first nine months of 2010, according to Richard Lehmann, publisher of the Distressed Debt Securities Newsletter in Miami Lakes, Florida.
Wider Impact
A default in Wenatchee “would have a significant impact on the borrowing costs of other public facility districts, cities, and counties,” McIntire said Nov. 18. “Investors generally seek large interest rate concessions from borrowers who are perceived to pose a higher risk of default -- or they avoid them altogether,” he said.
The 1983 default of the Washington Public Power Supply System, affecting $2.25 billion in bonds to finance nuclear power plants, contaminated issuers statewide, driving up borrowing costs, McIntire said.
The effect of a default on the Wenatchee arena bonds would be more local, said Robert Frey, president of Lakeside Advisors Inc., a Seattle-based investment firm. The issuing district consists of nine municipalities, including Wenatchee, a city of about 31,000 on the flanks of the Cascade Mountains about 140 miles (225 kilometers) east of the state’s biggest city.
For the complete article.
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