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Detroit Progress and Value of Bond Insurance

On April 9, 2014, Assured Guaranty, National Public Finance, and Ambac came to agreement with the City of Detroit regarding the Unlimited Tax General Obligation bonds. As you may recall, Judge Rhodes told all parties that they should negotiate a settlement or he would make a ruling that was “all or none”, meaning one party would win outright. With that in mind the parties came to a settlement whereby the Insurers will receive $0.74 on the dollar for the bonds backed by the voter approved unlimited tax lien. While this is not the full value that the insurers believe they are entitled to under the Indenture, it is much higher than the $0.15 that was proposed in the Amended Bankruptcy Plan. The remaining $0.26 will be earmarked for City pensioners. . . . Click for more.

Reaching For Yield

A couple of weeks ago the Wall Street Journal published an article on the high yield bond market. Could this be an indicator that the market reaching for yield? We think the high yield bond market is approaching levels where warning signs of a peak are appearing...Click for more.

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