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’Munis hoping investors are ready to build America
California and the New Jersey Turnpike Authority are among several issuers hoping investors will buy ‘Build America bonds’, a new form of federally approved funding unveiled earlier this month by the US Treasury
These bonds are intended to support the stressed municipal bond market,
California unemployment rate hits record 11.2%
The latest regional unemployment data from the US Labor Department continues to paint a startling depiction of how great the job loss chasm that splitting the United States is.
While states like Michigan,
California’s nightmare
Things are already extremely rotten in the state of California, and are likely to worsen, according to forecasts by two teams of homegrown economists.
SignonSanDiego.com reports, (emphasis FT Alphaville’s):
I.O. Economic Girlie Men
A rather flippant title perhaps for a post highlighting the impending bankruptcy of the government of California (the economy over which said state presides being the eighth largest in the world). But then again,
California: “Insolvent within weeks”
Sovereign defaults are very much in the news, what with S&P downgrades, rating watches, negative outlooks et cetera on a number of European countries.
Add to those the world’s eighth largest economy,
CDS wrap: The week in perspective
This CDS report was written by Markit’s Gavan Nolan
The US municipal bond market is not renowned for its headline-catching abilities. Debt backed by the revenues of US states is viewed generally as a safe,
California’s debt downgraded amid budget crisis
California on Thursday prepared to suspend $5bn in financing for schools, roads, power projects and levee repairs after the state’s mounting budget crisis led Standard & Poor’s to downgrade some of its short-term debt.
The Governator: I’ll pay you back
The Californian economy – the eighth largest in the world – is crumbling.
Per the FT’s Los Angeles correspondent Matt Garrahan in a story today:
Thousands of unsold cars are piling up at Long Beach,
California’s fiscal emergency
No sooner has California narrowly survived one fiscal disaster – a short term funding crisis in early October that threatened state default – is it onto its next.
From the Governator:
Now, more than three dozen new legislators are being sworn in today,
Bailout: The new frontier?
Just two days after the Tarp finally came into being, is the bailout already moving into its next stage? Namely, companies and states?
Bloomberg has this story today:
Oct. 6 (Bloomberg) — Federal Reserve Chairman Ben S.
Hasta la vista, baby
Forget Iceland. The government of the world’s ninth largest economy is having serious funding difficulties.
Obtained by the LA Times, the below is a letter from Arnold Schwarzenegger, the governor of California,
California sells $1.75bn uninsured debt
California, the largest borrower in the US municipal bond market, on Tuesday forged ahead with plans to issue debt without paying for bond insurance, completing a $1.75bn bond issue sold largely to retail investors.
The $500bn Schwarzenegger bond issue?
Here’s a test of the depth of the credit markets. In an interview with Reuters, California governor Arnie Schwarzenegger has declared that the state needs $500bn to “rebuild California the way it ought to be.”