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...Dan Scholl, head of municipal fixed income at Wilmington Trust, said his firm has snapped up debt issued by Wisconsin, Pennsylvania and Maryland, as well as the city of Dallas....
...Proceedings can involve lengthy tangles with project opponents who are legally entitled to funds from energy developers....
...That attracted complaints for cutting out middle-sized cities such as Baltimore, Maryland, and Toledo, Ohio, and large counties like Westchester in the New York suburbs....
...Larry Hogan, the Republican governor of Maryland, also criticised Mr McConnell’s comments, calling the majority leader’s suggestion “complete nonsense”....
...Part of the higher expenses includes preparing a partnership with Virtu Financial to trade exchange-traded funds....
...It employs more than 2,000 people with offices in New York, Dallas, Seattle, Denver and Rochester, New York, and is presently run by Art Steinmetz, a 32-year veteran....
...It employs more than 2,000 people with offices in New York, Dallas, Seattle, Denver and Rochester, New York....
...“It is time to fix America’s broken state and municipal pension system so workers and taxpayers receive a fair deal,” said Mr Hooke....
...Last year almost 130,000 people slept in municipal homeless shelters, a rise of 85 per cent from a decade ago. On the other hand, investors are plagued by conscience....
...Bondholders include large international fund managers such as Franklin Templeton, Oppenheimer and Goldman Sachs Asset Management, as well as hedge funds including Aurelius Capital....
...such as Aurelius Capital and Baupost, and mutual funds such as Franklin Templeton and Oppenheimer over how much each competing class of bondholder should be paid....
...The process will allow the territory to slice its debt load and impose deep losses on mutual funds and hedge funds, including Franklin Templeton and Oppenheimer, that have invested in its bonds as the island...
...Hedge funds who own the bonds want to stop the government redirecting its funds away from credit repayment....
...The tax benefit was — for a time — a boon to municipal bond fund managers across the US who often struggled to find enough of a given state’s bonds to fill a portfolio....
...Ms Whitney’s hedge fund, Kenbelle Capital, launched in 2013 but failed to generate investment profits....
...“There were clear forced sellers, panic sellers, and fear on Monday,” says Justin Leverenz, manager of the $30bn Oppenheimer Developing Markets fund, arguing that created buying opportunities....
...Puerto Rico debt is a mainstay of muni bond portfolios given the island’s triple tax exemption, with over 60 per cent of US municipal mutual funds holding the securities, according to Morningstar....
...The Oppenheimer Rochester Maryland Municipal fund, which has 29 per cent invested in Puerto Rico, is down 17 per cent over the same period....
...Funds managed by Franklin Funds and Oppenheimer, which hold Puerto Rico Power Authority bonds, have challenged the new law, saying it is unconstitutional and only the US Congress is allowed to change bankruptcy...
...Municipal bonds are tax-exempt but private ones are not. Many investors also remain wary of committing to large projects because of regulatory uncertainty....
...The state said Wednesday it had sent letters to UBS, Oppenheimer Funds and Fidelity, requesting information on how their municipal funds that contained Puerto Rican municipal debt were sold to Massachusetts...
...Massachusetts has sent letters to UBS, Oppenheimer Funds and Fidelity requesting information on how their municipal funds that contained Puerto Rican municipal debt were sold to the state’s residents....
...Long/short funds can make both positive and negative bets on securities....
...Maryland, Massachusetts, Pennsylvania, Vermont, Virginia and Wyoming all increased their gas taxes last year....
...US state and city governments are testing the choppy waters of the municipal bond market this week, trying to raise up to $5bn in funds amid higher borrowing costs in the aftermath of the largest bankruptcy...
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