US municipal woes

The struggling finances of US states have been thrust into the spotlight in recent years after tax revenues fell sharply as a result of the economic slump, leading to gaping budget deficits throughout the country, severe spending cuts and, in some cases, tax hikes

Volcker warns on US state finances

Parts of the country remain under ‘heavy pressure’


Detroit ©Getty
The decline of Motown’s home in charts
– FT Data

Muni risk rises as pensions are put first

Parameters transformed by Chicago and Detroit rulings

Illinois bond yields jump sharply

Rejection of measures to tackle pension deficit pressures rating

Puerto Rico casts shadow over muni market

Island’s rating downgrade adds to pressure on debt investors

Reversal of fortunes as US munis surge

Returns attractive but investors in the asset class are easily rattled

Bitter history tempers hope in Detroit

Decades of inequality stand in the way of the city’s renewal

Judge approves Detroit bankruptcy plan

Proposal to slash $7bn in debt ruled ‘fair and equitable’

SEC fines 13 groups over Puerto Rico bonds

Rule to protect small investors violated

Detroit settles with holdout creditor

Deal with insurer is big step as city emerges from bankruptcy

Squeeze on US muni sales boosts prices

New issuance down 6% as cities and states cut spending

Detroit seeks a vision through the blight

Restructuring plan divides bankrupt city’s leaders and residents

US munis could get regulatory reprieve

Fed looks at use of bonds to comply with bank liquidity rules

Detroit retirees back city bankruptcy plan

Vote caps months of talks with unions and bondholders

Orr hopes to steer Motown out of the blues

Detroit’s emergency manager believes city is ripe for reinvention

Bankruptcy battle heats up for Detroit art

Bond insurer claims the city’s collection could reap up to $2bn

Bondholders hit in Detroit restructuring

Proposal expected to be challenged by creditors

US cities say Fed rule will hit budgets

Liquidity rule could hurt $3.7tn muni bond market

Puerto Rico cut raises fears over rally

Strong municipal bond performance may be hit after S&P move

State governor proposes $350m for Detroit

Funding deal would help pensioners and preserve art collection

Puerto Rico debt investors meet

Government says it will ‘take every step’ to meet its obligations

US urged to examine $4tn muni bond market

Funding practices in sector thrust into spotlight

$330m pledged to save Detroit’s art

Donations could help to repair bankrupt city’s finances

BlackRock steps into Detroit bonds fight

US group may join bid for bondholders to be paid before retirees

Detroit in power-sharing agreement

Plan to restructure city finances due early next year

Illinois passes pension reform

Reform addresses state’s unfunded liability