Municipal bond insurance grew 10.4% year-over-year in 2023 leading to the highest market penetration rate since 2008, despite a drop in overall bond volume. While municipal issuance ended 2023 slightly down, demand for bond insurance continued to grow as market participants turned to it for investor confidence, increased market liquidity and enhanced credit ratings. The
The Chicago Board of Education on Wednesday saw its issuer rating and debt ratings from Moody’s Investors Service upgraded a notch, to Ba1 from Ba2 — still speculative grade, but one level below investment-grade status. The rating outlook remains positive after the upgrade. Moody’s cited improvements in Chicago Public Schools’ operating fund net cash balance,
Chesnot | Getty Images The Securities and Exchange Commission pushed for bitcoin ETFs to have a key difference from major stock funds, and that decision’s impact on how the funds trade will only become clear over time. The bitcoin funds that launched on Thursday are using a share redemption process that turns the underlying crypto
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is a former sub-postmaster and founder of the Justice for Subpostmasters Alliance Thanks to the TV drama Mr Bates vs the Post Office, the Horizon scandal and the plight of hundreds of sub-postmasters
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Morgan Stanley agreed to pay $249mn to settle long-running federal investigations into misconduct at its block trading business, as one of its former top investment bankers admitted to leaking confidential information to clients. On Friday,
Stay informed with free updates Simply sign up to the Property sector myFT Digest — delivered directly to your inbox. Sellers of UK residential property are expected to rein in lofty price expectations this year as buyers remain cautious despite falling mortgage rates, according to agents and housing market experts. “I think those sellers who
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Citigroup said it expected to cut 20,000 jobs in the “medium term” as it reported its worst quarter for 15 years. Citi, which is in the middle of its biggest restructuring for two decades, reported
When anyone in the municipal bond industry thinks of housing, Marian Zucker is often the first person who comes to mind. She is known as a consummate municipal finance professional when it comes to homes and affordable housing and is one of the top experts in the field. But it didn’t start out that way.
California’s budget shortfall is $30 billion less than the $68 billion deficit forecast by the legislative analyst’s office in November, Gov. Gavin Newsom said Wednesday as he unveiled his proposed $291.5 billion budget for fiscal year 2024-25. Even his estimated $37.9 billion deficit will still require some tough choices as Newsom and lawmakers work on
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s military has vowed to “smash” any Taiwan independence “plots”, sending a stark reminder of its threat to use force against the island just hours before Taiwanese voters head to the polls to elect a
As we settle into our seats at The Monocle, a steak and seafood restaurant a stone’s throw from the US Capitol, Kevin McCarthy points out a small plaque on the wall, just above the salt and pepper shakers. It reads: The Speaker’s Booth. “Once a Speaker, always a Speaker,” he says with a smile. Does
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. JPMorgan Chase reported record profits in 2023 thanks to a windfall from rising interest rates, and predicted that earnings from lending would continue to grow this year even as the Federal Reserve is expected to
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. BlackRock has struck a deal to buy Global Infrastructure Partners for more than $12.5bn in cash and stock, a move that will substantially boost the $10tn money manager’s footprint in alternative assets and shake up
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The diversion of container vessels away from the risk of attacks in the Red Sea is pushing up air freight costs as shippers try to keep Asian-produced goods on shelves despite delays to sea traffic.
Stay informed with free updates Simply sign up to the Oil myFT Digest — delivered directly to your inbox. Crude oil prices rose on Friday after the US and UK launched air strikes against Yemen-based Houthi rebels whose attacks against ships in the Red Sea threatened the flow of goods through one of the world’s
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This article is an on-site version of our Inside Politics newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday Good morning. I look forward to seeing many of you
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Rishi Sunak will visit Kyiv and confirm that UK military funding to Ukraine will increase to £2.5bn in the next financial year, Downing Street has said. The UK prime minister will meet Ukraine president
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK economy rebounded more than expected in November driven by growth in the services sector, according to official figures that ease fears of a technical recession. Gross domestic product grew 0.3 per cent between
The Securities and Exchange Commission’s landmark approval of the first-ever spot bitcoin exchange traded funds this week came with a stark reminder of the agency’s divisions over cryptocurrencies and scepticism towards a market some still see as dangerous for investors. After refusing to greenlight the products for a decade, the SEC’s hand was finally forced
Stay informed with free updates Simply sign up to the Artificial intelligence myFT Digest — delivered directly to your inbox. The UK government is set to publish a series of tests that need to be met to pass new laws on artificial intelligence, as it continues to resist creating a tougher regulatory regime for the
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The mass exoneration of sub-postmasters in the UK Post Office scandal has raised concerns among judges about parliamentary interference in the courts as senior lawyers warned the move should not be repeated. Prime Minister Rishi