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Regarding your article, “Push is on to Include Munis in New Banking Rule,” shouldn’t banks, as part of the new liquidity rule, be allowed to hold pre-refunded bonds, bonds insured by strong insurers and short-maturity bonds in compliance with their covenants?
We couldn't agree more.
Our list however, would be considerably more extensive and would include other categories of investment-grade bonds, too.
The issuer pays an upfront premium to the insurance company, which agrees to insure the bonds as long as they are outstanding.
There is no refund if the issuer decides to retire its bonds prior to maturity.
Remember, the true value of the insurance to the issuer is the ability to borrow at a lower rate.
Is your article, “Puerto Rico Moves To Strengthen Bank, Defend New Law,” good news or bad news?
- M.B. Texas
Although many analysts believe the Puerto Rico Electric Power Authority is likely to move to restructure its debt, there is no consensus as to what form it will take, when it may happen or the affect it may have on other Puerto Rico entities.
Pending litigation challenging the new Recovery Act also makes the eventual outcome less predictable.
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