Bonds

News & Analysis as of

Bond Restructurings in Germany Now Available More Broadly

German Federal Court of Justice decision paves the way for bond restructurings under 2009 Bonds Act. The German Federal Court of Justice (the Court) recently published its first decision on the reformed German Bond Act...more

South Carolina Legislative Update

The House of Representatives adopted several ethics reform measures (public meeting notice, Freedom of Information Act/public records, and public official reporting requirements) this week. In addition, the House Ways and...more

Texas Supreme Court Argument Preview - 2/15 #2

The Texas Supreme Court will hear argument in two mandamus petitions on Wednesday, February 25, 2015, beginning at 9:00 am. ...more

Rating Agency Developments

On February 18, DBRS released its methodology for assessing RMBS servicing advance transactions. On February 16, Fitch released its criteria for assessing covered bonds of European public entities....more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Locke Lord QuickStudy: February 2015 Update on Federal Budget Sequestration Affecting Build America Bonds and Other Direct Pay...

As we have noted in previous client advisories, under current law, direct pay bond subsidy payments are subject to federal budgetary sequestration through fiscal year 2024. On February 2, 2015, the Office of Management and...more

State/Local Bond Proposals in Administration's 2016 Budget

Several proposals affecting tax-exempt bonds were included in the Obama Administration's Budget for FY 2016. As usual, the overall budget proposal has immediately been declared DOA by political pundits. Nonetheless, taking...more

Coming of age: The changing face of international leveraged debt

In This Issue: - A new dawn: Record year for debt heralds new era - On good terms: Convergence drives issuer-friendly markets - State of play: Global debt markets positioned for growth - European...more

Obama’s Proposed 2016 Budget Seeks To Address Infrastructure Needs

The Obama administration's proposed 2016 budget, released on February 2, 2015, reflects the administration's commitment to finding ways to finance the country’s growing infrastructure requirements. The 2016 budget includes...more

IRS Announces $281 Million Available Under New CREBs Program

On February 3, the Internal Revenue Service (IRS) released Notice 2015-12 (the Notice) which solicited applications for a third round of allocations of volume cap for new clean renewable energy bonds (New CREBs) under Section...more

The New Polish Act on Bonds

On February 2, 2015, the President of the Republic of Poland signed a new law on bonds, which will come into force on July 1, 2015, replacing the Bond Act of June 29, 1995. The purpose of the new law is to replace the...more

Make Sure You Can Afford to Pay a Bond Before Seeking an Injunction

In order to obtain a an injunction under federal law, the moving party has to show each of the following... (i) It has a likelihood of success on the merits of its claim. (ii) Without injunctive relief, it would...more

Quarterly Investment Update – 4th Quarter 2014

Welcome 2015! We are coming off a solid economic performance in 2014 marked by improvements in hiring, wages and corporate investments. It has been a magnificent year for both the stock and bond markets, even with a...more

"European High-Yield Market Looks Strong Coming Off Record Year"

Investor enthusiasm in Europe for high-yield bonds reached a peak in July 2014, followed by a quiet August and September before the market returned, driven by M&A activity. Despite an inconsistent year, European high-yield...more

"The US High-Yield Market: Balancing Risk and Return in 2015"

The U.S. high-yield market delivered the third strongest year by volume in 2014, with more than $310 billion of primary issuances, thanks in large part to the most active year in the M&A market since before the financial...more

A New Tool for Holdout Bondholders: The Trust Indenture Act

Restructuring decision broadly interpreting bondholder protections under the Trust Indenture Act may significantly impact out-of-court restructurings. On December 30, 2014, the US District Court for the Southern...more

New EU Law Authority For ECB Intervention In The EU Government Bond Markets Strengthens European Financial Markets

The ECB Governing Council will meet on 22 January and is expected to discuss implementing a quantitative easing (QE) policy which would result in national central banks buying Euro denominated government bonds from their own...more

Transportation Funding Issue Heats Up

Right out of the gate, both chambers of the Minnesota Legislature put forward transportation funding packages. It has been called the issue of the session. The need for reliable, efficient transportation touches everyone in...more

Illinois Supreme Court Debates Whether Treasurer Needs Appellate Bond

Although Illinois courts are generally presumed to have subject matter jurisdiction, that rule doesn’t apply when it comes time to review a decision of the Workers’ Compensation Commission. In order to initiate judicial...more

The Whole Is the Sum of Its Parts: Illinois Supreme Court Upholds Service in Bettis

According to the Election Code, anyone wishing to get judicial review of a decision of an electoral board must “serve a copy of the petition upon the electoral board and other parties to the proceeding . . .”...more

Minnesota Legislative Update: 2015 Legislative Session Preview

As a result of November's elections, there is no longer one party control of Minnesota government. When the 89th session of the Minnesota Legislature convenes on January 6, 2015, the new House Republican majority, along with...more

Off-Key BABs: IRS Hits Wrong Note in Reissuance Analysis

The IRS recently published a December 9, 2014 Chief Counsel Advice Memorandum to the effect that the defeasance of taxable Build America Bonds (BABs) causes a tax reissuance of the bonds, with the consequence that the...more

Congress Extends QZABs, New Markets Tax Credits; Continuing Effect of Sequestration

Qualified Zone Academy Bonds - The Act authorizes the Secretary of the Treasury to allocate an additional $400 million in QZABs for 2014. Prior to the Act, no additional allocations of QZABs were to be available to the...more

N.C. Court of Appeals: Limitations Period Does Not Apply to Local Government Enforcement of Subdivision Performance Bonds

A post-Great Recession treat, the North Carolina Court of Appeals affirmed today a ruling that the Town of Black Mountain is entitled to enforce subdivision performance bonds originally in the name of Buncombe County, after...more

Health Law Wire: November 2014 - Capital Facilities Restructuring Program (CFRP) Application Conference Highlights.

DOH and DASNY held the initial applicant’s conference today on the CFRP application process and provided highlights on the State’s proposed bonding of up to $1.2 billion in funding for projects furthering DSRIP goals. The RFA...more

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