Bonds

News & Analysis as of

Solar bonds: SolarCity launches first US public debt offering

Could publicly offered solar bonds play a significant role in financing solar photovoltaic projects? Solar energy company SolarCity Corporation appears to think so, as this morning it filed a registration statement...more

The SEC's MCDC Initiative: Where To Go From Here

Issuers, underwriters and advisors in the municipal bond marketplace are facing unprecedented challenges from federal regulators in connection with both the issuance of bonds and ongoing post-issuance compliance. These...more

High-Speed Rail Authority May Use Bond Funds – Supreme Court Rules

The California High-Speed Rail Authority (“CHSRA”) is gaining more steam in keeping the High-Speed Rail Project (the “Project”) on track. Today, the California Supreme Court issued a decision declining to review an appellate...more

Quarterly Investment Update - 3rd Quarter 2014

Stock Market Commentary - The S&P 500 has tallied 34 new highs year-to-date but it became a much bumpier ride in the third quarter. The S&P 500 ended the quarter up a mere 1.1%, though it was the leader among global...more

Governor Signs Off on New Tax-Increment Financing Structure

On September 29, Governor Brown signed legislation that is seen as creating a robust new financing tool which will expand the existing mechanism of Infrastructure Financing Districts (“IFDs”) and replicate some of the...more

Rating Agency Developments

On September 23, DBRS published a request for comments for rating European Covered Bonds. The report described the DBRS criteria for rating all types of European covered bonds, whether issued under country-specific covered...more

The future of multifamily housing bonds?

Earlier this year, President Obama included within his Administration’s budget to Congress certain tax proposals. Among those was a proposal to allow states to convert up to 8 percent of their private activity bond (PAB)...more

Rating Agency Developments

On September 9, Moody’s released its methodology for rating consumer loan-backed ABS. On September 9, Fitch released its methodology for rating SHFA MBS Pass-Through bonds....more

How Leading Philippine Companies are Using Bonds to Their Advantage [Video]

More than two dozen senior executives, including lawyers from Latham & Watkin's Hong Kong and Singapore offices, led presentations and panel discussions at an industry conference focused on the Philippine bond market, hosted...more

Legislature Approves Enhanced Infrastructure Financing Districts; Awaiting Governor Signature

Gov. Jerry Brown’s vision for “Enhanced Infrastructure Financing Districts” was approved by the Legislature and is awaiting Brown’s signature. SB 628 (Beall, D-Campbell), a gut-and-amend bill passed in the last week of the...more

Five Eye-Opening Facts About the Philippine US$ Bond Market

The Philippine bond market differs significantly from other markets, but is expected to change as growth continues. Philippine companies have become avid borrowers of funds provided by the international high yield...more

Investing in Georgia: Economic Development Newsletter - August 2014

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - A report on the volume of private activity bond issuances in the United States generally and in...more

Draw down bonds and date of issuance: questions remain with IRS guidance

For many years multifamily housing apartment projects could be financed with tax-exempt drawn-down bonds and loans with all of the bonds issued pursuant to a draw-down loan being treated as part of a single issue. The date of...more

A Subsequent Developer has no Ability to Force a Public Body to Call an Abandoning Developer’s Performance Bonds for...

The Arizona Court of Appeals decided on July 22, 2014 that a developer cannot compel a public entity to call its performance bonds to complete infrastructure improvements on a construction project that a prior developer...more

Sovereign Litigation in Latin America: Top Five Issues To Think of When Doing Business With a Latin American Country

“We are in the soup” exclaimed, federal judge Thomas Griesa, referring to Argentina allegedly defaulting on its sovereign bonds. And so we are. According to bondholders, on July 30 of 2014, Argentina defaulted on its...more

Water Supply and Infrastructure Bond

This November, California voters will decide if $7.5 billion will be made available for local water projects. Passed just in time to qualify for the ballot, AB 1471...more

Water Supply and Infrastructure Bond to be Placed on November Ballot

If Passed, Funding Available for Local Water Projects - How public agencies seek funding for water quality and storage projects will be impacted if voters approve the state water bond measure passed by the Legislature...more

PREPA Bondholders Seek Summary Judgment Invalidating Puerto Rico’s Public Corporation Bankruptcy Legislation

On August 11, Franklin Funds and Oppenheimer Rochester Funds filed a second amended complaint, opposition to motion to dismiss and cross-motion for summary judgment in the litigation they previously filed in the United States...more

OCTA 91 Express Lanes Bonds Get 2 A's from S&P

In an historic move, Standard & Poor’s upgraded the Orange County Transportation Agency SR91 Express Lanes Toll Revenue Bonds to “AA-”, making it one the highest rated managed lanes projects in the world. The bonds were...more

Court Signals Green to $8.6bn California High-Speed Rail Bond Issuance

The Third District Court of Appeal reversed a Sacramento Superior Court Judge’s ruling that prohibited the High Speed Rail Authority (HSRA) from selling bonds under Proposition 1A to construct the High Speed Rail Project...more

How Project Bonds Can Release Asset Value

Whilst project bonds have for some time been a popular source of financing for projects in the US, they have historically been slow to gain momentum in other parts of the world, including the Middle East....more

Required Summer Reading: Guidance Issued on the Tax Treatment of Guaranteed Minimum Benefit Hedges and Identified Mixed Straddles

The Treasury and the IRS offered two pieces of highly anticipated guidance on July 18 that are particularly relevant to the life insurance industry. ...more

New Spanish Tax Regime for Qualifying Bond Offerings May Boost High-Yield Bond Markets

New rules will facilitate privately held companies’ access to bond financing and reassure Spanish investors. On June 28, 2014, Law 10/2014, on the organization, supervision and solvency of credit institutions (Law...more

Deadline Approaching for Disclosure of Continuing Disclosure Violations

The Securities and Exchange Commission (the SEC) recently launched its Municipalities Continuing Disclosure Cooperation Initiative (the MCDC Initiative). Obligated persons (including issuers and conduit borrowers) and...more

Puerto Rico Bonds: Legislation and Litigation

For municipal bond investors and insurers, recent events in Puerto Rico have become a major concern. Puerto Rico has tried to address its mounting debt crisis by enacting legislation that would create, in effect, a...more

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