Bonds

News & Analysis as of

Indemnification and Reimbursement Sought from Insurers Based on Allegedly Fraudulent Funding Program: Fifth Third Bancorp v. Ace...

Who: Plaintiffs: Fifth Third Bancorp and Fifth Third Bank Defendants: Ace Insurance Company, Axis Insurance Company, Certain Underwriters at Lloyd’s, Continental Insurance Company, Federal Insurance Company,...more

SEC Files Another Offering Fraud Action

A business man, a real estate company he acquired from his grandfather, a registered representative who has now been barred by FINRA from the securities business and Maryland Division of Securities from the advisory business...more

No-Action Relief for Social Impact Financing Finder

The SEC issued a no-action letter on November 13, 2014 to Social Finance, Inc., indicating that it would not recommend enforcement action against Social Finance for its conduct as an intermediary in social impact bond (SIB)...more

Internal Revenue Service Releases Interim Guidance Regarding Accountable Care Organizations' Use Of Tax-Exempt Bond-Financed...

On October 24, 2014, the Internal Revenue Service (IRS) released Notice 2014-67, which provides guidance for determining whether a state or local governmental entity or an organization described by Section 501(c)(3) of the...more

SEC Introduces “Control Person” Liability as Enforcement Action Weapon in Claim Against Municipal Officer for Misleading Bond...

The U.S. Securities and Exchange Commission recently settled the first securities fraud charges brought against a municipal official alleging “control person” status under the federal securities laws. The SEC’s settlement...more

IRS Provides Increased Flexibility on Management Contracts for Tax-Exempt Bond-Financed Property

On October 24, 2014, the Internal Revenue Service issued Notice 2014-67 (the “Notice”), which provides important guidance and increased flexibility for issuers and conduit borrowers of tax-exempt bonds regarding contracting...more

Fed Ends QE3

On October 29, the FOMC released its policy statement announcing an end to the Fed’s mortgage and treasury bond purchase program used to boost the economy. Quantitative Easing 3 (QE3) was the third in a series of subsequent...more

Internal Revenue Service Releases Notice Liberalizing the Private Business Use

On October 24, 2014, the Internal Revenue Service (“IRS”) released Notice 2014-67 (the “Notice”), providing guidance with respect to Accountable Care Organizations and their use of tax-exempt bond financed projects. The...more

IRS Releases Favorable Private Business Use Rules for Facilities Financed With Tax-Exempt Bonds

On October 24, 2014, the IRS released Notice 2014-67, which establishes more favorable safe harbors for types of service contracts and other arrangements using property financed with tax-exempt bonds. The Notice also provides...more

Notice 2014-67 ?? Safe Harbors for ACOs and a New Management Contract Safe Harbor for Everyone

On Friday, Oct. 24, 2014, the Internal Revenue Service released interim guidance, Notice 2014-67, on whether a state or local government entity or an organization described in §501(c)(3) of the Internal Revenue Code of 1986,...more

Sweepstakes bonds 101: An interview with a bond broker

One little-understood aspect of sweepstakes law are surety bonds, which are required to conduct sweepstakes in New York and Florida. For more insight on why sweepstakes sponsors need bonds and how the bonding process works, I...more

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

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