News & Analysis as of

U.S. Treasury Bonds

King & Spalding

Russia’s Payment of Principal and Interest in Rubles of U.S. Dollar-Denominated Debt May Give Rise to Claims under International...

King & Spalding on

On April 11, 2022, the EMEA Credit Derivatives Determinations Committee (CDDC) determined that the state-owned Russian Railways is in default on a missed bond payment. Russian Railways tried to make the interest payment due...more

McDermott Will & Emery

Key Digital Asset Tax Proposals in the Biden Administration's Green Book

On March 28, 2022, the US Department of the Treasury released the Fiscal Year (FY) 2023 Revenue Proposals and Green Book, which describes the tax proposals in the Biden administration’s FY 2023 budget (2023 Budget Proposal)....more

Dechert LLP

Federal Reserve Releases Updated Term Sheet on the Primary Market Corporate Credit Facility (PMCCF)

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On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet for the Primary Market Corporate Credit Facility (“PMCCF”) program, providing additional detail and further clarification of...more

Holland & Knight LLP

Venezuela Update: November 19, 2019

Holland & Knight LLP on

The U.S. Department of the Treasury on Oct. 21, 2019, renewed for three months a license granted to several U.S. oil companies so that they may continue operating in the country until Jan. 22, 2020. Chevron is the only...more

ArentFox Schiff

The End of Libor – Proposed Helpful Guidance for Borrowers from the Treasury Department for Tax Exempt Bond Obligors – With Some...

ArentFox Schiff on

Many conduit tax exempt revenue bonds bear interest at a floating rate, most typically a percent of USD 1-month LIBOR (here, LIBOR). Many of these transactions have been synthetically “fixed” by the conduit borrower entering...more

Robins Kaplan LLP

Financial Daily Dose 9.13.2019 | Top Story: ECB Cuts Rates and Restarts QE in Effort to Preempt European Downturn

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The ECB was even more aggressive than expected in its moves to “head off a downturn before it gained momentum,” cutting a key interest rate and reviving “a money-printing program.” At the same time, the central bank “issued...more

Dechert LLP

OFAC Clarifies, and Further Complicates, Sanctions on Venezuela, PdVSA

Dechert LLP on

On February 1, 2019, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) issued guidance in the form of Frequently Asked Questions (“FAQs”) relating to sanctions imposed on January 28, 2019 against...more

Mintz - Public Finance Viewpoints

Final Private Activity Bond Public Approval Regulations Streamline Notice Requirements

On December 31, 2018, the Department of the Treasury and the Internal Revenue Service released final regulations (the “Final Regulations”) relating to public approval requirements for tax exempt private activity bonds. The...more

Foley & Lardner LLP

Tax Reform and Tax-Exempt Bonds: Risks Presented by the Tax Cuts and Jobs Act

Foley & Lardner LLP on

On November 2, 2017, the “Tax Cuts and Jobs Act” was introduced in the House of Representatives. This act has immediate and far-reaching implications for tax-exempt finance. Among other things, the Tax Cuts and Jobs Act...more

Bracewell LLP

Proposed Treasury Regulations Bring the Public Notice Requirements into the 21st Century

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Recently released proposed regulations (the “Proposed Regulations”) relating to the public notice and approval requirements for private activity bonds (the “Public Approval Requirement”) – sometimes referred to as the TEFRA...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Lack of workable replacement (so far, at least) be damned—the UK’s Financial Conduct Authority has announced that [the scandal-plagued] Libor will be phased out by 2021 in favor of “transaction-based benchmarks”....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Turns out the Fed’s plate isn’t just full of decisions surrounding interest rates. It’s got a massive portfolio of mortgage and Treasury securities that needs some serious tending, too....more

Perkins Coie

Quarterly Investment Update - 4th Quarter 2016

Perkins Coie on

ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Issue Price Regulations

Final issue price regulations ("Final Regulations") were published in the Federal Register on December 9, 2016. The definition of "issue price" applies to bonds sold on or after June 7, 2017....more

Mintz - Public Finance Viewpoints

Treasury/IRS Provide Early Holiday Present: Final “Issue Price” Regulations Released

After two sets of proposed regulations, Treasury and IRS have now released final regulations on the definition of “issue price” for purposes of arbitrage investment restrictions that apply to tax-advantaged bonds (the “Final...more

Orrick, Herrington & Sutcliffe LLP

Final Treasury Regulations Defining Issue Price

For a variety of reasons related to arbitrage, it often is important to identify the "issue price" of tax-exempt bonds with precision and certainty. Existing Treasury Regulations generally allow the "issue price" of publicly...more

Bracewell LLP

Final Issue Price Regulations Significantly Change Current Rules

Bracewell LLP on

On December 9, 2016, the IRS released final Treasury Regulations (the “Final Regulations”) relating to the “issue price” of tax-exempt bonds for purposes of arbitrage investment restrictions. Although, on balance, an...more

Mintz - Public Finance Viewpoints

Draft Treasury Legislation Would Give Puerto Rico Access to “Super Chapter 9” and Chapter 9 Bankruptcy

A draft of the U.S. Treasury’s proposed debt restructuring legislation began circulating earlier today. The draft legislation would give Puerto Rico, as well as other U.S. territories, and their municipalities access to U.S....more

Bracewell LLP

IRS Issues Final Regulations Regarding Allocation of Bond Proceeds to Mixed-Use Projects; SLGS Window Reopens

Bracewell LLP on

On October 26, 2015, the IRS released final regulations (the “Final Regulations”) regarding allocation and accounting rules for purposes of the private activity bond restrictions applicable to tax-exempt bonds issued by state...more

Latham & Watkins LLP

New Treasury Regulations Make it Easier to Issue Tack-On Bonds or Loans

Latham & Watkins LLP on

On September 12, 2012, the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) which make it easier to issue fungible tack-on debt instruments in situations where either the original debt...more

King & Spalding

Treasury Revises Issue Price Regulations

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The Treasury Department published in the June 24, 2015 Federal Register new proposed regulations for determining the “issue price” of bonds. The same announcement also withdrew the proposed regulations published in 2013 (the...more

Eversheds Sutherland (US) LLP

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

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