Cornerstone Research Experts in Focus: Andrea Eisfeldt
Spending New York’s $4.2 Billion Environmental Bond Funds
Podcast: Credit Funds: Credit Default Swaps in the Distressed Limelight
[WEBINAR] Developing FEMA Compliant Procurement Procedures
2017 West Virginia Legislative Update For Employers
How Leading Philippine Companies are Using Bonds to Their Advantage
Can I collect my judgment if the other side is appealing?
Bill on Bankruptcy: US Airways Need a Merger More than AMR
Bill on Bankruptcy: Why is Kodak's Stock Soaring?
Bill on Bankruptcy: How Purchasers of AMR Stock Made a Killing
Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case
Bill on Bankruptcy: MF Global Creditors Undeterred by Low Value
Bill on Bankruptcy: Will 2013 Be Kind To The Bankruptcy Bar?
Bill on Bankruptcy: Big Surprises For AMR, MF Global Creditors
Those Bond villains got it so wrong. All the time and energy they spent trying to control the world through complex and nefarious schemes involving laser beams, atom bombs, Fort Knox gold, exploding satellites and whatever...more
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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