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  #631  
Old 12-05-2018, 02:14 PM
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https://www.wsj.com/articles/how-for...out-1543886307

Quote:
Detroit Sees Big Demand in Muni Market Return
For the first time since its bankruptcy, the Motor City issues stand-alone general obligation bonds

Spoiler:
Investors embraced Detroit’s first stand-alone bond sale since its historic bankruptcy, a sign many remain willing to lend to the city despite the lingering pain of losses from its restructuring.

The lure of higher yields from the below-investment grade debt outstripped concerns about the city’s troubled financial history, analysts said. Investors suffered losses on Detroit debt when it became the biggest U.S. city to ever file for bankruptcy in 2013.

The sale Tuesday marked the first time since bankruptcy more than five years ago that the city issued stand-alone general obligation bonds—those backed by its own full faith and credit. Those bonds hit investors with losses during Detroit’s restructuring, raising questions about the risks of what many had considered the safest form of state and local debt.

The city sold more than $130 million in debt, it said. The 20-year bonds priced at a 4.95% yield, almost 2 percentage points above average triple-A municipal debt, according to data company Refinitiv, and at least a percentage point less than city officials had initially anticipated.

The city’s five-year bonds priced with yields about 0.2 percentage point lower than five-year debt sold recently by the Chicago Board of Education, another junk-rated municipal issuer, according to Refinitiv.

In a sign of robust appetite for the debt, officials increased the size of the deal from a planned $111 million after investors initially placed orders for more than $1 billion in bonds, about 10 times what was for sale, the city said.

Detroit’s timing was also fortuitous, with steep stock declines Tuesday buoying demand for bonds. Detroit has plans to potentially sell $120 million in debt later this week, officials said. The deals come after one of its economic development authorities issued more than $300 million last week as part of a continuing effort to bolster the city’s downtown.

“It’s a good day to be in the market,” said John Hill, Detroit’s chief financial officer, in an interview. “I was really pleased with the result.”

The money from the sale is intended for infrastructure needs like parks, fire engines and transit improvements. Since Detroit exited bankruptcy in 2014, city officials have tried to rebuild downtown and lure residents, employers and trendy restaurants.

Mr. Hill said that the bonds priced with lower yields than what the city was initially expecting, and that he has been pleasantly surprised at how quickly Detroit regained access to the bond market. Finding a funding solution for its weighty pension liabilities helped, he said.

“It’s a major milestone for the city,” said Mr. Hill, who is stepping down from the CFO role at year-end. The city entered bankruptcy in 2013 after years of population declines left the automobile capital unable to pay bondholders in full or meet basic needs like operating streetlights and emergency medical services. Its downfall stunned municipal investors and changed how they and credit analysts assessed risks in the historically safe corner of the market, where defaults are rarer than in corporate debt.

In one key shift, investors realized bonds backed by a municipality’s full faith and credit weren’t as ironclad as once thought, because pensioners received priority over some bondholders in the court battle over limited government funds. Bond insurers stepped in to make some payments when Detroit didn’t. Some also said the taint of bankruptcy would throttle Detroit’s chances to borrow again and hurt municipalities throughout Michigan.

Yet the extra yield that investors demand to hold the state of Michigan’s general obligations over triple-A municipal debt has fallen since Detroit’s bankruptcy, according to Refinitiv. And Detroit’s deal Tuesday showed a city’s financial history won’t necessarily keep it from the bond market.

“People tend to have a short memory in the face of a pot of gold at the end of the rainbow. No matter how ephemeral the rainbow is,” said Nicholos Venditti, portfolio manager at Thornburg Investment Management, which oversees about $10 billion in municipal debt, said before the sale.

Detroit’s elected officials landed full control of the city’s finances in April, more than three years after the Motor City emerged from bankruptcy, marking the end of an era of state and federal oversight that began decades ago.

Though the city shed billions in long-term liabilities through restructuring and improved its finances, analysts warned that some of its challenges persist.

City officials continue to fight blight. Meanwhile, further population declines could threaten the city’s resurgence, analysts said. Detroit’s schools also have suffered financial difficulties, potentially making it harder to attract residents.

In one sign of the city’s economic fragility, General Motors Co. , one of its biggest employers, recently said it would end production at a Detroit assembly plant. The move, which could lead to more than 1,500 layoffs, shocked workers, union officials and local politicians.

Mr. Hill estimates the layoffs will cost Detroit up to $3 million in tax revenue annually but expects new businesses entering the city to recoup some of those losses.

“The biggest financial challenge for the city is obviously keeping the budget balanced on a continuing basis,” Mr. Hill said.

Last week’s sale by Detroit’s economic development authority carried insurance and an investment grade rating, but investors still demanded a yield premium to buy the bonds, Refinitiv data show.

“They are on an upswing right now but they still have a long way to go, said Craig Brandon, co-director of municipal investments at Eaton Vance. “It was really just five years ago that they were insolvent.”


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  #632  
Old 12-05-2018, 02:17 PM
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https://www.reuters.com/article/us-d...-idUSKBN1O400Z

Quote:
Post-bankruptcy Detroit returns to yield-hungry muni bond market

Spoiler:
CHICAGO (Reuters) - Detroit on Tuesday sold its first standalone bonds since exiting bankruptcy four years ago to U.S. municipal market investors, who snapped up the debt albeit at hefty yields.

FILE PHOTO - The Detroit skyline is seen from the north side of the city in Detroit, Michigan, December 3, 2013. REUTERS/Joshua Lott
The unlimited-tax general obligation bond issue sold solely under the city’s junk-rated credit was increased to $135 million from nearly $111 million due to strong investor demand and “attractive borrowing costs,” according to John Hill, Detroit’s chief financial officer.

He attributed the deal’s success to a combination of market conditions and the city’s message of how far it has come since it ended what was then the biggest-ever U.S. municipal bankruptcy in December 2014.

“This shows we’re back in the market now on our own credit. It’s quite a milestone,” Hill said.

The deal also sends a message to other financially distressed issuers that a bond default or bankruptcy may not lock them out of the $3.8 trillion muni market for that long, according to Nicholos Venditti, a portfolio manager at Thornburg Investment Management.

“My goodness, this is a pretty quick turnaround from bankruptcy to selling debt in a very short amount of time,” he said.

Detroit’s bonds were sold amid a muni market price rally that lowered yields on Municipal Market Data’s (MMD) benchmark scale as much as 8 basis points, while U.S. Treasury yields also fell and U.S. stock indexes suffered steep drops.

Yields topped out at 4.95 percent for bonds due in 2038 with a 5 percent coupon. Spreads over MMD’s triple-A yield scale ranged from 183 basis points in 2023 to 200 basis points in 2033 and 190 basis points in 2038.

Daniel Berger, MMD’s senior market strategist, said investors “were willing to give (Detroit) a fresh start, but at a high-yield price.” He said spreads in the city’s deal were comparable to those in last week’s junk-rated Chicago Board of Education GO bond sale.

Venditti said the bonds’ pricing had less to do with Detroit’s post-bankruptcy story and more with market dynamics.”Yield is still very, very difficult to find and hey here’s some yield,” he said.

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The bonds were rated three to four notches below investment grade at Ba3 by Moody’s Investors Service and B-plus by S&P Global Ratings. Detroit tapped voter-approved authority that dates back to 2004 and 2009 for the bonds, which will fund capital projects.

Ahead of the sale, Detroit officials touted improvements in the city’s financial management, budget, and services as well as increased economic development. The bankruptcy, which was eclipsed by Puerto Rico’s 2017 filing, allowed the city to shed about $7 billion of its $18 billion of debt and obligations.

Michigan’s largest city was able to terminate active post-bankruptcy oversight of its finances in April after concluding three straight fiscal years with balanced budgets.


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  #633  
Old 12-07-2018, 10:21 AM
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https://www.detroitnews.com/story/ne...73439/#new_tab


Quote:
Detroit sees little bankruptcy penalty as it sells muni bonds

Spoiler:
Luck was on Detroit’s side when it returned to the municipal bond market.

A Treasury market rally, low supply and strong demand for high-yielding securities greeted the city when it sold $135 million of debt Tuesday, the first sale of bonds backed only by the city’s promise to repay since it filed a record-setting bankrupt five years ago. The conditions allowed Detroit to secure lower interest rates than initially expected, leaving it paying even less than some borrowers that haven’t reneged on their debts.

Bonds were priced with yields ranging from 3.36 percent on a 2020 maturity to 4.95 on those due in 2038, tighter than what was first offered. The city also was able to increase the size of the deal from $111 million to $135 million, an indication of strong demand.

“It’s a perfect recipe to come to market,” said Kathleen McNamara, senior municipal bond strategist at UBS Wealth Management. “They should be very, very happy.”


Saddled with $18 billion in debt, unable to pay its bills or provide basic services, Detroit in July 2013 was authorized by Gov. Rick Snyder to file the largest municipal bankruptcy in U.S. history. The bankruptcy was the culmination of a half-century of residential flight, a dwindling tax base, deferred investment and financial mismanagement.

The bankruptcy, like Puerto Rico’s which followed, unsettled the municipal bond market and raised the specter that governments would be punished by the market when they returned to borrow again.

But the penalty wasn’t that large. Last week, Chicago’s junk-rated school system sold 5-year bonds for a yield of 4.16 percent, or 1.95 percentage points more than what top-rated borrowers pay. Detroit’s 5-year bonds sold Tuesday for a yield of 3.91 percent, about 1.81 percentage points above the benchmark.

“From our perspective the bankruptcy penalty is pretty small to none,” said Dora Lee vice president at Belle Haven Investments, “I think that people just want yield right now and they’re hoping that they will get that with Detroit.”

“Investors obviously have short memory when they see a 5 percent yield,” McNamara said.

Nodding to the city’s improving financial reserves, Moody’s Investors Service in May announced an upgrade of the city’s issuer rating and outlook.

The rating agency attributes downtown Detroit’s surge in employment and tax revenue to the arrival of affluent residents and large-scale developments. Since 2014, Detroit’s rating has gone from B3, to Ba3 stable, which is considered a stable outlook.

Meanwhile, city officials have said Detroit posted four consecutive years of balanced budgets while crafting a plan to stave off another collapse by addressing looming pension obligations.

A surplus of $44 million was projected for the 2018 fiscal year, which ended Oct. 1, Detroit's Chief Financial Officer John Hill said in July. The city ended its 2017 fiscal year with a $53.8 million general fund operating surplus, and revenues exceeding expenditures by $108.6 million. In the 2016 fiscal year, the surplus was $63 million, and it was $71 million for 2015.

Income tax revenue increased 15 percent in the last four years, while the property tax collection rate has also climbed to more than 80 percent in fiscal year 2018 compared to 69 percent in fiscal year 2014, according to the Chief Financial Officer’s office.


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  #634  
Old 12-07-2018, 04:48 PM
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https://twitter.com/Yvette_BB/status...36307273965568

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Detroit's 1-2 debt punch....after selling 1st stand-alone GOs last week, they did planned 178M issue today to tender portion of their bankruptcy settlement bonds....city says saved $10.8M and will eliminate “debt cliff” (31M increase beginning in 2025) beginning in 2025.

3:16 PM - 7 Dec 2018
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  #635  
Old 01-03-2019, 04:22 PM
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https://www.npr.org/2018/12/28/68062...cial-milestone

Quote:
Detroit's Big Comeback: Out Of Bankruptcy, A Rebirth
Spoiler:
The city of Detroit has reached a major milestone.

Five years ago, the Motor City filed for Chapter 9 bankruptcy protection, saddled with more than $18 billion in debt.

Now, Detroit is not only out of bankruptcy, but is also issuing bonds backed by its own credit, instead of bonds guaranteed by the state government or insurers.

It's a financial feat few experts predicted could happen so quickly.

But while the city's economy is still improving, some Detroiters fear it may be leaving behind those who toughed it out when times were bad.

The downtown boom

Detroit shed about $7 billion dollars of debt when it exited bankruptcy.

Officials from Detroit and the state of Michigan declared the city once again open for immediate investment.

'Mingus: Jazz In Detroit' Catches A Giant At A Moment Full Of Possibility
MUSIC
'Mingus: Jazz In Detroit' Catches A Giant At A Moment Full Of Possibility
A Look At One Of The Most Significant Political Borders In Michigan
POLITICS
A Look At One Of The Most Significant Political Borders In Michigan
And new development poured in, led by hometown businessman Dan Gilbert.

The billionaire owner of the NBA's Cleveland Cavaliers has invested or allocated an estimated $5.6 billion in about 100 Detroit properties through his Bedrock real estate firm.

Gilbert also moved his Quicken Loans mortgage company headquarters to Detroit's downtown, bringing with it tens of thousands of workers to the city's central core. He is now reportedly Detroit's largest private employer and taxpayer.


Detroit's skyline in November 2014.
Joshua Lott/Getty Images
Gilbert is also one of the most visible faces of Detroit's rebirth.

At a recent groundbreaking for the Gilbert-backed Monroe Blocks project, a new downtown office tower and mixed residential-retail development set on a site mostly-vacant for decades, Detroit Mayor Mike Duggan marveled at both the billionaire's efforts and just how fast the once-bankrupt city is changing.

"Isn't this an amazing week in Detroit?" Duggan gushed. "We started Monday with an historic commitment by the corporations to help transform the neighborhoods. And three days later, on Thursday, we're here with Dan Gilbert and Bedrock and an announcement that's going to help transform the skyline of the city."

Isn't this an amazing week in Detroit?

Detroit Mayor Mike Duggan

That corporate funding for Detroit's neighborhoods is key.

Gilbert and many others say the single biggest roadblock in Detroit's path forward is pushing progress beyond the city's central business district.

A fear of neglect

The lack of development in the long-moribund neighborhoods is one reason some experts still see Detroit as bit of an iffy financial proposition, even though officials have made significant inroads into repairing the money-management problems that led it into bankruptcy.

Moody's Investors Service analyst David Levett notes the city's government is consistently balancing its budget now, while saving funds to cover pension obligations Detroit will have to resume paying in 2024.

He also estimates that impending job cuts in Detroit's signature auto industry really won't hit much of the workforce in the city itself.

But Levett cautions that Detroit's public school system has little money to make badly-needed repairs.

And he worries that investors are not spreading their wealth across all of Detroit.

"The growth in the city has been largely concentrated in the greater downtown area. There's still declining population if you look at the city as a whole and the income levels are still low in the city as a whole," Levett said.

Some critics complain that investment seems skewed towards bringing new upscale residents downtown, neglecting the neighborhoods where most Detroiters live.

Yet even though residents are still leaving the city, the exodus has slowed to a mere trickle of what it's been over the past few decades.

In some neighborhoods, people are actually moving in.

The strong avenue

It's the weekend before Christmas Day, and shoppers are examining the paintings, earrings and other hand-made items lining the shelves of the Art in Motion studio and gallery.


Detroit Mayor Mike Duggan, second from right, and developers attend a ribbon cutting in Detroit's West Village neighborhood in 2016.
John Martin/AP Images for JPMorgan Chase & Co.
The shop sits in one of Detroit's most-stable neighborhoods, along what's called the Avenue of Fashion.

"We see a lot of families that are moving in ... They're not afraid to get out and try something new. They're not afraid go for a walk, take the dog out, take the kids out," says Art in Motion owner Kay Willingham. "In this neighborhood, for a long time, that wasn't happening."

It was once a prime shopping area until the advent of malls and fears over racial unrest caused some Detroiters to flee to the suburbs.

Willingham is one of those who stayed in this neighborhood. She says she's called it home for almost 50 years.

Willingham says, like in any big city, there are some issues with crime here.

But she adds that in the past few years there has also been a renewed vibrancy.

Detroit officials are targeting hundreds of millions of dollars to build up neighborhoods already doing well, like those near the Avenue of Fashion.

Willingham says that can be a mixed blessing.

"Now we're getting ready to go into construction next year, which is a good thing. They're getting ready to take the median out, they're expanding the sidewalks, putting in bike lanes. But that's going to be a two-year process. So for a small business that's a lot to endure to keep business going," Willingham said.

It's a problem residents in other neighborhoods stretching across Detroit's 143 square miles say they are longing to face.

Barren but expecting

There was soft rain falling on heavy traffic during a recent evening along Jefferson Avenue, which connects a mostly-barren edge of Detroit with the affluent Grosse Pointe suburbs.

Detroit officials have plans to lure new business to the area by providing tax breaks, assembling parcels of land and even offering to match investors' money with grant funding.

But those plans are likely years away from becoming reality.

And for Detroit community activist Luther Keith, this area seems worlds away from the thriving progress downtown.

Keith gestures through the raindrops at what he says are too many stores still sitting empty.

"To bring them back requires somebody to walk down this block of closed store fronts and say 'I think we can change this. I'm going to put up the first store front. I'm going to open the first coffee shop.'"

Keith leads a non-profit called Arise Detroit, designed to bring neighborhood leaders together with agencies and programs in hopes of improving individual communities.

He notes that city officials recently announced they will renovate two vacant buildings in this Jefferson Chalmers area to create new residential units, half of them affordable housing for people with low-incomes.

The Detroit City Council has mandated that developers receiving a certain percentage of taxpayer funding for projects, or a discount on land purchased from the city, must ensure at least 20 percent of the units they build are affordable housing.

Keith applauds that move.

But he says he still hears from many Detroiters barely making ends meet who fear the city is clearing land and tearing down tens of thousands of blighted buildings to make way for new, more upscale residents

Those Detroiters, Keith says, wonder if people currently living in the city's desolate neighborhoods are being forgotten.

Or worse, simply being swept aside.

Making bankruptcy work

Yet Keith believes the enduring challenge to transforming Detroit is much more basic.

"The real issue in Detroit is not gentrification, its poverty. Poor people. We need jobs, we need investment, so folks can take care of themselves," Keith said.

Although Detroit's poverty rate has dropped slightly in recent years, it's still the poorest big city in the nation.

Almost half of Detroit children live below the poverty line.

City officials say there are employers clamoring for new hires, just not on the auto assembly lines of old.

Many business and government leaders, especially Detroit Mayor Mike Duggan, are pushing workers to seek training in skilled trades, everything from construction work to database administration.

Yet some city residents say monetary pressures are forcing them to make do with what is already at hand.

We're strong. We're resilient. When we fall we get back up.

Thomas Sampson

Detroiter Thomas Sampson says he moved back to the city to help family care for his daughter.

Sampson says that means he has to put food on their table now, with no way to take time off for new training.

So he supports himself by driving for the ride share service Lyft.

But Sampson estimates he and others like him might actually be earning more money now than when they worked traditional jobs.

It's a case, Sampson says, of making Detroit's post-bankruptcy economy work for them, even if they're not the kind of new property owners the city wants to fill its tax base.

"Because we have the decisions that was made and now we got all these folks that's coming down here, it enables me to do well in the ride share program," Sampson said. "And that's what's the most important thing about Detroiters. We're strong. We're resilient. When we fall we get back up."

That's a mantra Detroit officials have, in essence, adopted as well, touting the resurgence of a Motor City moving past bankruptcy far faster than experts anticipated, but with many miles to go on the road to resurrection.


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  #636  
Old 02-21-2019, 03:45 AM
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https://patch.com/michigan/detroit/d...-road-recovery

Quote:
Detroit's Road to Recovery
A new report on the financial condition of the 75 most populous cities ranks Detroit no. 49 in the nation for fiscal health.

Spoiler:
A new report on the financial condition of the 75 most populous cities ranks Detroit no. 49 in the nation for fiscal health. The report is based on the cities' 2017 comprehensive annual financial reports, the most recent data available.

The analysis by Truth in Accounting, a non-profit government finance watchdog group, found Detroit needs $1,518 million to get out of the red, or $6,900 from each of its taxpayers.

According to the watchdog's annual Financial State of the Cities report, Detroit has $4,092 million in bills and only $2,574 million in available assets to pay those bills after capital and restricted assets are excluded. This results in a $1,518 million shortfall, or a $6,900 Detroit Taxpayer Burden™, which is each taxpayer's share of the municipal debt after the city's available assets have been tapped. TIA's Taxpayer Burden indicator incorporates both assets and liabilities, including pension debt.

The bottom line is that Detroit does not have enough money to pay its bills, which is why it received a "D" grade for its fiscal health.

You can read the full report here and Detroit's individual report here.



https://www.statedatalab.org/state_d...s/city/detroit
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  #637  
Old 02-21-2019, 05:08 PM
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is the list in order there? I guessed a few (philly 73, Chicago 74) but could not find the elusive #75!
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  #638  
Old 02-21-2019, 05:17 PM
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Yeah, it's a bit of a mess.

I'm gonna ask the guy who runs the site.
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  #639  
Old 02-21-2019, 05:19 PM
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oh, and NYC is #75

https://www.statedatalab.org/state_d...ty/newyorkcity
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  #640  
Old 02-21-2019, 05:32 PM
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Ordered list can be found on page 23 in this report:
https://www.truthinaccounting.org/li...es-Report-.pdf
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