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Defaults by Chinese issuers have exceeded US$20 billion so far this year, compared with about US$9 billion for all of last year, with property developers accounting for most of the defaults.
The New Jersey mall, the nation's second largest, faces an interest payment on Aug. 1 after drawing down a debt service reserve for a payment earlier this year.
The mall's developer was late paying funds used to support $800 million of municipal bonds, requiring a draw on reserves to make an interest payment.
Talks between original holders and a law firm over potential securities fraud litigation did not pan out, and trustee UMB NA has canceled all the bonds.
The time could be right to consider adding some munis to your portfolio. Here’s why.