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Breckinridge Capital Advisors is a Boston-based investment advisor specializing in the management of high-grade fixed income portfolios for institutions and private clients. Working through a network of investment consultants and advisors, Breckinridge offers municipal, corporate, government and sustainable bond strategies in customized separate accounts.
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In an unsurprising decision on March 24, the Illinois Supreme Court ruled that Chicago’s 2014 pension reform ran afoul of the state constitution. The June 2014 reform law, Public Act 98-0641, reduced annual increases in pension benefits in violation of Illinois’ pension protection clause...More
Entering 2016, municipal credit fundamentals are broadly consistent with those entering 2015: stable but vulnerable to an economic shock. Like last year, the economy is growing modestly, transportation and revenue credits are benefiting, and most state and local issuers are exhibiting a stronger ability to meet debt obligations...More
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“Too Big to Fail” is one of the most recognizable phrases of the financial crisis. Following the crisis, banking regulators set out to identify large or prominent financial institutions whose failure could threaten the solvency of the entire financial system. These “systemically important” financial institutions now face stricter capital and liquidity requirements than do their smaller peers...More
The history of the potato chip dates back to 1853, when a restaurant patron complained to chef George Crum that the French-fried potatoes he served at his New England restaurant were too thick. In retaliation, an irritated Crum sliced the potatoes as thin as possible, fried them in grease and returned them to the customer. From an unpleasant situation, a now-beloved crunchy treat was born. Some investors have made their own valuable discoveries...More
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Breckinridge Comments on SEC Business and Financial Disclosure Requirements
We submitted comments on SEC’s April 2016 concept release for Regulation SK; the release is a part of an SEC initiative to review and improve disclosure requirements. Our comments focused on the reasons for integrating environmental, social and governance (ESG) issues into credit research; the importance of standardized reporting in evaluating sustainability; and our recommendations for meaningful disclosure requirements.