Investors in municipal bonds are worried about Glendale’s finances as the Arizona city waits on an owner to buy the Phoenix Coyotes and either keep them in the city-owned Jobing.com Arena or move them to another market.
Dow Jones reports that Glendale was forced to drop the price on $52 million in debt it sold this week, as bond buyers demanded a higher return to compensate for the perceived risk associated with the in-limbo NHL team.
Christopher Ihlefeld, managing director and portfolio manager at Thornburg Investment Management, tells Dow Jones that “the hockey team has been a real drain on resources” for Glendale.
Now, to be fair, the bond yields remain fairly low – “The longest maturity, in 2033, saw yields go from 3.85% initially to 4.05% in a later pricing” – but if the Coyotes end up moving away at the end of the season, what would investors demand then? According to city spokeswoman Julie Frisoni, there are “hundreds of millions of dollars in economic impact the NHL team brings to the entire region.”
Stay tuned to PHT, your home for all the latest news in the fascinating world of municipal bonds. (Or munis, as we call them around here.)
Cancel Danny DeKeyser‘s arbitration hearing on Thursday; it won’t be required.
DeKeyser has agreed on a six-year, $30 million contract with the Detroit Red Wings. The 26-year-old defenseman is now locked up through 2021-22.
Next up for GM Ken Holland is goalie Petr Mrazek‘s arbitration hearing tomorrow. That hearing, which came at the club’s request, may actually be necessary.
DeKeyser’s deal, on the other hand, always seemed like it would be the easier of the two to get done via negotiation.
“The player and the club both know what the range would be on a one-year deal,” Holland said recently, per the Detroit Free Press. “We continue to have conversation on a longer-term deal. I’m comfortable we can avoid the process. Danny is Detroit born, he’s happy with his role, happy to be a Red Wing. We are happy with his play.”
DeKeyser had eight goals and 12 assists in 78 games last season, while logging an average ice time of 21:48. As an NHLer, he’s proven why he was such a highly sought-after college free agent, and his new contract reflects that.
The Rangers inked one of their better young blueline prospects on Monday, agreeing to terms with Sergey Zborovskiy on a three-year, entry-level deal.
Zborovskiy, 19, was New York’s third-round pick (79th) overall at the 2015 draft, a selection acquired as part of the Cam Talbot trade to Edmonton. He’s spent the last two seasons with WHL Regina, racking up eight goals and 25 points in 64 games last season.
At 6-foot-3 and 198 pounds, Zborovskiy has good size, one of the reasons the Rangers were high on him.
Per TVA, the Russian rearguard signed a deal that will pay $633,000 annually at the NHL level. Zborovskiy is expected to return to junior next year.
ANAHEIM, Calif. (AP) Forward Stefan Noesen has agreed to a one-year contract to stay with the Anaheim Ducks.
Anaheim confirmed the two-way deal Monday.
Noesen (NAY-sun) appeared in one game in each of the past two seasons for the Ducks, who acquired him from Ottawa in 2013.
The 2011 first-round pick by the Senators has spent most of the past three seasons in the AHL with Anaheim’s affiliates in Norfolk and San Diego. He scored 32 points in 65 games for the Gulls last season.
The 23-year-old Texas native’s pro career has been hindered by two major injuries. He missed practically all of the 2013-14 season with torn ligaments in his left knee, and he missed four months of the 2014-15 season after an opponent’s skate blade nearly severed his right Achilles tendon.
SAN FRANCISCO (AP) Twitter will live stream for free one Major League Baseball game and one NHL game per week under a new deal.
The agreement announced Monday will allow viewers to watch games nationally that would normally be available only in the two teams’ home markets. Users will not need to be logged into Twitter to see the games.
The baseball games will also be available outside the U.S., with some exceptions. Twitter did not announce the game schedule Monday.
The social media network is attempting to move into live sports streaming through “over-the-top” broadcasts, which do not require a cable subscription. In April, Twitter reached a deal with the NFL to stream 10 “Thursday Night Football” games this fall.