State and local public-employee pension systems had $3 trillion in cash and investment holdings in 2011, a $351.9 billion or 13.2% increase from $2.7 trillion in 2010, according to a new annual Census Bureau survey.
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.
the bond buyer conferences
September 25-27, 2013JW Marriott LA Live, Los Angeles, CA
October 27-29, 2013Crowne Plaza Times Square Manhattan, New York, NY