If CalPERS prevails in having courts define San Bernardino's obligations to the pension fund as immutable in the city's bankruptcy, ramifications could include sweeping bond downgrades, a report said.
A CalPERS Court Victory Could Bring Sweeping Downgrades: Report
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