Bank of New York Mellon said Friday that it will stop payments on Jefferson County, Ala.'s defaulted sewer warrants, and will seek court approval to accelerate payment of outstanding principal.
BNY Mellon Stops Payment on JeffCo Sewer Warrants
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.
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