Bankrupt Jefferson County, Ala., reached a settlement with Depfa Bank to reduce the interest rate on $162.5 million of variable-rate school warrants. The concession doesn't bode well for other secured creditors, says MMA's Matt Fabian.
JeffCo and Depfa Reach Deal on Defaulted School Warrants
FEB 19, 2013 4:05pm ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.
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