AUSTIN - The current credit market puts a premium on participants' flexibility and requires issuers to consider all their options, Austin Treasurer Art Alfaro told attendees at Wednesday's opening session of The Bond Buyer's 13th Annual Texas Finance Public Conference.

"I don't have to tell you this is a challenging market for municipal bonds," Alfaro said. "Investors are focusing on the underlying credit of issuers, and we're seeing an outflow from the hedge funds and investment banks at the same time we're dealing with a $60 billion backlog of bonds from local governments that badly need the money."

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