CHICAGO — Detroit's historic bankruptcy filing may lead to precedent-setting decisions on the treatment of general obligation bonds and other debt, though it has not meant big changes in daily investment strategy so far, according to a pair of market participants at the Bond Dealers of America conference.

"The Detroit bankruptcy doesn't have a tremendous impact on our daily investment decisions," Benjamin Schuler, Managing Director of Research, Municipals, Fidelity Investments, Fixed Income Division, said Thursday at buy-side panel. "There are so many municipal credits, and Detroit is not like most of them relatively unique," he said. "Detroit is a sad, long-coming event that didn't surprise us."

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