LOS ANGELES - When it comes to issuing bonds to finance pension or other retirement obligations, market timing should dominate the thinking, Public Financial Management's Girard Miller said Thursday, during a panel on taxable bond market conditions at The Bond Buyer's Pension and OPEB Financing Conference here.

In his analysis, the only time it makes sense to issue pension obligation bonds or bonds for other post-employment benefits is during the point in a recession when interest rates are relatively low and equities are down.

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