They may be outliers but they are satisfying the hearty demand from some yield-starved investors.

Analysts and portfolio managers say there is opportunity in paper from Puerto Rico and California, two places struggling with challenges that range from closing budget gaps and controlling spending to legislative hurdles and pension issues.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.