Friday, January 14, 2011
I see that some pension obligation bonds are available with a yield to worst of 8.603%--for S&P A-rated bonds (CUSIP 30421VAY5). I'm guessing that this extraordinary return is because Fairfield, California is in some unusual level of financial trouble, even for a California government. I can't find anything specific about Fairfield, and the official statement gives all the standard boilerplate.
Posted by Clayton at 11:17 AM