Friday, January 14, 2011

Fairfield, California

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 at

3 comments:

  1. UnknownJanuary 14, 2011 at 5:51 PM

    We live nearby, have friends who live and work there. Huge number of lovely vacant homes, city services worsening by the day. Probably typical of much of Northern California on the I-80 corridor.

    Regards, Old Coot

    ReplyDelete
  2. UnknownJanuary 15, 2011 at 1:36 PM

    The same firefighters' union that helped drive Vallejo into bankruptcy (and Rio Vista nearly so) also represents the firefighters in Fairfield.

    ReplyDelete
  3. Epsilon GivenJanuary 17, 2011 at 1:10 PM

    I'm kindof interested in testing Blackstone's Common Law Homesteading tradition: move into a place, live there for twenty five years uncontested, and it's yours!

    The problem is that it seems that all the places with empty, clearly abandoned homes are places I wouldn't want to try to move to...

    ReplyDelete

Subscribe to: Post Comments (Atom)