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.

3 comments:

  1. 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

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

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  3. 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...

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