The Orange County Sanitation District in Southern California has postponed the sale of $160m in Build America bonds. “The bond market has been pretty volatile and flooded with new issues,” said Mike White, the controller.
Translation: They can't get the deal done at a reasonable price, if at all.
Expect further problems, on Tuesday, the yields on triple A 10-year muni-bonds rose 18 bps to 2.93 per cent, the largest one-day rise since October of 2008, according the MMD index.
Ireland, Greece, Spain and Portugal again capture the headlines and yet CA, IL, NJ are rolling over and this is different how??
ReplyDelete@ Bear Hug...with all due respect at least those countries are out protesting the government/bank fraud that got them into that situation, which obviously makes for flashier news.
ReplyDeleteHurray to investors that are now finally demanding a decent rate of return.
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