I think this is the real and telling part. Yes, they had to give up a 34mm bond sale because the top level bond market was refusing to buy. This is a short term problem caused by butt hurt bankers, not actual investor class bond buyers. The city is not actually defaulting on any real bonds, the bond investor class is not being hurt.
Yes it will cost more for 10 years until they can re-finance; but when the city offers a margin over market, actual people bond buyers will jump for the chance to make a % over market.
zero_intp|12 years ago
Yes it will cost more for 10 years until they can re-finance; but when the city offers a margin over market, actual people bond buyers will jump for the chance to make a % over market.