When the West Contra Costa Unified School District in California needed money to repair and upgrade deteriorating classrooms, it hired Piper Jaffray Cos. to sell $191 million of municipal bonds.
As far as school officials knew, the March 2016 sale went off flawlessly, enabling the district to refinance older debt and tackle tasks such as removing asbestos and upgrading science labs.
chicagobars Interesting
Yep, cut federal taxes, but your state, local and property taxes all go up. 🙄
Two things: Most issuers will roll out 'underpriced' bonds so that the deal clears. Time and assurance of closing are valuable. Depending on how data is cut, the enduring bond bull will tend to make older vintages appear underpriced.
Underpriced, meaning inventory is sold quickly. Increasing profit for the Wall Street underwriter at the expense of the town/school?
Yes and the banks we bailed out 10 years ago paid a tiny interest rate. Now those same banks are offering personal loans to people at fixed rates of up to 25.2%. WTF BS rigged
They are only 'under priced' because they are issued by local municipalities and public schools. Amazed they don;t have to pay more interest to sell these junk issues.
debt is so big that you have to steal from both sides inflation and through bonds - pension funds that have a lot of bonds
the most is robbing people's inflation and then 0 or minus interest rates and robbing people of pension savings by pension funds holding a lot of bonds ... and what will be like other assets start to fall and there will be a crisis where our money goes
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