Prerefunded Perks

Johnson, Anastasija
August 2005
Bond Buyer;8/26/2005, Vol. 353 Issue 32205, p1
Trade Publication
Reports that the fast pace of refunding issuance has left behind a hefty supply of prerefunded and escrowed to maturity municipal bonds in the U.S. Benefit of the trend for the investors; Effect of the continuous rate hikes by the Federal Reserve Board and a flattening Treasury yield curve on refinancing activity by state and local issuers; Reason why rating agencies often assign their highest investment-grade ratings to prerefunded bonds.


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