The Upside To Detroit Muni Bonds
Detroit’s bankruptcy has the potential to reshape municipal bondholders' assumptions as Emergency Manager Kevyn Orr pushes further than most investors expected, but the upheaval has also created some interesting investment opportunities.
Investors were disappointed when Orr released his plan to restructure Detroit’s debt last month because it treated limited unlimited tax general obligation (GO) bonds the same, offering a 20% recovery to each. The plan also proposed a system that would let the investors for different classes of secured Detroit Water and Sewer bonds (DWSB . . .
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