Stockton ‘cram-down’ would severely test muni market
The events in Stockton could take a major toll on the muni market. Jeff Benjamin reports.
Stockton, Calif., the latest and largest U.S. city to enter bankruptcy protection, has set the stage inadvertently for an ugly battle in the $4 trillion municipal bond market.
“Right now is not a time to panic, but it is a time to pay attention,” said Daniel Toboja, vice presiden
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