State and local governments have issued more pension bonds this year than ever before
U.S. municipalities are increasingly issuing bonds to pay down their accumulated pension obligations, a step akin to “gambling,” according to an analysis out Monday.
The report, from muni bond market stalwart Municipal Market Analytics, notes that nearly 80 state and local governments have issued such bonds so far in 2021, the most on record back to 2000. The amount issued so far, $10.5 billion, is dwarfed by the roughly $16 billion issued in 2003.