Argentina sees strong demand for their 100 year bond. 7.9%. http://www.cnbc.com/2017/06/20/argentina-sees-strong-demand-for-surprise-100-year-bond.html …
the decision-making process gets highly distorted once it moves from the regional level to federal.
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maybe the federal government backs the credibility of these bonds to a predefined $ amount, but defers decision-making to the region?
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There is always a trade off there. But I have to think, at minimum, CA could issue 50 year, 100 year notes too. Maybe even SF?
End of conversation
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