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It's backed by a trust holding Chrysler bonds, it sells near its par value and is rated A3/BBB+.
The city also owes money on more $1 billion in bonds it took out to pay into its pension when it could not afford the money.
What's more, the Fed seems to be slowly changing its tune about keeping the mortgage bonds it has bought.
But the more bonds it issues, the less likely it will be to honour its debts.
With Bonds, it is impossible.
Eventually, the Fed sells the bonds it acquires.
But with Bonds, it is considered a sensible move.
Coming from Bonds, it was an unusual tip.
"There's a rare opportunity in bonds," it says.
Holman told Bonds it would be $40,000.
The bank has never disclosed what kind of bonds it has purchased.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com