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An Update on Pension Obligation Bonds (PDF)
Center for State & Local Government Excellence Link to more items from this source
July 2, 2014

"[Pension obligation bonds (POBs)] had a negative average real return from 1992-2009, but show a small gain when the time period is extended to 2014. POBs could be a useful tool for fiscally sound governments or as part of a broader pension reform package for fiscally stressed governments. But results to date suggest that, instead, POBs tend to be issued by governments under financial pressure who have little control over the timing."

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