Pennsylvania budget impasse creates arbitrage with California

This piece first published September 29, 2015, Debtwire Municipals
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The solution lawmakers reach concerning the Pennsylvania budget impasse and pension trouble will have far more impact on the market than the stalemate itself, said Charles W. Grande, executive director and head of municipal credit research at UBS Global Asset Management.

Market participants have taken a wait-and-see approach to Pennsylvania’s budget impasse and pension problems as they await a political solution that may solve both, Grande said.

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