North Las Vegas Bonds Rated Junk: Gross and Other Bond Investors in Legislators’ Sights

 

North Las Vegas, NV, once one of the fastest growing cities in the country has had its bonds cut to junk status.  Nevada legislators are setting their sights on how to force bond holders to share the pain of distressed municipalities.  Nevada does not municipal bankruptcy.

Funds run by Bill Gross, the legendary bond investor, appear to hold approximately 20% of the $420 million outstanding general obligation bonds issued by North Las Vegas.

Bloomberg Article