Pursuits
Napa Quake Rattles Bondholders as Debt Trades at Record
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Municipal-bond investors are trading a record amount of debt from Napa County, California, in a sign that some may be concerned about damage from the strongest earthquake to hit the wine-growing area in 25 years.
County certificates of participation that mature from June 2015 to June 2020 all changed hands this week, data compiled by Bloomberg show. The 2016 and 2017 bonds traded Aug. 25, the day after the quake, for the first time since they were issued in May 2012. A $1.1 million block of the 2020 debt traded the same day, an unprecedented size for the securities, the data show.