BA Securities Inc. stepped up and bought $25 million of San Francisco Parking Authority bonds yesterday, but it was no mercy mission by a sympathetic hometown bank, a syndicate official said.

"There's nothing to do with sympathy with what I do," W. Peck Ferrin, vice president and manager of trading and underwriting, said yesterday." We did it because you know if people start looking through the Orange County debacle, I think what you are going to see is basically a flight to quality," Ferrin said he checked and San Francisco "runs the cleanest fund in the world." The underwriter said he saw a chance to take advantage of a market that's sloppy because of the bad publicity surrounding Orange County.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.