LOS ANGELES -- Los Angeles County today plans to sell a variation on inverse floating-rate securities that eliminates the need for holding periodic auctions to set the short-term interest rate portion of the deal.

So-called inverse floaters have become more popular with the municipal market in recent months, based on underwriters' assertions that the product can lower the overall interest cost for issuers and also meet the needs of both short- and long-term investors.

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.