By Jordan Campbell, includes “A new report from S&P Global Ratings highlights an increase in debt issuances from pension obligation bonds (POB) rated by S&P in 2021. As of mid-Sept. 2021, the number of pension obligation bonds rated by S&P has already more than doubled the previous annual total. … However, as the S&P report also notes, ‘an increased spread does not mean free money; it indicates increased exposure to market volatility risk when proceeds are deposited in the pension trust.’ …”