muncipal bond

Thornberg Investment Management

The opportunity to buy bonds from a troubled school district run by an emergency manager, in a city that's just filed for bankruptcy, may seem akin to the opportunity to get your hands on some great snake oil, or a big lot in a Florida swamp, cheap.

But one municipal bond portfolio manager thinks Detroit Public Schools' bond offering, expected tomorrow, could actually be a good deal.

"There's an extraordinary amount of interest in buying short maturity bonds with high yield," says Josh Gonze of Thornberg Investment Management based in Santa Fe, New Mexico.