Oregon sells $2 billion in pension obligation bonds

Oregon sold $2 billion in pension obligation bonds to pay down the state's portion of the $8 billion unfunded liability of the Oregon Public Employees Retirement Fund, Salem. Morgan Stanley and Bear Stearns were lead managers on the bond sale. The $2 billion will be invested with the fund's existing managers, distributed using the same asset allocation as the overall fund, said spokesman Todd Jones. The pension fund had $37 billion before the bond sale.