What is a Tender Option Bond (TOB)?

(Alternative title for long-time readers: There’s a meteorite that hit the ground near here. I want to check it out. It won’t take long.)A tender-option bond (from now on TOB) is the municipal bond market’s answer to the classic borrow short and invest long. As with many types of leveraged strategies, this one has been getting hit very hard in 2007. It also has some disturbing parallels with the S…
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  26 December, 2007| Economy | Comments (0) @ 20:58

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