Auction Rate Securities: Hibernation sickness

Has all the good news on bond insurers improved the auction rate municipal bond market? Taking another look at the results of J.P. Morgan’s auctions reveals that the ARS market is indeed thawing a bit. Morgan held 103 bond auctions on Tuesday, 47 of which failed. Looking a little deeper, however, and we see that all the failed auctions occurred where the bond had a relatively low “max rate.” Remember that when an auction fails, there is some pre-determined rate at which the bond resets….
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  29 Febrero, 2008| Economy | @ 19:55

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