Any firms crossing Auction Rates?

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Mar 10, 2008 8:00 pm

Or is any firm buying them back from clients?  We are lending (in most cases) vs. the positions but only 30 - 50%.  Not enough if it is the majority of the account...

 
How is your firm handling it - are they blaming the broker yet?
Mar 10, 2008 8:20 pm

Not sure want firm you are with but we are allowing Margin on them now.

Mar 10, 2008 8:24 pm

Not only are we allowing margin, but last week an institutional buyer cleared out quite a bit (big dollar, small % of whats out there) of our clients ARS up for bid.

Mar 10, 2008 10:40 pm

I am assuming somone is buying some of our failed auctions, I have yet to be unable to sell one, and some of the auctions obviously failed because the reset rates were 8+% yet I still sold what I wanted

Mar 15, 2008 9:43 am

We are allowing margin (30 -50%).  The ARSs that I have are munis and they are showing very little liquidity on the street.  They are paying 5.12% double tax (and AMT) free, so, clients are happy - unless they need the funds.  I hope we see some refi of this debt soon...

Mar 15, 2008 3:31 pm

the SEC just allowed municipalities to bid on their own paper, approved it this am. NOFX go fvk urself.

Mar 16, 2008 8:52 am

Boston Globe, Saturday, let me know your address, I'll send a copy.