Any firms crossing Auction Rates?
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?Not sure want firm you are with but we are allowing Margin on them now.
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.
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
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…
the SEC just allowed municipalities to bid on their own paper, approved it this am. NOFX go fvk urself.
Boston Globe, Saturday, let me know your address, I’ll send a copy.
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