A Clarification

A quote from Municipal Market Advisors’ Matt Fabian in a story about auction-rate bonds yesterday mischaracterized the parties that historically have bought up bonds to prevent a failed auction. The broker-dealers have played this role in the past by buying bonds in an auction that appears likely either to fail or to reset at unreasonably higher yields.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER