Friday's front-page story about closed-end funds using alternative methods of leverage as they exit the auction-rate market included incorrect information. Eaton Vance Management plans to provide a $100 million secondary liquidity backstop for its first issue of new floating-rate product. In addition, the firm's municipal closed-end funds used only tender-option bonds to redeem $580 million of the total $1.6 billion in auction-preferred shares.

 

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.