Merrill Lynch & Co. late Thursday announced that beginning Jan. 15, 2009, it will offer to buy at par auction-rate securities it sold to retail clients, including individuals, charities, and small businesses.

Merrill estimates these clients hold an estimated $12 million in ARS, although it expects that number to be reduced to $10 billion by the beginning of the offer due to announced and anticipated issuer redemptions.

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.