WASHINGTON — The Municipal Securities Rulemaking Board has changed how it calculates "bid to cover" ratios for auction-rate securities, an effort aimed at making the data more indicative of investor demand.

The new ratio, unlike the old, does not take into account bids placed during auctions by "program dealers," the board said in a release Monday.

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.