Misery for municipals

risk-090201-20-gif

The US municipal market endured a tumultuous 2008. The downgrades of many of the leading monoline insurance companies in late 2007 and early 2008 triggered an investor exodus from variable-rate demand notes (VRDNs), along with the implosion of the auction rate securities (ARSs) market last February. The situation was worsened by the exit of Bear Stearns last March, the collapse of Lehman Brothers in September and the withdrawal of several dealers from the municipal market, severely restricting t

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: