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- Auction-Rate Costs May Rival Spitzer, Mutual Fund Settlements
- Auction Failures Rise to 71% as Dallas-Area Airport Refinances
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2008-04-21 — bloomberg.com
The U.S. auction-rate bond market is starting to disappear.
At least $58.9 billion, or 18 percent of the securities outstanding in January, have been redeemed or will be converted by states, cities, hospitals and closed-end mutual-funds, data compiled by Bloomberg show. Citigroup Inc. predicted last week that the $330 billion market, which started to unravel in February, will ``cease to exist.''
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