Aggressive investors target auction-rate bond market

02/25/2008 | Bloomberg

Investors have moved into the vacuum after failed auctions drove up borrowing costs in the auction-rate bond market for U.S. municipal borrowers. "Aggressive institutional investors have moved in to pick up auction-rate issues at short-term rates ranging from 5% to as much as 15% or more," Citigroup municipal strategist George Friedlander said.

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