mwi

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Munis: Get a 5% Tax-Free Yield With the Bond King [view article]
Most, if not all, closed end muni funds use leverage and finance this leverage through the use of auction rate preferred securities, for which the market has completely disappeared. It is not at all clear that the discounts to NAV at these funds are just investor uncertainty or a reflection of the expected haircuts to NAV from the additional future costs of resolving the ARPS problems and the resulting likely higher costs of leverage to the funds. Apr 22 12:16 PM
10 Things Not To Worry About [view article]
Not sure I buy the lack of concern re: counterparties. If a counterparty to a complex structured deal, or even a straight up deal, fails or is unable to perform, the settlement may not be collectable. Who makes party #2 whole then? And does one such failure or slew of failures set off a chain reaction in the system? I thought this was the root of the Fed intervening in salvaging BSC from the brink. Apr 16 11:20 PM

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