Internet2k4

Auction-Bond Failures Push Up Municipal Bond Rates

Nuveen was quoted in Bloomberg reports as being particularly troubled by the muni auction failure, because it apparently relies on it for purposes of capitalization of its CEFs (more knowledge about this appreciated) which may account for the unusual degree of damage to its CEFs - I dumped my one Nuveen CEF as well as the remainder of my Pimco muni (PMF) position on the news.