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Corporate & Securities Law

: FinancialCounsel

More Bad News For Auction-Rate Securities Market

By James Eccleston

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There has been more bad news in the auction-rate securities market. 

First, according to a study of earnings reports conducted by securities-valuation firm Pluris Valuation Advisors LLC, 402 public companies disclosed that they held variations of auction-rate securities.  Half had written down the value of their holdings.  Of those that did write down the value of their holdings, the average markdown was 13.2%, the study shows.

Second, about 25% of the $330 billion auction-rate market has been bought back by municipalities or refinanced with a different kind of debt, says Alex Roever, fixed-income analyst at J.P. Morgan Chase & Co.   Those left, approximately 75% of the $330 billion auction-rate market, probably aren't worth their face value, he adds.

Source:  The Wall Street Journal

Full post as published by FinancialCounsel on May 30, 2008 (boomark / email).

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