The News Review:
- High Net Worth Takes On New Meaning in Auction Mess: Joe Mysak
- Taiwan central bank to auction 100 bln twd worth of 364-day CDs April…
- Greece raises 408 million euros in oversubscribed T-Bill auction
- Japanese government bonds end morning lower ahead of auction
High Net Worth Takes On New Meaning in Auction Mess: Joe Mysak
Bloomberg – Apr 1, 2008
That seems to be what securities firms are telling clients. How else are we to explain the ongoing story of thecollapse of the $300 billion-plus auction-rate securitiesmarket? After almost three decades of backstopping the process, themajor firms earlier this year all decided to stop, leavingthousands of investors holding securities they can't sell. Askedabout who held such securities, the firms answered that it waswealthy individuals. I suspect the real reason the securitiesfirms gave this answer was to marginalize an entire group ofinvestors they now find expendable. In fact, this group's realsin is that they aren't wealthy enough for Wall Streetsecurities firms to care about them.
Taiwan central bank to auction 100 bln twd worth of 364-day CDs April…
Forbes – Apr 1, 2008
Banks, credit cooperatives, bills finance companies, investment trust companies, and Taiwan Post Co are invited to take part in the auction, it said. The certificates will be issued on April 9.
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Greece raises 408 million euros in oversubscribed T-Bill auction
Forbes – Apr 1, 2008
The PDMA sold 180 million euros in 13 week T-Bills, with the weighted average yield coming in at 4. It sold 144 million euros in 26 week T-Bills at a weighted average yield of 4. 53 pct, and another 84 million euros in 52 week T-Bills at a weighted average yield of 4.
Related: Bombardier wins framework contract for rail management system in…
Japanese government bonds end morning lower ahead of auction
Forbes – Apr 1, 2008
The stock market’s advance also helped encourage selling in the bond market. The Nikkei 225 Stock Average climbed 172. 4 percent to 12,697.