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completed the issuance of a $350,000,000 leverage facility in the form of auction rate preferred stock.
Auction rate preferred stocks are actually money-market instruments, since the dividend is reset every 49 days through a Dutch auction.
3) Initial growth of the auction rate preferred stock market was so rapid that the total dollar value of new auction rate issues exceeded the amount of convertible preferred stock and fixed rate preferred issued in 1987 (Houston and Houston |6~).
Proceeds were used to releverage fund assets and pay down other forms of debt, including auction rate preferred stock (ARPS), according to Fitch Ratings.
The Fund's interest income has been negatively impacted by the higher than normal credit defaults in the high yield market over the past four and a half years, the general decline in interest rates, which has reduced the rate at which the Fund is able to reinvest its assets, and the redemption of $26 million of Auction Rate Preferred Stock between June and October 2002 to maintain the required level of asset coverage.
NEW YORK -- Tax-exempt closed-end funds (CEFs) have decreased reliance on Auction Rate Preferred Stock (ARPS) for leverage in recent years following the shutdown in the market for ARPS, according to a special report published today by Fitch Ratings.
00 Leverage $65 million Taxable Auction Rate Preferred Stock (Issued September 30, 2002) Total Net Assets: $238.
According to Bloomberg, more than $150 billion of investment capital in ARS remained outstanding as of December, 2010: about $54 billion in auction rate preferred stock, $14 billion in auction rate corporate securities, $50 billion in auction rate municipal debt, and $40 billion of other securities backed by student loan ARS, mortgages and other assets.