Citigroup, Merrill to buy back auction-rate debt

Reuters
Posted: 2008-08-08 10:54:58+05:30 IST
Updated: Aug 08, 2008 at 1054 hrs IST

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was the largest underwriter of auction-rate debt in all but one year this decade, Thomson Financial data show. Merrill ranked among the top 10 underwriters each year.

Analysts said the auction-rate market might struggle to regain its equilibrium.

"You used to just see the rating and take things for granted," said William Bellamy, director of fixed income at Thompson, Siegel & Walmsley in Richmond, Virginia. "People have to do a little bit more due diligence."...

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Citigroup, Merrill to buy back auction-rate debt

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