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Thanks to the collapse of the auction rate securities market, there are some bargains in munis. Bloomberg writes:

Puerto Rico's tax-free AAA 2024 general obligation bonds are paying 12 percent, equivalent to an 18.5 percent yield on taxable issues. That compares with rates of 4.3 percent for 10-year U.S. Treasuries and 10.5 percent for corporate high- yield, high-risk debt, according to indexes compiled by Merrill Lynch & Co.

Posted by edelfenbein at April 14, 2008 2:00 PM