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Re: CA muni BZA down 5% today ???
closer
06-28-2008, 8:37 PM | Post #2533712
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I wonder if the selling in BZA was related in some way to bond holdings insured by Ambac Financial and MBIA. Last week, the market priced credit-default swaps for bond insurers Ambac and MBIA to imply "an even-higher default probability of over 90%," according to the weekend Wall Street Journal (page B1). The California muni bond market has been a nervous wreck for months. I liquidated BFZ and BZA last year and sold open-end Oppenheimer CA Muni (OPCAX) on January 30 when its NAV was $10.25; it has since fallen to $9.17, reflecting a loss of 8.8% through June 27.
Topics
bonds
Muni
muni bond
NAV
Oppenheimer
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