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Alliancebernstein Income Fund Message Board

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  • hirsct hirsct Feb 14, 2008 3:41 PM Flag


    I have no life

    My problem is what happens after 7 days and you're stuck with a failer auction? Do you get a 20% return indefinitely? When will your investment become liquid again? Will your invstment become the underlying bond, And will that be callable? The Fidelity girl didn't know.
    but she sounded very sweet and actually suggested a CEF

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    • If you click on a particular bond
      on Fidelity's reset list, you'll
      get a more detailed description,
      which includes a hyperlink to another site where the indenture
      can presumably be found.

      I don't know whether these credits
      have uniform terms or not and
      can't think of a good general source offhand; but the information
      you want will most definitely be
      in that indenture document, and
      I sure wouldn't buy w/o reading it.

      As I said, I try to avoid such
      detail whenever possible in
      the bond markets. I did read the
      TVC indenture, which cleared up
      a lot, but that was a special case--somewhat unique.

      As regards your question about
      the yields of NY GOs and REVs,
      everybody's talking about the
      premium to Treasury paper of
      comparable maturities. The spread
      is positive and definitely high
      in historical terms, which is
      normally a strong buy point.

      But the question is always whether
      we are looking at the norm--the
      rule--or the deadly exception to
      that rule.

      Particularly in the case of the
      funds, one never knows what might
      happen if enough people give in
      to blind panic. That is, you can
      never entirely dismiss the fear,
      though experience and research
      tell you it's way overblown.

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