或許已經不新奇了，因為我是鄉下大嬸嘛
在WIKI有解釋:(以下摘自WIKI)
An auction rate security (ARS) typically refers to a debt instrument (corporate or municipal bonds) with a long-term nominal maturity for which the interest rate is reset through a dutch auction.
It could also refer to a preferred stock for which the dividend is reset through the same process.
In a dutch auction, a broker-dealer submits bids, on behalf of current and prospective investors, to the auction agent. Based on the submitted bids, the auction agent will set the next interest rate by determining the lowest rate to clear the total outstanding amount of ARS.
ARS holders do not have the right to put their securities back to the issuer; as a result no bank liquidity facility is required.
ARS有債券或特別股等形式，債券的話有給定的到期日，不過
每次領股息利息的利率會不一樣，不像浮動的有Benchmark可以跟，
ARS是用持有經紀商來互相競標決定利率的，下次的利率會是能讓所有流通在外證券結清的最低利率。
這感覺就是新玩法!!!反正大家都不喜歡買債券的八百年前就知道利率是吧。
但是也因為ARS的持有者無法將債券賣回發行者，若沒有人想競標，
這筆錢是拿不回來滴~
也就是因為這樣有了2008，今年的信用危機。
以下也摘自WIKI好物:
2008 Auction Failures
Beginning on Thursday, February 7th, 2008, auctions for these securities began to fail when investors declined to bid on the securities.
The four largest investment banks who make a market in these securities
(Citigroup, UBS AG, Morgan Stanley and Merrill Lynch) declined to act as bidders of last resort, as they had in the past. This was a result of the scope and size of the market failure,
combined with these own firm's need to protect their capital during the 2008 financial crisis.
On February 13 (2008) 80% of auctions failed.
On February 20th, 62% failed (395 out of 641 auctions).
As a comparison, from 1984 until the end of 2007, there were a total of 44 failed auctions.
On March 28th, 2008, UBS AG said it is marking down the value of auction-rate securities
in brokerage accounts from a few percentage points to more than 20%.
The markdowns reflect the estimated drop in value of the securities that the market has seized up,
while UBS isn't offering to buy the securities at the new lower prices.
Beginning in March 2008, several class action lawsuits have been filed against several of the large banks.
The lawsuits were filed in federal court in Manhattan alleging that these investment banks deceptively marketed auction-rate securities as cash alternatives.
看完後才發現這個ARS也沒大我幾歲，1984年出生的
不過這四家在次級房貸後又搞出這種事~"~
是不是以後做rating的旱作餘額承銷的不應該是同一家，
這根本是利益衝突了阿!!!!
好啦，這不負責任講座到此為止。ㄇㄞ~ㄇㄞ~
