GO
Loading...

Enter multiple symbols separated by commas

Wilbur Ross Buys $1 Billion of US Municipal Bonds

WilburRoss2.jpg

Investor Wilbur Ross on Thursday said he bought about $1 billion of U.S. municipal bonds last Friday because yields had risen to "relatively unparalleled" highs compared with taxable Treasuries.

"A lot of hedge funds were getting margin calls because of the dislocation in the muni market," Ross told Reuters by telephone, adding that his purchases included California munis that offered yields of around 5.50 percent.

Asked if he bought a portfolio of bonds from hedge fund Duration Capital, he said: "I am not in a position to confirm who was selling."

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.