Legg Mason Seeks Solutions for Auction-Rate Securities Buyers - Credit Market * US * News * Story

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Legg Mason Seeks Solutions for Auction-Rate Buyers

Topics:Credit | Housing | Mortgages | Subprime Lending

Companies:Legg Mason Inc

By: Reuters | 28 Mar 2008 | 11:06 AM ET

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U.S. money manager Legg Mason said Friday it is exploring solutions to provide liquidity to holders of auction-rate preferred securities issued by seven closed-end funds of its affiliates.

Closed-end funds issue these securities to borrow and boost returns. However, the credit crunch has disrupted the market for these securities and rendered them illiquid.

Legg Mason [LM Loading... () ] said in a statement the seven funds of its affiliates have issued about $672 million of these securities.

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