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Taurus

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Taurus

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Thursday, 10/23/2008 2:25:40 PM

Thursday, October 23, 2008 2:25:40 PM

Post# of 8151
Insurer AIG confirms $270 mln U.S. muni bond sale

NEW YORK, Oct 23 (Reuters) - Insurer American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) on Thursday confirmed it was selling $270 million of municipal bonds because it saw an attractive market opportunity, a spokesman said on Thursday.

The $2.7 trillion municipal bond market has lived in fear for months that the insurer, which the federal government has just had to rescue, would unleash the approximately $46 billion of tax-free debt it owns because that much selling could crater prices.

"They saw an opportunity right now to build up a little liquidity," explained AIG spokesman Peter Tulupman, who declined comment on the insurer's future muni strategy.

(Reporting by Joan Gralla; Editing by Chizu Nomiyama)
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