Bloomberg

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Borrowers redeemed or announced plans to refinance about $2 billion of the bonds last week, down 64 percent from an average of $5.5 billion a week in April and May, according to data compiled by Bloomberg News. They have already replaced or said they would convert about $78 billion of the debt, or 47 percent of the total, since investors and brokers abandoned the market in February, triggering penalty rates as high as 20 percent.

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The Louisiana treasurer's office drove down yields on $238.5 million of auction-rate bonds sold by the Louisiana Stadium & Exposition District, to 2.9 percent from 12 percent, by using state funds to purchase 95 percent of the securities...