Anyone have insight as to why these bonds are trading so low? In some cases, it doesn't make sense. For example, I own some Texas muni utility district bonds (MUD bonds). They are G.O.'s, 5% coupon, 2,400 homes in the district with active connections and a history of prerefunding older bonds, but no underlying rating on the bonds.

And these bonds are trading in the 70's? That doesn't seem right, but I don't have any data on the default rate of Texas MUD bonds. I would imagine it is quite low. Radian bonds seem to have a bad stigma about them, no matter what the quality is?

Most of the traditional public finance banks purchasing these bonds are out of business. They used to buy these bonds in 50mm clips. Non-rating is also a big liquidity issue.

What is the CUSIP on that bond?

CUSIP is 232789GG6