Auction rate security
（重定向自Auction rate）
![](/Images/godic/202412/22/Vereinigte_Ostindische_Compagnie_bond2004.jpg")
An auction rate security (ARS) typically refers to a debt instrument (corporate or municipal bonds) with a long-term nominal maturity for which the interest rate is regularly reset through a dutch auction. Since February 2008, most such auctions have failed, and the auction market has been largely frozen. In late 2008, investment banks that had marketed and distributed auction rate securities agreed to repurchase most of them at par.