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SEC requests information in bond market inquiry

Thursday, July 15, 2004 | 9:05 a.m.

Bank of America Corp., the third-biggest U.S. bank, received a request for information from the Securities and Exchange Commission over its dealings in the $204 billion auction-rate bond market.

The request is about "practices in the auction-rate market," Bank of America spokeswoman Shirley Norton said in an e-mailed statement. She said the bank is cooperating fully and declined to comment further, citing a policy at the Charlotte, N.C.-based company against discussing "open regulatory inquiries."

The SEC is probing whether brokers who help set yields for auction-rate bonds misled investors and issuers.

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