by Calculated Risk on 1/16/2008 02:56:00 PM

Remember those surplus notes that MBIA sold yielding 14%? See: "How many other AAA rated companies are raising money at 14%?"

I guess a 14% yield isn't enough anymore, from Reuters: MBIA's Surplus Notes Plunge to 89.50 Cents - Investor

MBIA Insurance Corp's recently issued $1 billion of surplus notes plunged on Wednesday to about 89.50 cents on the dollar from 95 cents on the previous day, according to a portfolio manager.

Nice haircut.