Thanks but I will pass for now.  I wouldn't mind looking at some muni's with 
shorter maturity dates though.  I am concerned about long-term yields 
increasing which would mean bond prices decreasing.  Doesn't it make since to 
go with shorter maturity dates ri8ght now?




"Hill, David " <David.Hill@morganstanley.com> on 05/04/2001 10:46:00 AM
To: "Stan Horton (E-mail)" <stanley.horton@enron.com>
cc: "Dingle, Susan " <Susan.Dingle@morganstanley.com> 

Subject: Tax Free Opportunity


The Muni desk called to say they are seeing a blip in the market and are
seeing  5 1/4% at par around 2021 to 2025. They think those rates won't
last.

They called about your portfolio because your ladder is is thin in those
years.

You have some cash. If you have an interest give me a call. I can fax your
maturity concentration schedule  to you if you need it. I didn't want to
send your portfolio info by fax  without your permission.

David


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