Lower Floater Bonds

Do any of you fellow Dawg fans ever dip your toes in the lower floater bond market? These things seem to have skyrocketed their interest to attract buyers......some weeks they are not sold at all.

If anyone has some links to some good resources on this it would be appreciated.

The one thing I can not understand is that if the instrument utilizes a swap, the swap does not cover the non purchase situation - which means the borrower has to pay the market rate - which is in no way tied to the old BMA...which means as an owner of the bond you could be screwed since the underlying letters of credits or insurance is worthless at this point...........is that correct?

...........but the rates this week are 10+%..............