June 21, 2007 / 2:20 PM / 12 years ago

Subprime mortgage bond index hits record low: source

NEW YORK (Reuters) - Bids for the most recent index of subprime mortgage bonds dropped to a record low for a third time this week on Thursday amid concern that losses at a Bear Stearns hedge fund indicate more widespread turmoil.

The ABX-HE “BBB-“ 07-1 was bid as low as 58.25 on Thursday, compared with a closing price of 59.79 yesterday, said fund managers briefed on the index by dealers. Bids climbed to 58.50 after the open, they said.

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