The Fundamentals of Municipal Bonds

Informationen zum Autor The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks, and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation, and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, DC, is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org. Klappentext The definitive new edition of the most trusted book on municipal bondsAs of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals--investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators--who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds* An official book of the Securities Industry and Financial Markets Association (SIFMA)With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments. Zusammenfassung The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1. Inhaltsverzeichnis Preface ixWriter's Acknowledgments xiCHAPTER 1 Overview of the Municipal Bond Market 1Introduction 1The Issuers 4Municipal Bond Dealers 7The Lawyers 10Financial Advisors, Specialists, and Other Consultants 11The Rating Agencies 12Bond Brokers 13The Credit Enhancers 13The Trustees and Paying Agents 17The Investors 17Information and Technology 18The Regulators 19Other Participants 21CHAPTER 2 The Basics of Municipal Securities 23Description of Municipal Securities 23Yield and Price 26Types of Yields 28Tax Exemption of Municipal Bonds 29Types of Municipal Bonds 35Short-Term Securities 36Other Characteristics of Municipal Bonds 45CHAPTER 3 The Issuers 55Introduction 55Authorities and Special Districts 56The Theory of Municipal Debt: Pay-As-You-Use versus Pay-As-You-Go 57The Uses of Municipal Debt 59The Security for Municipal Bonds 61The Financing Process 68The Financing Documents 71Structuring the Debt 81State and Local Government Accounting 87CHAPTER 4 The Primary Market 93Issuance Trends in the Primary Market 93The Basics of Underwritin...

Autorentext

The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks, and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation, and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, DC, is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.

Klappentext

The definitive new edition of the most trusted book on municipal bonds As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals--investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators--who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios. The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds * An official book of the Securities Industry and Financial Markets Association (SIFMA) With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.

Inhalt

Preface ix Writer's Acknowledgments xi CHAPTER 1 Overview of the Municipal Bond Market 1 Introduction 1 The Issuers 4 Municipal Bond Dealers 7 The Lawyers 10 Financial Advisors, Specialists, and Other Consultants 11 The Rating Agencies 12 Bond Brokers 13 The Credit Enhancers 13 The Trustees and Paying Agents 17 The Investors 17 Information and Technology 18 The Regulators 19 Other Participants 21 CHAPTER 2 The Basics of Municipal Securities 23 Description of Municipal Securities 23 Yield and Price 26 Types of Yields 28 Tax Exemption of Municipal Bonds 29 Types of Municipal Bonds 35 Short-Term Securities 36 Other Characteristics of Municipal Bonds 45 CHAPTER 3 The Issuers 55 Introduction 55 Authorities and Special Districts 56 The Theory of Municipal Debt: Pay-As-You-Use versus Pay-As-You-Go 57 The Uses of Municipal Debt 59 The Security for Municipal Bonds 61 The Financing Process 68 The Financing Documents 71 Structuring the Debt 81 State and Local Government Accounting 87 CHAPTER 4 The Primary Market 93 Issuance Trends in the Primary Market 93 The Basics of Underwriting 96 Negotiated Underwriting 101 Competitive Underwriting 105 Orders and Procedures 111 CHAPTER 5 The Secondary Market 117 Introduction 117 The Over-the-Counter Market 117 E-Commerce, Information, and Technology 119 Selling Municipal Bonds 121 The Basics of Municipal Bond Trading 123 Municipal Bond Trading 124 How a Trade Is Done 128 Municipal Futures 130 Providers of Data in the Municipal Market 131 Market Statistics and Indexes 132 MSRB Record-Keeping Rules 136 CHAPTER 6 Investi…