The fundamentals of municipal bonds

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 reassertsFundamentals 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 indetail 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. INDICE: Preface to the Sixth Edition Acknowledgments Writer's Acknowledgments Chapter 1 Overview of the Municipal Bond Market Introduction The Issuers Municipal Bond Dealers Bond Brokers The Lawyers Financial Advisors, Specialists, and Other Consultants The Rating Agencies The Credit Enhancers The Trustees and Paying Agents The Investors Information and Technology The Regulators Other Participants Chapter 2 The Basics of Municipal Securities Description of Municipal Securities Yield and Price Types of Yields Tax Exemption of Municipal Bonds Types of Municipal Bonds Short-Term Securities Other Characteristics of Municipal Bonds Chapter 3 The Issuers Introduction Authorities and Special Districts The Theory of Municipal Debt: Pay-As-You-Use Versus Pay-As-You-Go The Uses of Municipal Debt The Security for Municipal Bonds The Financing Process The Financing Documents Structuring the Debt State and Local Government Accounting Chapter 4 The Primary Market Issuance Trends in the Primary Market The Basics of Underwriting Negotiated Underwriting Competitive Underwriting Orders andProcedures Chapter 5 The Secondary Market Introduction The Over-The-Counter Market E-Commerce, Information, and Technology Selling Municipal Bonds The Basics of Municipal Bond Trading Municipal Bond Trading How a Trade Is Done Municipal Futures Providers of Data in the Municipal Market Market Statistics and Indexes MSRB Record-Keeping Rules Chapter 6 Investing In Bonds Introduction The Basic Principles of Investing in Bonds Measures of Yield and Return Yield to Maturity and Price Investment Objectives Risk Factors Investor Strategies Taxation of Municipal Bonds Other Investment Factors Investor Categories Chapter 7 Credit Analysis Introduction The Rating Agencies The Rating Process General Obligation Bonds Revenue Bonds Other Factors Affecting Credit Chapter 8 Understanding Interest Rates Introduction Determinants of the Overall Level of Interest Rates Term Structure of Interest Rates Municipal Bond Rates Chapter 9 Regulatory and Disclosure Requirements Introduction The Basis of Federal Tax Exemption History of Federal Tax Legislation Affecting Municipal Securities The Current Statutory Exemption Application of Federal Securities Laws to Municipal Securities The Municipal Securities Rulemaking Board Chapter 10 Financial Products Introduction Interest Rate Swaps Interest Rate Caps, Floors, and Collars Other Swap Products Managing the Asset Side Credit Default Swaps Appendix A: Municipal Securities Rulemaking Board Rule G-33 Glossary Bibliography Websites Books About the Writer Index

• ISBN: 978-0-470-90338-4
• Editorial: John Wiley & Sons
• Encuadernacion: Cartoné
• Páginas: 320
• Fecha Publicación: 16/11/2011
• Nº Volúmenes: 1
• Idioma: Inglés