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Fundamentals of Municipal Bonds

ISBN-10: 0470903384
ISBN-13: 9780470903384
Edition: 6th 2012
List price: $60.00 Buy it from $53.15
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Description: 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,  More...

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Book details

List price: $60.00
Edition: 6th
Copyright year: 2012
Publisher: John Wiley & Sons, Limited
Publication date: 12/30/2011
Binding: Hardcover
Pages: 297
Size: 6.25" wide x 9.25" long x 1.25" tall
Weight: 1.364
Language: English

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.

Preface
Writer's Acknowledgments
Overview of the Municipal Bond Market
Introduction
The Issuers
Municipal Bond Dealers
The Lawyers
Financial Advisors, Specialists, and Other Consultants
The Rating Agencies
Bond Brokers
The Credit Enhancers
The Trustees and Paying Agents
The Investors
Information and Technology
The Regulators
Other Participants
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
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
The Primary Market
Issuance Trends in the Primary Market
The Basics of Underwriting
Negotiated Underwriting
Competitive Underwriting
Orders and Procedures
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
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
Credit Analysis
Introduction
The Rating Agencies
The Rating Process
General Obligation Bonds
Revenue Bonds
Other Factors Affecting Credit
Understanding Interest Rates
Introduction
Determinants of the Overall Level of Interest Rates
Term Structure of Interest Rates
Municipal Bond Rates
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
Financial Products
Introduction
Interest Rate Swaps
Interest Rate Caps, Floors, and Collars
Other Swap Products
Managing the Asset Side
Credit Default Swaps
Appendix Municipal Securities Rulemaking Board Rule G-33
Glossary
Bibliography
Web Sites
Books and Publications
About the Writer
Index

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