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