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Fundamentals of Municipal Bonds

ISBN-10: 0471393657
ISBN-13: 9780471393658
Edition: 5th 2001 (Revised)
List price: $75.00
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Description: Praise for the Classic Guide to the Bond Market"This is simply the most comprehensive, useful look–it–up book on municipal bonds I’ve ever read (said with all due respect to The ABC of Municipal Bonds my dad wrote in 1937 when I was nine). Read  More...

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Book details

List price: $75.00
Edition: 5th
Copyright year: 2001
Publisher: John Wiley & Sons, Incorporated
Publication date: 2/2/2001
Binding: Hardcover
Pages: 288
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.364
Language: English

Praise for the Classic Guide to the Bond Market"This is simply the most comprehensive, useful look–it–up book on municipal bonds I’ve ever read (said with all due respect to The ABC of Municipal Bonds my dad wrote in 1937 when I was nine). Read Fundamentals cover to cover. I’m keeping mine in my briefcase, under my arm, at my fingertips. No accountant, financial advisor, attorney, new bond salesman, reporter, regulator, test–writer, cautious, suspicious first–time investor in municipal bonds, or dinner guest is ever going to catch me again with a question about municipal bonds I can’t answer."–Jim Lebenthal, Chairman, Lebenthal amp; Co."Judy Wesalo Temel gives us the Rosetta stone of the municipal bond market, the key to unraveling the many mysteries of ‘muni’s.’ Her book, a fresh take on the old standard Fundamentals of Municipal Bonds, updates chapter and verse on everything from investing to underwriting, from over–the–counter to over–the–Internet. The style is clean, crisp, and as simple as this complex subject can be. Are you a novice who wonders how to invest in bonds? She lays out the basics. Examples are easy to follow–even the mathematical ones that are critical to explaining how municipal bonds work. At the same time, there is plenty of meat for the pros. Whether you need to start from square one and learn all about municipal bonds and how they work, or need a ready reference for specific technical questions you run across as a market professional, this book is for you."–Kathleen Hays, Economics Editor, Credit Markets Reporter, and "Bond Belle" CNBC "This is a must–read for every scholar, banker, and public official concerned with local government finance in the United States. Judy Wesalo Temel has done the impossible: she has clearly and insightfully explained how we finance the development of the nation′s vital public infrastructure. This is an important book, one that will be required reading for professionals responsible for planning, designing, and evaluating publicly financed projects–the health care, transportation, and educational facilities that all citizens rely upon. The bond market is an essential element in the life of local and state government, and this book makes it understandable to all Americans."–Mitchell Moss, Henry Hart Rice Professor of Urban Planning and Director, Taub Urban Research Center, Robert F. Wagner Graduate School of Public Service, New York University

THE BOND MARKET ASSOCIATION is the trade association representing securities firms and banks that underwrite, trade, and sell debt securities, both domestically and internationally. The Bond Market Association actively speaks for the bond industry, advocating its position and representing its interests in Washington, D.C., New York, Europe, and Asia. The Association's membership collectively accounted for over 97% of the nation's bond underwriting activity in 1999. For more information about the Association, visit www. bondmarkets.com. JUDY WESALO TEMEL has spent her career in the municipal bond business, on both the broker-dealer and issuer sides. She worked for seventeen years at Goldman, Sachs & Co., following employment at Lehman Brothers, and the Office of the Comptroller of the City of New York. She serves on the boards of several large not-for-profit agencies and speaks and writes widely about many aspects of the business. Temel is a graduate of Cornell University and holds an MPA from New York University.

Preface
Acknowledgments
Writer's Acknowledgments
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
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
Assessing the Impact of 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
Managing the Asset Side
Appendix A
Appendix B
Glossary
Bibliography
Index
About the Writer

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