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The fundamentals of municipal bonds / written by Judy Wesalo Temel.
Lippincott Library HG4952 .F86 2001
Available
- Format:
- Book
- Author/Creator:
- Wesalo Temel, Judy.
- Series:
- Wiley finance series
- Wiley finance
- Language:
- English
- Subjects (All):
- Municipal bonds--United States.
- Municipal bonds.
- United States.
- Physical Description:
- xiii, 273 pages : illustrations ; 23 cm.
- Edition:
- Fifth edition.
- Place of Publication:
- New York : Wiley, [2001]
- Summary:
- Municipal bonds are bonds issued by state or local governments to finance public works (schools, streets, electric, etc.). Investors (or lenders) are paid interest and principal according to a fixed schedule. As of 12/98, there were nearly $1.5 trillion outstanding in municipal bonds. The muni bond market is comprised of many types of professionals -- investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators.
- Contents:
- Chapter 1 Overview of the Municipal Bond Market 1
- The Issuers 3
- Municipal Bond Dealers 6
- Bond Brokers 9
- The Lawyers 10
- Financial Advisors, Specialists, and Other Consultants 11
- The Rating Agencies 12
- The Credit Enhancers 12
- The Trustees and Paying Agents 15
- The Investors 16
- Information and Technology 17
- The Regulators 17
- Other Participants 20
- Chapter 2 The Basics of Municipal Securities 21
- Description of Municipal Securities 21
- Yield and Price 23
- Types of Yields 25
- Tax Exemption of Municipal Bonds 27
- Types of Municipal Bonds 33
- Short-Term Securities 33
- Other Characteristics of Municipal Bonds 39
- Chapter 3 The Issuers 49
- Authorities and Special Districts 50
- The Theory of Municipal Debt: Pay-as-You-Use versus Pay-as-You-Go 51
- The Uses of Municipal Debt 53
- The Security for Municipal Bonds 55
- The Financing Process 62
- The Financing Documents 65
- Assessing the Impact of the Debt 72
- State and Local Government Accounting 78
- Chapter 4 The Primary Market 82
- Issuance Trends in the Primary Market 82
- The Basics of Underwriting 85
- Negotiated Underwriting 90
- Competitive Underwriting 93
- Orders and Procedures 100
- Chapter 5 The Secondary Market 104
- The Over-the-Counter Market 104
- E-Commerce, Information, and Technology 105
- Selling Municipal Bonds 108
- The Basics of Municipal Bond Trading 109
- Municipal Bond Trading 110
- How a Trade Is Done 113
- Municipal Futures 116
- Providers of Data in the Municipal Market 119
- Market Statistics and Indexes 119
- MSRB Record-Keeping Rules 124
- Chapter 6 Investing in Bonds 126
- The Basic Principles of Investing in Bonds 126
- Measures of Yield and Return 130
- Yield to Maturity and Price 131
- Investment Objectives 133
- Risk Factors 135
- Investor Strategies 136
- Taxation of Municipal Bonds 138
- Other Investment Factors 147
- Investor Categories 149
- Chapter 7 Credit Analysis 159
- The Rating Agencies 161
- The Rating Process 171
- General Obligation Bonds 172
- Revenue Bonds 181
- Other Factors Affecting Credit 190
- Chapter 8 Understanding Interest Rates 193
- Determinants of the Overall Level of Interest Rates 193
- Term Structure of Interest Rates 198
- Municipal Bond Rates 202
- Chapter 9 Regulatory and Disclosure Requirements 206
- The Basis of Federal Tax Exemption 207
- History of Federal Tax Legislation Affecting Municipal Securities 209
- The Current Statutory Exemption 210
- Application of Federal Securities Laws to Municipal Securities 214
- The Municipal Securities Rulemaking Board 219
- Chapter 10 Financial Products 224
- Interest Rate Swaps 224
- Interest Rate Caps, Floors, and Collars 227
- Managing the Asset Side 228.
- Notes:
- Previous eds. entered under title. 1981-1990.
- "The Bond Market Association."
- Includes bibliographical references (pages 258-261) and index.
- Local Notes:
- Acquired for the Penn Libraries with assistance from the Anne and Joseph Trachtman Memorial Book Fund.
- ISBN:
- 0471393657
- 9780471393658
- OCLC:
- 44811996
- Online:
- Contributor biographical information
- Publisher description
- Table of Contents
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