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Author : George G. Kaufman
Publisher : JAI Press(NY)
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.3/5 (91 download)
Download or read book Efficiency in the Municipal Bond Market written by George G. Kaufman and published by JAI Press(NY). This book was released on 1981 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Twentieth Century Fund. Task Force on the Municipal Bond Market
Publisher : McGraw-Hill Companies
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.3/5 (511 download)
Download or read book Building a Broader Market written by Twentieth Century Fund. Task Force on the Municipal Bond Market and published by McGraw-Hill Companies. This book was released on 1976 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Wagner
Publisher :
ISBN 13 :
Total Pages : 117 pages
Book Rating : 4.:/5 (636 download)
Download or read book Municipal Bond Market Efficiency Post the Implementation of RTRS Transparency Regulations written by Andrew Wagner and published by . This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Congress. House. Committee on Financial Services
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.3/5 (91 download)
Download or read book Legislative Proposals to Improve the Efficiency and Oversight of Municipal Finance written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2009 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sylvan G. Feldstein
Publisher : John Wiley & Sons
ISBN 13 : 1118044940
Total Pages : 1381 pages
Book Rating : 4.1/5 (18 download)
Download or read book The Handbook of Municipal Bonds written by Sylvan G. Feldstein and published by John Wiley & Sons. This book was released on 2011-01-13 with total page 1381 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Handbook of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzi provide traders, bankers, and advisors—among other industry participants—with a well-rounded look at the industry of tax-exempt municipal bonds. Chapter by chapter, a diverse group of experienced contributors provide detailed explanations and a variety of relevant examples that illuminate essential elements of this area. With this book as your guide, you’ll quickly become familiar with both buy side and sell side issues as well as important innovations in this field.
Author : SIFMA
Publisher : John Wiley & Sons
ISBN 13 : 0470903384
Total Pages : 326 pages
Book Rating : 4.4/5 (79 download)
Download or read book The Fundamentals of Municipal Bonds written by SIFMA and published by John Wiley & Sons. This book was released on 2011-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : The Bond Market Association
Publisher : John Wiley & Sons
ISBN 13 : 0471393657
Total Pages : 290 pages
Book Rating : 4.4/5 (713 download)
Download or read book The Fundamentals of Municipal Bonds written by The Bond Market Association and published by John Wiley & Sons. This book was released on 2001-02-02 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for the Classic Guide to the Bond Market "This is simply the most comprehensive, useful look-it-up book onmunicipal bonds I've ever read (said with all due respect to TheABC of Municipal Bonds my dad wrote in 1937 when I was nine). ReadFundamentals 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, ordinner guest is ever going to catch me again with a question aboutmunicipal bonds I can't answer."-Jim Lebenthal, Chairman, Lebenthal& Co. "Judy Wesalo Temel gives us the Rosetta stone of the municipal bondmarket, the key to unraveling the many mysteries of 'muni's.' Herbook, a fresh take on the old standard Fundamentals of MunicipalBonds, updates chapter and verse on everything from investing tounderwriting, from over-the-counter to over-the-Internet. The styleis clean, crisp, and as simple as this complex subject can be. Areyou a novice who wonders how to invest in bonds? She lays out thebasics. Examples are easy to follow-even the mathematical ones thatare critical to explaining how municipal bonds work. At the sametime, there is plenty of meat for the pros. Whether you need tostart from square one and learn all about municipal bonds and howthey work, or need a ready reference for specific technicalquestions you run across as a market professional, this book is foryou."-Kathleen Hays, Economics Editor, Credit Markets Reporter, and"Bond Belle" CNBC "This is a must-read for every scholar, banker, and public officialconcerned with local government finance in the United States. JudyWesalo Temel has done the impossible: she has clearly andinsightfully explained how we finance the development of thenation's vital public infrastructure. This is an important book,one that will be required reading for professionals responsible forplanning, designing, and evaluating publicly financed projects-thehealth care, transportation, and educational facilities that allcitizens rely upon. The bond market is an essential element in thelife of local and state government, and this book makes itunderstandable to all Americans."-Mitchell Moss, Henry Hart RiceProfessor of Urban Planning and Director, Taub Urban ResearchCenter, Robert F. Wagner Graduate School of Public Service, NewYork University
Author : United States. General Accounting Office
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (31 download)
Download or read book Trends and Changes in the Municipal Bond Market as They Relate to Financing State and Local Public Infrastructure written by United States. General Accounting Office and published by . This book was released on 1983 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James K. Galbraith
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (327 download)
Download or read book The Municipal Capital Market, why it Needs Help written by James K. Galbraith and published by . This book was released on 1975 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John E. Petersen
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (319 download)
Download or read book Changing Conditions in the Market for State and Local Government Debt written by John E. Petersen and published by . This book was released on 1976 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kurt E. von Mettenheim
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (13 download)
Download or read book Brazilian Municipal Bond Market written by Kurt E. von Mettenheim and published by . This book was released on 2014 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article reviews underdevelopment of municipal finance in Brazil and explores the political and economic viability of moving toward a municipal bond market to reduce corruption and increase public sector efficiency.
Author : Philip John Fischer
Publisher :
ISBN 13 :
Total Pages : 302 pages
Book Rating : 4.:/5 (276 download)
Download or read book Advance Refunding written by Philip John Fischer and published by . This book was released on 1979 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bobby Lamb
Publisher : McGraw-Hill Trade
ISBN 13 :
Total Pages : 474 pages
Book Rating : 4.3/5 (512 download)
Download or read book Municipal Bonds written by Bobby Lamb and published by McGraw-Hill Trade. This book was released on 1987 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the long-range implications of the taxpayers' revolt and its possible effect on municipal finance.
Author : Marian Moszoro
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Rule-Based Financing Versus Political Competition in the Municipal Bond Market written by Marian Moszoro and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the link between the choice of rule-based financing instruments and political competition using the municipal bond market. Cities, counties, and states issue municipal bonds to raise money for public projects. These securities comprise a substantial fraction of the overall American securities market. In 2015, the municipal bond market accounted for $3.7 trillion, roughly 10% of the American public debt. Is the choice of municipal financing instruments driven solely by efficiency factors as in private corporations? At the risk of oversimplification, municipal bonds can be categorized in two main types: general obligation (G.O.) bonds and revenue bonds. These two types of bonds have different contractual characteristics. G.O. pledge to all forms of city finances (including general tax revenues) and their proceeds can be used at the discretion of the elected official. G.O. bond issues must be approved in referenda and, in most jurisdictions, are subject to legislated debt limits (Rugh and Trounstine 2011). In contrast, revenue bond proceeds are earmarked for specific purposes and are backed by specific revenue streams, normally from the investment project they finance. Revenue bond issues do not require approval in referenda and are excluded from debt ceiling calculations. Due to their restricted collateral, however, revenue bonds are more expensive (must pay higher interest rate) than comparable G.O. bonds (Edwards 2008). Therefore, tradeoffs emerge between disbursement discretion, financial cost, and political oversight. For example, by selecting revenue bond financing and accepting the cost of higher bond yields, a politician can self-restrict the scope of her discretion to avoid public scrutiny through a contested referendum and insulate herself from a charge of improper use of public monies.
Author : Michael D. Bordo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)
Download or read book How the New Fed Municipal Bond Facility Capped Muni-Treasury Yield Spreads in the Covid-19 Recession written by Michael D. Bordo and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For over two centuries, the municipal bond market has been a source of systemic risk, which returned early in the Covid-19 downturn when borrowing from securities markets became costly for many private and public entities, and some found it difficult to borrow at all. Indeed, just before the Fed announced its unprecedented intervention into the municipal (muni) bond market, spreads of muni over Treasury yields rose in line with the unemployment rate and appeared headed to levels not seen since the Great Depression, when real municipal gross investment plunged 35 percent below 1929 levels. To prevent a repeat, the Fed created the Municipal Liquidity Facility (MLF) to purchase newly issued, (near) investment grade state and local government bonds at normal ratings-based interest rate spreads over Treasury bonds plus a fee of 100 basis points, later reduced to 50 basis points. Despite a modest take-up, the MLF has effectively capped muni spreads at near normal levels plus the Fed fee and limited the extent to which interest rate spreads could have amplified the impact of the Covid pandemic. To establish the MLF the Fed needed Treasury indemnification against default losses. There are concerns about whether the creation of the MLF could undermine the efficiency of the bond market if the facility lasts too long and could induce moral hazard among borrowers. How the MLF will be unwound will affect these downside aspects and help answer the question whether the program's benefits exceed its costs.
Author : Joe Mysak
Publisher : John Wiley & Sons
ISBN 13 : 1118178475
Total Pages : 242 pages
Book Rating : 4.1/5 (181 download)
Download or read book Encyclopedia of Municipal Bonds written by Joe Mysak and published by John Wiley & Sons. This book was released on 2011-11-11 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accessible reference that explores every aspect of the municipal bond market Until now, there has been no accessible encyclopedia, dictionary, nor guide to the world of municipal bonds. Comprehensive and objective, this groundbreaking volume covers the history and mechanics of the municipal market in clear and understandable terms. It covers all aspects of the market, including pricing, trading, taxation issues and yields, as well as topical events such as the financial crisis, hysteria about defaults and Chapter 9 municipal bankruptcy, fraud, and regulation. Encyclopedia of Municipal Bonds also contains entries on important historical events and provides much-needed context for this field. Everything you ever wanted to know about municipal bonds in one comprehensive resource Joe Mysak is the author of the Bloomberg bestseller Handbook for Muni Issuers Demystifies the world of municipal bonds for both the novice and professional investor Explores issues such as the Orange County bankruptcy, the Jefferson County default, the New York City financial crisis, and the surprisingly recent creation of the modern municipal market Encyclopedia of Municipal Bonds offers an essential reference guide for investors, professionals, regulators, insurers, and anyone else involved in the municipal bond market.
Author : Philip Fischer
Publisher : McGraw Hill Professional
ISBN 13 : 0071809767
Total Pages : 284 pages
Book Rating : 4.0/5 (718 download)
Download or read book INVESTING IN MUNICIPAL BONDS: How to Balance Risk and Reward for Success in Today’s Bond Market written by Philip Fischer and published by McGraw Hill Professional. This book was released on 2013-02-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maximize profits with the perfect balance between risk and reward Municipal bonds have traditionally given investors a reliable investment while providing state and local governments with an essential tool for funding public infrastructure projects. Now, the threat of municipalities defaulting and dramatic changes to the muni market’s fundamental operations have created an attractive hotbed of opportunity for today’s top institutional investors. Investing in Municipal Bonds is the retail investor’s road map to the lucrative market that is fueling the digital and physical highways of the future. Only Dr. Philip Fischer can offer such a brilliantly practical amalgam of big-picture financial theory and nuts-and-bolts bond calculations. His crystal-clear explanation of the muni market covers every aspect, including the various “personalities” and traits of different types of bonds. His hands-on strategies for earning more from your money will keep this book at your fingertips as you customize a profitable municipal bond portfolio to achieve your financial goals. Political and business leaders as well as financial professionals seek Dr. Fischer’s knowledge and firsthand insights into municipal securities, from day-to-day trading to milestone events like the 2008 financial crisis. Investing in Municipal Bonds shows you how it’s done on Wall Street, providing a wealth of pertinent examples from the real world. You can rely on this powerful guidebook for the know-how and skill set you need to confidently: Invest in fixed-rate and variable-rate bonds, including Variable Rate Demand Obligations (VRDOs) Identify different types of bonds and determine how they will be repaid Execute municipal bond-yield calculations Navigate the derivatives market, including LIBOR interest-rate swaps Weigh the benefits of taxable municipal bonds Research municipal securities using the online database of the Municipal Securities Rule Making Board (MSRB) Bond yields will eventually rebound from these historic lows and bring increased risk. Investing in Municipal Bonds will give you the knowledge you need to adjust your risk and balance profi t for continued success toward your financial goals. Praise for Investing in Municiple Bonds: “In addition to an accessible discussion of this unique market’s financial structures, Fischer provides the historical context for why the market evolved the way it did—and how that history may influence municipal bond investments in an era of slow economic growth and rising costs for retirees.” —MICHAEL STANTON, Publisher, The Bond Buyer “If there were a graduate program in Municipal Finance, Dr. Fischer’s treatise would quickly climb to the top of the syllabus.” —JAMES T. COLBY III, Senior Municipal Strategist/Portfolio Manager, Van Eck Global “Dr. Fischer brings a ‘what you need to know’ approach to the novice and the experienced practitioner alike. He poignantly relates how the very nuanced market structure influences and prices this market. Even with my over 25 years in the business, this book earns a trophy spot on my muni reference shelf.” —JOSEPH CAMPAGNA, Senior Vice President, BayernLB, Financial Institutions & Sovereigns “A well-written, thorough, and meticulous primer to the history, the instruments, and the segments that comprise the municipal bond market.” —PROFESSOR JOHN CHALMERS, Abbott Keller Distinguished Research Scholar, Associate Professor of Finance, Charles H. Lundquist College of Business, University of Oregon “If you would like to learn more about municipal bonds so that you know how to check off each item on the checklist, I highly recommend buying Investing in Municipal Bonds.” —DAVID WARING, LearnBonds
