The Fundamentals of Municipal Bonds / Wiley Finance Editions (ePub)
(Sprache: Englisch)
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,...
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,...
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Produktinformationen zu „The Fundamentals of Municipal Bonds / Wiley Finance Editions (ePub)“
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.
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.
Inhaltsverzeichnis zu „The Fundamentals of Municipal Bonds / Wiley Finance Editions (ePub)“
Preface ix Writer's Acknowledgments xi CHAPTER 1 Overview of the Municipal Bond Market 1 Introduction 1 The Issuers 4 Municipal Bond Dealers 7 The Lawyers 10 Financial Advisors, Specialists, and Other Consultants 11 The Rating Agencies 12 Bond Brokers 13 The Credit Enhancers 13 The Trustees and Paying Agents 17 The Investors 17 Information and Technology 18 The Regulators 19 Other Participants 21 CHAPTER 2 The Basics of Municipal Securities 23 Description of Municipal Securities 23 Yield and Price 26 Types of Yields 28 Tax Exemption of Municipal Bonds 29 Types of Municipal Bonds 35 Short-Term Securities 36 Other Characteristics of Municipal Bonds 45 CHAPTER 3 The Issuers 55 Introduction 55 Authorities and Special Districts 56 The Theory of Municipal Debt: Pay-As-You-Use versus Pay-As-You-Go 57 The Uses of Municipal Debt 59 The Security for Municipal Bonds 61 The Financing Process 68 The Financing Documents 71 Structuring the Debt 81 State and Local Government Accounting 87 CHAPTER 4 The Primary Market 93 Issuance Trends in the Primary Market 93 The Basics of Underwriting 96 Negotiated Underwriting 101 Competitive Underwriting 105 Orders and Procedures 111 CHAPTER 5 The Secondary Market 117 Introduction 117 The Over-the-Counter Market 117 E-Commerce, Information, and Technology 119 Selling Municipal Bonds 121 The Basics of Municipal Bond Trading 123 Municipal Bond Trading 124 How a Trade Is Done 128 Municipal Futures 130 Providers of Data in the Municipal Market 131 Market Statistics and Indexes 132 MSRB Record-Keeping Rules 136 CHAPTER 6 Investing in Bonds 139 Introduction 139 The Basic Principles of Investing in Bonds 139 Measures of Yield and Return 143 Yield to Maturity and Price 145 Investment Objectives 147 Risk Factors 148 Investor Strategies 150 Taxation of Municipal Bonds 152 Other Investment Factors 161 Investor Categories 163 CHAPTER 7 Credit Analysis 173 Introduction 173 The Rating Agencies 175 The Rating Process 176 General Obligation Bonds 179 Revenue
... mehr
Bonds 197 Other Factors Affecting Credit 207 CHAPTER 8 Understanding Interest Rates 211 Introduction 211 Determinants of the Overall Level of Interest Rates 212 Term Structure of Interest Rates 216 Municipal Bond Rates 221 CHAPTER 9 Regulatory and Disclosure Requirements 225 Introduction 225 The Basis of Federal Tax Exemption 226 History of Federal Tax Legislation Affecting Municipal Securities 228 The Current Statutory Exemption 230 Application of Federal Securities Laws to Municipal Securities 233 The Municipal Securities Rulemaking Board 239 CHAPTER 10 Financial Products 247 Introduction 247 Interest Rate Swaps 247 Interest Rate Caps, Floors, and Collars 252 Other Swap Products 253 Managing the Asset Side 253 Credit Default Swaps 254 APPENDIX Municipal Securities Rulemaking Board Rule G-33 257 Glossary 265 Bibliography 283 Web Sites 283 Books and Publications 284 About the Writer 285 Index 287
... weniger
Autoren-Porträt von SIFMA Association
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks, and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation, and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, DC, is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.
Bibliographische Angaben
- Autor: SIFMA Association
- 2011, 1. Auflage, 320 Seiten, Englisch
- Verlag: John Wiley & Sons
- ISBN-10: 1118166841
- ISBN-13: 9781118166840
- Erscheinungsdatum: 25.10.2011
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- Größe: 1.82 MB
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Sprache:
Englisch
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