Details

The Fundamentals of Municipal Bonds

Wiley Finance, Band 624 6. Aufl.

von: SIFMA
60,99 €
Verlag:	Wiley
Format:	PDF
Veröffentl.:	25.10.2011
ISBN/EAN:	9781118166833
Sprache:	englisch
Anzahl Seiten:	320

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Beschreibungen

Titelbeschreibung

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. <ul> <li>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</li> <li>Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market</li> <li>Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail</li> <li>This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds</li> <li>An official book of the Securities Industry and Financial Markets Association (SIFMA)</li> </ul> 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

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 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

Autorenportrait

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.

Back cover copy

This informative volume is a thoroughly revised and updated edition of the classic text on the municipal securities market. Written by Neil O’Hara for the Securities Industry and Financial Markets Association (SIFMA) —the principal trade group representing securities firms and banks active in the municipal bond market—the Sixth Edition of The Fundamentals of Municipal Bonds provides comprehensive coverage of the many developments in the municipal securities market that have taken place in recent years. It provides a basic understanding of the market for a wide range of readers, including experienced professionals—such as investment bankers, traders, brokers, and professional investors—as well as public officials, academicians, students, and sophisticated individuals. With today’s financial market in recovery from the Great Recession—and still highly volatile—investors are looking for a stable, reliable, and safe source of investment income. The municipal bond market has always been a safe haven, and Fundamentals helps market observers sort through the many products and features to make the best investment choices. This book cuts through the noise to get to the facts that any investor needs to know. Along with an extensive glossary of municipal bond terminology and a bibliography covering relevant print and online sources, as well as thorough descriptions of products prevalent in the market, the book provides detailed explanations and a variety of relevant examples to illuminate crucial areas such as: <ul><li>The basics of municipal securities</li> <li>Financial products </li> <li>Issuers </li> <li>Primary and secondary markets</li> <li>Investing in bonds</li> <li>Credit analysis and understanding interest rates</li> <li>Disclosure and regulatory requirements</li></ul> Illustrated with numerous tables, charts, and mathematical formulas, this indispensable volume serves as a guide, reference work, and portal to the municipal securities industry. No investor or student of the market can afford to be without this new edition. 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.