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Wiley Finance Ser.: The Fundamentals of Municipal Bonds by SIFMA (2011, Hardcover)

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Praise for The Fundamentals of Municipal Bonds "How far municipal bonds have come since I joined the bond business in 1963 and the first edition of The Fundamentals of Municipal Bonds was placed in my hands! Long-term issuance hit all of $10 billion a year, genaral obligation bonds constituted 95 percent of the municipal bond market, and theyre safe, theyre tax-free, and they dont fluctuate much could almost have said it all. Fast forward a half century to the Sixth Edition which sheds lights on the $2.9 trillion in municipal bonds now outstanding. Writer Neil OHara has performed a feat of clarity and omniscience for SIFMA, explaining and fitting all the pieces, players, and moving parts of this ever expanding municipal bond market into a coherent whole. Read and underline, ye beginners at bonds, salty old pros, elected officials, attorneys at law, financial writers, quants, wonks, and believers in public investment in the physical underpinnings of our quality of life. Munis are the one tool youve got for lifting this magnificent country off its magnificent bottom. And here is literally everything you need to know to do it." Jim Lebenthal , Lebenthal & Co. LLC " The Fundamentals of Municipal Bonds is an excellent survey of key topics in municipal finance that can be read from cover-to-cover by lawyers, bankers, professional investors, issuers, and others starting out in the municipal bond market. In addition to describing the roles of key participants in the issuance and trading of municipal securities, Neil OHara gives a useful overview of the most prevalent types of financings in cogent language. Major tax and securities law issues are brought up-to-date, and veterans of public finance will find the discussion of current topics, such as derivative products, a useful reference guide that makes difficult issues easily accessible." Robert Fippinger , Senior Counsel, Orrick, Herrington & Sutcliffe LLP

Product Identifiers

Publisher
Wiley & Sons, Incorporated, John
ISBN-10
0470903384
ISBN-13
9780470903384
eBay Product ID (ePID)
102980622

Product Key Features

Book Title
Fundamentals of Municipal Bonds
Author
Sifma
Format
Hardcover
Language
English
Topic
Investments & Securities / Bonds, Finance / General
Publication Year
2011
Genre
Business & Economics
Number of Pages
320 Pages

Dimensions

Item Length
9.1in
Item Height
1.3in
Item Width
6.3in
Item Weight
18.4 Oz

Additional Product Features

Series Volume Number
624
Lc Classification Number
Hg4952.F86 2012
Edition Number
6
Table of Content
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
Copyright Date
2012
Lccn
2011-029935
Intended Audience
Trade
Series
Wiley Finance Ser.
Illustrated
Yes

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Wiley Finance Ser.: The Fundamentals of Municipal Bonds by SIFMA (2011, Hardcover)

About this product

Product Information

Product Identifiers

Product Key Features

Dimensions

Additional Product Features

All listings for this product

item 1 The Fundamentals of Municipal Bonds - Hardcover, by SIFMA - Good

item 2 The Fundamentals of Municipal Bonds

item 3 The Fundamentals of Municipal Bonds SIFMA hardcover Used - Good

item 4 The Fundamentals of Municipal Bonds - Hardcover By SIFMA - VERY GOOD

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item 6 The Fundamentals of Municipal Bonds

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