{"product_id":"the-fundamentals-of-municipal-bonds-isbn-9780470903384","title":"The Fundamentals of Municipal Bonds","description":"\u003cb\u003eThe definitive new edition of the most trusted book on municipal bonds\u003c\/b\u003e  \u003cp\u003eAs 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, \u003ci\u003eThe Fundamentals of Municipal Bonds, Sixth Edition\u003c\/i\u003e 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts \u003ci\u003eFundamentals of Municipal Bonds\u003c\/i\u003e as the preeminent text in the field\u003c\/li\u003e \u003cli\u003eExplores the basics of municipal securities, including the issuers, the primary market, and the secondary market\u003c\/li\u003e \u003cli\u003eKey areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail\u003c\/li\u003e \u003cli\u003eThis revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds\u003c\/li\u003e \u003cli\u003eAn official book of the Securities Industry and Financial Markets Association (SIFMA)\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWith 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.\u003c\/p\u003e  Preface ix  \u003cp\u003eWriter’s Acknowledgments xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Overview of the Municipal Bond Market 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eThe Issuers 4\u003c\/p\u003e \u003cp\u003eMunicipal Bond Dealers 7\u003c\/p\u003e \u003cp\u003eThe Lawyers 10\u003c\/p\u003e \u003cp\u003eFinancial Advisors, Specialists, and Other Consultants 11\u003c\/p\u003e \u003cp\u003eThe Rating Agencies 12\u003c\/p\u003e \u003cp\u003eBond Brokers 13\u003c\/p\u003e \u003cp\u003eThe Credit Enhancers 13\u003c\/p\u003e \u003cp\u003eThe Trustees and Paying Agents 17\u003c\/p\u003e \u003cp\u003eThe Investors 17\u003c\/p\u003e \u003cp\u003eInformation and Technology 18\u003c\/p\u003e \u003cp\u003eThe Regulators 19\u003c\/p\u003e \u003cp\u003eOther Participants 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Basics of Municipal Securities 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDescription of Municipal Securities 23\u003c\/p\u003e \u003cp\u003eYield and Price 26\u003c\/p\u003e \u003cp\u003eTypes of Yields 28\u003c\/p\u003e \u003cp\u003eTax Exemption of Municipal Bonds 29\u003c\/p\u003e \u003cp\u003eTypes of Municipal Bonds 35\u003c\/p\u003e \u003cp\u003eShort-Term Securities 36\u003c\/p\u003e \u003cp\u003eOther Characteristics of Municipal Bonds 45\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 The Issuers 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 55\u003c\/p\u003e \u003cp\u003eAuthorities and Special Districts 56\u003c\/p\u003e \u003cp\u003eThe Theory of Municipal Debt: Pay-As-You-Use versus Pay-As-You-Go 57\u003c\/p\u003e \u003cp\u003eThe Uses of Municipal Debt 59\u003c\/p\u003e \u003cp\u003eThe Security for Municipal Bonds 61\u003c\/p\u003e \u003cp\u003eThe Financing Process 68\u003c\/p\u003e \u003cp\u003eThe Financing Documents 71\u003c\/p\u003e \u003cp\u003eStructuring the Debt 81\u003c\/p\u003e \u003cp\u003eState and Local Government Accounting 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 The Primary Market 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIssuance Trends in the Primary Market 93\u003c\/p\u003e \u003cp\u003eThe Basics of Underwriting 96\u003c\/p\u003e \u003cp\u003eNegotiated Underwriting 101\u003c\/p\u003e \u003cp\u003eCompetitive Underwriting 105\u003c\/p\u003e \u003cp\u003eOrders and Procedures 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 The Secondary Market 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 117\u003c\/p\u003e \u003cp\u003eThe Over-the-Counter Market 117\u003c\/p\u003e \u003cp\u003eE-Commerce, Information, and Technology 119\u003c\/p\u003e \u003cp\u003eSelling Municipal Bonds 121\u003c\/p\u003e \u003cp\u003eThe Basics of Municipal Bond Trading 123\u003c\/p\u003e \u003cp\u003eMunicipal Bond Trading 124\u003c\/p\u003e \u003cp\u003eHow a Trade Is Done 128\u003c\/p\u003e \u003cp\u003eMunicipal Futures 130\u003c\/p\u003e \u003cp\u003eProviders of Data in the Municipal Market 131\u003c\/p\u003e \u003cp\u003eMarket Statistics and Indexes 132\u003c\/p\u003e \u003cp\u003eMSRB Record-Keeping Rules 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Investing in Bonds 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 139\u003c\/p\u003e \u003cp\u003eThe Basic Principles of Investing in Bonds 139\u003c\/p\u003e \u003cp\u003eMeasures of Yield and Return 143\u003c\/p\u003e \u003cp\u003eYield to Maturity and Price 145\u003c\/p\u003e \u003cp\u003eInvestment Objectives 147\u003c\/p\u003e \u003cp\u003eRisk Factors 148\u003c\/p\u003e \u003cp\u003eInvestor Strategies 150\u003c\/p\u003e \u003cp\u003eTaxation of Municipal Bonds 152\u003c\/p\u003e \u003cp\u003eOther Investment Factors 161\u003c\/p\u003e \u003cp\u003eInvestor Categories 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Credit Analysis 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 173\u003c\/p\u003e \u003cp\u003eThe Rating Agencies 175\u003c\/p\u003e \u003cp\u003eThe Rating Process 176\u003c\/p\u003e \u003cp\u003eGeneral Obligation Bonds 179\u003c\/p\u003e \u003cp\u003eRevenue Bonds 197\u003c\/p\u003e \u003cp\u003eOther Factors Affecting Credit 207\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Understanding Interest Rates 211\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 211\u003c\/p\u003e \u003cp\u003eDeterminants of the Overall Level of Interest Rates 212\u003c\/p\u003e \u003cp\u003eTerm Structure of Interest Rates 216\u003c\/p\u003e \u003cp\u003eMunicipal Bond Rates 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Regulatory and Disclosure Requirements 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 225\u003c\/p\u003e \u003cp\u003eThe Basis of Federal Tax Exemption 226\u003c\/p\u003e \u003cp\u003eHistory of Federal Tax Legislation Affecting Municipal Securities 228\u003c\/p\u003e \u003cp\u003eThe Current Statutory Exemption 230\u003c\/p\u003e \u003cp\u003eApplication of Federal Securities Laws to Municipal Securities 233\u003c\/p\u003e \u003cp\u003eThe Municipal Securities Rulemaking Board 239\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Financial Products 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 247\u003c\/p\u003e \u003cp\u003eInterest Rate Swaps 247\u003c\/p\u003e \u003cp\u003eInterest Rate Caps, Floors, and Collars 252\u003c\/p\u003e \u003cp\u003eOther Swap Products 253\u003c\/p\u003e \u003cp\u003eManaging the Asset Side 253\u003c\/p\u003e \u003cp\u003eCredit Default Swaps 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX Municipal Securities Rulemaking Board Rule G-33 257\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGlossary 265\u003c\/p\u003e \u003cp\u003eBibliography 283\u003c\/p\u003e \u003cp\u003eWeb Sites 283\u003c\/p\u003e \u003cp\u003eBooks and Publications 284\u003c\/p\u003e \u003cp\u003eAbout the Writer 285\u003c\/p\u003e \u003cp\u003eIndex 287\u003c\/p\u003e  \u003cp\u003eThis 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 \u003ci\u003eSixth Edition\u003c\/i\u003e of \u003ci\u003eThe Fundamentals of Municipal Bonds\u003c\/i\u003e 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.  \u003c\/p\u003e\u003cp\u003eWith 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 \u003ci\u003eFundamentals\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003eAlong 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: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eThe basics of municipal securities\u003c\/li\u003e \u003cli\u003eFinancial products \u003c\/li\u003e \u003cli\u003eIssuers \u003c\/li\u003e \u003cli\u003ePrimary and secondary markets\u003c\/li\u003e  \u003cli\u003eInvesting in bonds\u003c\/li\u003e \u003cli\u003eCredit analysis and understanding interest rates\u003c\/li\u003e  \u003cli\u003eDisclosure and regulatory requirements\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eIllustrated 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. \u003c\/p\u003e\u003cp\u003eThe \u003cb\u003eSecurities Industry and Financial Markets Association (SIFMA)\u003c\/b\u003e 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990233366757,"sku":"NP9780470903384","price":79.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470903384.jpg?v=1761787009","url":"https:\/\/k12savings.com\/es\/products\/the-fundamentals-of-municipal-bonds-isbn-9780470903384","provider":"K12savings","version":"1.0","type":"link"}