{"product_id":"the-fundamentals-of-municipal-bonds-isbn-9780471393658","title":"The Fundamentals of Municipal Bonds","description":"Praise for the Classic Guide to the Bond Market\u003cbr\u003e \u003cbr\u003e \"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\u0026amp; Co.\u003cbr\u003e \u003cbr\u003e \"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\u003cbr\u003e \u003cbr\u003e \"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 \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgments xi\u003c\/p\u003e \u003cp\u003eWriter’s Acknowledgments xiii\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 3\u003c\/p\u003e \u003cp\u003eMunicipal Bond Dealers 6\u003c\/p\u003e \u003cp\u003eBond Brokers 9\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\u003eThe Credit Enhancers 12\u003c\/p\u003e \u003cp\u003eThe Trustees and Paying Agents 15\u003c\/p\u003e \u003cp\u003eThe Investors 16\u003c\/p\u003e \u003cp\u003eInformation and Technology 17\u003c\/p\u003e \u003cp\u003eThe Regulators 17\u003c\/p\u003e \u003cp\u003eOther Participants 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Basics of Municipal Securities 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDescription of Municipal Securities 21\u003c\/p\u003e \u003cp\u003eYield and Price 23\u003c\/p\u003e \u003cp\u003eTypes of Yields 25\u003c\/p\u003e \u003cp\u003eTax Exemption of Municipal Bonds 27\u003c\/p\u003e \u003cp\u003eTypes of Municipal Bonds 33\u003c\/p\u003e \u003cp\u003eShort-Term Securities 33\u003c\/p\u003e \u003cp\u003eOther Characteristics of Municipal Bonds 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Issuers 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 49\u003c\/p\u003e \u003cp\u003eAuthorities and Special Districts 50\u003c\/p\u003e \u003cp\u003eThe Theory of Municipal Debt: Pay-as-You-Use versus Pay-as-You-Go 51\u003c\/p\u003e \u003cp\u003eThe Uses of Municipal Debt 53\u003c\/p\u003e \u003cp\u003eThe Security for Municipal Bonds 55\u003c\/p\u003e \u003cp\u003eThe Financing Process 62\u003c\/p\u003e \u003cp\u003eThe Financing Documents 65\u003c\/p\u003e \u003cp\u003eAssessing the Impact of the Debt 72\u003c\/p\u003e \u003cp\u003eState and Local Government Accounting 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 The Primary Market 82\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIssuance Trends in the Primary Market 82\u003c\/p\u003e \u003cp\u003eThe Basics of Underwriting 85\u003c\/p\u003e \u003cp\u003eNegotiated Underwriting 90\u003c\/p\u003e \u003cp\u003eCompetitive Underwriting 93\u003c\/p\u003e \u003cp\u003eOrders and Procedures 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Secondary Market 104\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 104\u003c\/p\u003e \u003cp\u003eThe Over-the-Counter Market 104\u003c\/p\u003e \u003cp\u003eE-Commerce, Information, and Technology 105\u003c\/p\u003e \u003cp\u003eSelling Municipal Bonds 108\u003c\/p\u003e \u003cp\u003eThe Basics of Municipal Bond Trading 109\u003c\/p\u003e \u003cp\u003eMunicipal Bond Trading 110\u003c\/p\u003e \u003cp\u003eHow a Trade Is Done 113\u003c\/p\u003e \u003cp\u003eMunicipal Futures 116\u003c\/p\u003e \u003cp\u003eProviders of Data in the Municipal Market 119\u003c\/p\u003e \u003cp\u003eMarket Statistics and Indexes 119\u003c\/p\u003e \u003cp\u003eMSRB Record-Keeping Rules 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Investing in Bonds 126\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 126\u003c\/p\u003e \u003cp\u003eThe Basic Principles of Investing in Bonds 126\u003c\/p\u003e \u003cp\u003eMeasures of Yield and Return 130\u003c\/p\u003e \u003cp\u003eYield to Maturity and Price 131\u003c\/p\u003e \u003cp\u003eInvestment Objectives 133\u003c\/p\u003e \u003cp\u003eRisk Factors 135\u003c\/p\u003e \u003cp\u003eInvestor Strategies 136\u003c\/p\u003e \u003cp\u003eTaxation of Municipal Bonds 138\u003c\/p\u003e \u003cp\u003eOther Investment Factors 147\u003c\/p\u003e \u003cp\u003eInvestor Categories 149\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Credit Analysis 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 159\u003c\/p\u003e \u003cp\u003eThe Rating Agencies 161\u003c\/p\u003e \u003cp\u003eThe Rating Process 171\u003c\/p\u003e \u003cp\u003eGeneral Obligation Bonds 172\u003c\/p\u003e \u003cp\u003eRevenue Bonds 181\u003c\/p\u003e \u003cp\u003eOther Factors Affecting Credit 190\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Understanding Interest Rates 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 193\u003c\/p\u003e \u003cp\u003eDeterminants of the Overall Level of Interest Rates 193\u003c\/p\u003e \u003cp\u003eTerm Structure of Interest Rates 198\u003c\/p\u003e \u003cp\u003eMunicipal Bond Rates 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Regulatory and Disclosure Requirements 206\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 206\u003c\/p\u003e \u003cp\u003eThe Basis of Federal Tax Exemption 207\u003c\/p\u003e \u003cp\u003eHistory of Federal Tax Legislation Affecting Municipal Securities 209\u003c\/p\u003e \u003cp\u003eThe Current Statutory Exemption 210\u003c\/p\u003e \u003cp\u003eApplication of Federal Securities Laws to Municipal Securities 214\u003c\/p\u003e \u003cp\u003eThe Municipal Securities Rulemaking Board 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Financial Products 224\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 224\u003c\/p\u003e \u003cp\u003eInterest Rate Swaps 224\u003c\/p\u003e \u003cp\u003eInterest Rate Caps, Floors, and Collars 227\u003c\/p\u003e \u003cp\u003eManaging the Asset Side 228\u003c\/p\u003e \u003cp\u003eAppendix A 230\u003c\/p\u003e \u003cp\u003eAppendix B 238\u003c\/p\u003e \u003cp\u003eGlossary 239\u003c\/p\u003e \u003cp\u003eBibliography 258\u003c\/p\u003e \u003cp\u003eIndex 263\u003c\/p\u003e \u003cp\u003eAbout the Writer 275\u003c\/p\u003e \u003cp\u003eAbout the author \u003c\/p\u003e \u003cp\u003e\u003cb\u003eTHE BOND MARKET ASSOCIATION\u003c\/b\u003e is the trade association representing securities firms and banks that underwrite, trade, and sell debt securities, both domestically and internationally. The Bond Market Association actively speaks for the bond industry, advocating its position and representing its interests in Washington, D.C., New York, Europe, and Asia. The Association’s membership collectively accounted for over 97% of the nation’s bond underwriting activity in 1999. For more information about the Association, visit \u003cb\u003ewww.bondmarkets.com\u003c\/b\u003e. \u003c\/p\u003e\u003cp\u003eAbout the writer  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eJUDY WESALO TEMEL\u003c\/b\u003e has spent her career in the municipal bond business, on both the broker-dealer and issuer sides. She worked for seventeen years at Goldman, Sachs \u0026amp; Co., following employment at Lehman Brothers, and the Office of the Comptroller of the City of New York. She serves on the boards of several large not-for-profit agencies and speaks and writes widely about many aspects of the business. Temel is a graduate of Cornell University and holds an MPA from New York University.   \u003c\/p\u003e\u003cp\u003eThis informative volume is an update of the long-heralded classic text on the municipal securities market. Written by Judy Wesalo Temel for The Bond Market Association—the leading trade association that represents the players in this market and whose members underwrite 90% of all municipal bonds—this newly revised \u003ci\u003eFifth Edition\u003c\/i\u003e deals comprehensively with the many recent developments in the municipal securities market. It provides a basic understanding of the market for a wide range of readers, including experienced professionals, public officials, private investors, academicians, and students. Major changes covered here include: \u003c\/p\u003e \u003cul\u003e\n\u003cli\u003eThe explosive growth of technology and e-commerce\u003c\/li\u003e \u003cli\u003eNew disclosure regulations\u003c\/li\u003e \u003cli\u003eSize and composition of the business\u003c\/li\u003e \u003cli\u003eSize and composition of investors\u003c\/li\u003e \u003cli\u003eThe use of credit enhancement\u003c\/li\u003e \u003cli\u003eThe use of financial products\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eAlong with the addition of an extensive new glossary of municipal terminology and a bibliography, \u003ci\u003eThe Fundamentals of Municipal Bonds\u003c\/i\u003e 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\u003eThe Issuers\u003c\/li\u003e \u003cli\u003eThe Primary 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 \u003cli\u003eFinancial Products\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 \u003ci\u003eFifth Edition. \u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990233432293,"sku":"NP9780471393658","price":75.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471393658.jpg?v=1761787009","url":"https:\/\/k12savings.com\/es\/products\/the-fundamentals-of-municipal-bonds-isbn-9780471393658","provider":"K12savings","version":"1.0","type":"link"}