This 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 Fifth Edition 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…mehr
This 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 Fifth Edition 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: * The explosive growth of technology and e-commerce * New disclosure regulations * Size and composition of the business * Size and composition of investors * The use of credit enhancement * The use of financial products Along with the addition of an extensive new glossary of municipal terminology and a bibliography, The Fundamentals of Municipal Bonds provides detailed explanations and a variety of relevant examples to illuminate crucial areas such as: * The Basics of Municipal Securities * The Issuers * The Primary and Secondary Markets * Investing in Bonds * Credit Analysis and Understanding Interest Rates * Disclosure and Regulatory Requirements * Financial Products 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 Fifth Edition.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
About the author THE BOND MARKET ASSOCIATION 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 www.bondmarkets.com. About the writer JUDY WESALO TEMEL 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 & 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.
Inhaltsangabe
Preface ix Acknowledgments xi Writer's Acknowledgments xiii Chapter 1 Overview of the Municipal Bond Market 1 Introduction 1 The Issuers 3 Municipal Bond Dealers 6 Bond Brokers 9 The Lawyers 10 Financial Advisors, Specialists, and Other Consultants 11 The Rating Agencies 12 The Credit Enhancers 12 The Trustees and Paying Agents 15 The Investors 16 Information and Technology 17 The Regulators 17 Other Participants 20 Chapter 2 The Basics of Municipal Securities 21 Description of Municipal Securities 21 Yield and Price 23 Types of Yields 25 Tax Exemption of Municipal Bonds 27 Types of Municipal Bonds 33 Short-Term Securities 33 Other Characteristics of Municipal Bonds 39 Chapter 3 The Issuers 49 Introduction 49 Authorities and Special Districts 50 The Theory of Municipal Debt: Pay-as-You-Use versus Pay-as-You-Go 51 The Uses of Municipal Debt 53 The Security for Municipal Bonds 55 The Financing Process 62 The Financing Documents 65 Assessing the Impact of the Debt 72 State and Local Government Accounting 78 Chapter 4 The Primary Market 82 Issuance Trends in the Primary Market 82 The Basics of Underwriting 85 Negotiated Underwriting 90 Competitive Underwriting 93 Orders and Procedures 100 Chapter 5 The Secondary Market 104 Introduction 104 The Over-the-Counter Market 104 E-Commerce, Information, and Technology 105 Selling Municipal Bonds 108 The Basics of Municipal Bond Trading 109 Municipal Bond Trading 110 How a Trade Is Done 113 Municipal Futures 116 Providers of Data in the Municipal Market 119 Market Statistics and Indexes 119 MSRB Record-Keeping Rules 124 Chapter 6 Investing in Bonds 126 Introduction 126 The Basic Principles of Investing in Bonds 126 Measures of Yield and Return 130 Yield to Maturity and Price 131 Investment Objectives 133 Risk Factors 135 Investor Strategies 136 Taxation of Municipal Bonds 138 Other Investment Factors 147 Investor Categories 149 Chapter 7 Credit Analysis 159 Introduction 159 The Rating Agencies 161 The Rating Process 171 General Obligation Bonds 172 Revenue Bonds 181 Other Factors Affecting Credit 190 Chapter 8 Understanding Interest Rates 193 Introduction 193 Determinants of the Overall Level of Interest Rates 193 Term Structure of Interest Rates 198 Municipal Bond Rates 202 Chapter 9 Regulatory and Disclosure Requirements 206 Introduction 206 The Basis of Federal Tax Exemption 207 History of Federal Tax Legislation Affecting Municipal Securities 209 The Current Statutory Exemption 210 Application of Federal Securities Laws to Municipal Securities 214 The Municipal Securities Rulemaking Board 219 Chapter 10 Financial Products 224 Introduction 224 Interest Rate Swaps 224 Interest Rate Caps, Floors, and Collars 227 Managing the Asset Side 228 Appendix A 230 Appendix B 238 Glossary 239 Bibliography 258 Index 263 About the Writer 275
Preface ix Acknowledgments xi Writer's Acknowledgments xiii Chapter 1 Overview of the Municipal Bond Market 1 Introduction 1 The Issuers 3 Municipal Bond Dealers 6 Bond Brokers 9 The Lawyers 10 Financial Advisors, Specialists, and Other Consultants 11 The Rating Agencies 12 The Credit Enhancers 12 The Trustees and Paying Agents 15 The Investors 16 Information and Technology 17 The Regulators 17 Other Participants 20 Chapter 2 The Basics of Municipal Securities 21 Description of Municipal Securities 21 Yield and Price 23 Types of Yields 25 Tax Exemption of Municipal Bonds 27 Types of Municipal Bonds 33 Short-Term Securities 33 Other Characteristics of Municipal Bonds 39 Chapter 3 The Issuers 49 Introduction 49 Authorities and Special Districts 50 The Theory of Municipal Debt: Pay-as-You-Use versus Pay-as-You-Go 51 The Uses of Municipal Debt 53 The Security for Municipal Bonds 55 The Financing Process 62 The Financing Documents 65 Assessing the Impact of the Debt 72 State and Local Government Accounting 78 Chapter 4 The Primary Market 82 Issuance Trends in the Primary Market 82 The Basics of Underwriting 85 Negotiated Underwriting 90 Competitive Underwriting 93 Orders and Procedures 100 Chapter 5 The Secondary Market 104 Introduction 104 The Over-the-Counter Market 104 E-Commerce, Information, and Technology 105 Selling Municipal Bonds 108 The Basics of Municipal Bond Trading 109 Municipal Bond Trading 110 How a Trade Is Done 113 Municipal Futures 116 Providers of Data in the Municipal Market 119 Market Statistics and Indexes 119 MSRB Record-Keeping Rules 124 Chapter 6 Investing in Bonds 126 Introduction 126 The Basic Principles of Investing in Bonds 126 Measures of Yield and Return 130 Yield to Maturity and Price 131 Investment Objectives 133 Risk Factors 135 Investor Strategies 136 Taxation of Municipal Bonds 138 Other Investment Factors 147 Investor Categories 149 Chapter 7 Credit Analysis 159 Introduction 159 The Rating Agencies 161 The Rating Process 171 General Obligation Bonds 172 Revenue Bonds 181 Other Factors Affecting Credit 190 Chapter 8 Understanding Interest Rates 193 Introduction 193 Determinants of the Overall Level of Interest Rates 193 Term Structure of Interest Rates 198 Municipal Bond Rates 202 Chapter 9 Regulatory and Disclosure Requirements 206 Introduction 206 The Basis of Federal Tax Exemption 207 History of Federal Tax Legislation Affecting Municipal Securities 209 The Current Statutory Exemption 210 Application of Federal Securities Laws to Municipal Securities 214 The Municipal Securities Rulemaking Board 219 Chapter 10 Financial Products 224 Introduction 224 Interest Rate Swaps 224 Interest Rate Caps, Floors, and Collars 227 Managing the Asset Side 228 Appendix A 230 Appendix B 238 Glossary 239 Bibliography 258 Index 263 About the Writer 275
Es gelten unsere Allgemeinen Geschäftsbedingungen: www.buecher.de/agb
Impressum
www.buecher.de ist ein Internetauftritt der buecher.de internetstores GmbH
Geschäftsführung: Monica Sawhney | Roland Kölbl | Günter Hilger
Sitz der Gesellschaft: Batheyer Straße 115 - 117, 58099 Hagen
Postanschrift: Bürgermeister-Wegele-Str. 12, 86167 Augsburg
Amtsgericht Hagen HRB 13257
Steuernummer: 321/5800/1497
