The Handbook of Municipal Bonds

Over the past twenty years, the municipal bond industry has seen enormous growth and undergone dramatic change. With more municipals outstanding than ever, it s fair to say that the municipal debt market continues to constantly evolve. That s why you need a comprehensive guide covering this fast changing field. In The Handbook of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzi provide traders, bankers, and advisors—among other industry participants—with a well rounded look at the industry of tax exempt municipal bonds. Chapter by chapter, a diverse group of experienced contributors will share their expertise in this area with you. In addition to covering credit research, portfolio manage ment, and critical legal and tax issues, this book will introduce you to a variety of new innovations in financial structures. These include credit default swaps, derivatives, tender option bonds, collateralized debt obligations, and much more. You ll also discover how to effectively implement these instruments in your everyday financial endeavors as well as learn why both buyers and issuers must pay close attention to the risks found within this evolving market. Along with a comprehensive glossary of municipal bond terminology, this book also contains an extensive array of case studies that offer information on some of the most innovative and essential aspects of these bonds. The cases cover a wide range of topics arising from the 9/11 catastrophe, subprime loans, a major airline bankruptcy, and others. They are relevant for both buyers and issuers of municipal bonds. Divided into seven comprehensive parts, The Handbook of Municipal Bonds provides detailed explanations and a variety of relevant examples that illuminate crucial components and essential areas such as: The Sell Side: deals, distribution, and market making roles The Buy Side: institutional investors Credit analysis Compliance issues Fixed income analysis of municipal products Special security structures and their analysis Bond Insurers Municipal bonds offer attractive opportunities for both retail and institutional investors. But to make the most of them, you need a firm understanding of the many elements that make up this market. With The Handbook of Municipal Bonds as your guide, you ll learn how to efficiently integrate "munis" into your investment portfolio.