The Handbook of Municipal Bonds

by Feldstein, Sylvan G.; Fabozzi, Frank J.

• ISBN13: 9780470108758
• ISBN10: 0470108754
• Edition: 1st
• Format: Hardcover
• Copyright: 2008-04-25
• Publisher: Wiley

Summary

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 provide detailed explanations and a variety of relevant examples that illuminate essential elements of this area. With this book as your guide, you'll quickly become familiar with both buy side and sell side issues as well as important innovations in this field.

Author Biography

Sylvan G. Feldstein, PhD, is a Director in the Investment Department of the Guardian Life Insurance Company of America, specializing in tax-exempt, taxable, and non-U.S. municipal bonds. Prior to this, he was a research manager and analyst at major Wall Street broker-dealers and a rating agency. A graduate of Columbia University, Feldstein has won the Analyst of the Year Award from the National Federation of Municipal Analysts in addition to authoring or editing four other municipal bond industry books.

Frank J. Fabozzi, PhD, CFA, is Professor in the Practice of Finance at Yale University's School of Management and the Editor of the Journal of Portfolio Management. In 2002, he was inducted into the Fixed Income Analysts Society Hall of Fame and, in 2007, was the recipient of the C. Stewart Sheppard Award given by the CFA Institute.

Table of Contents

Foreword

Preface

About The Editors

Contributing Authors

The Sell Side: The Originators of Deals

The Central Place of States and Local Governments in American Federalism

An Overview of Investment Banking

Chapter 3. Role of the Financial Advisor

Method of Sale in the Municipal Bond Market

The Role of Bond Counsel in Public Agency Financing

The Role of Counsel to the Underwriters

Summary of Federal Tax Requirements for Tax-Exempt Bonds

The Role of the Municipal Bond Trustee

The Last Resort for Financially Distressed Municipalities

Subnational Infrastructure Finance in the Emerging Markets: A Financial Guaranty Perspective

The Role of the Rating Agencies

Municipal Bond Refundings

Public-Private Partnerships

The Sell Side: Distribution and Market-Making Roles

The Role of Underwriter

The Roles of Traders and Brokers

Municipal Arbitrage and Tender Option Bonds

Interest Rate Swaps and Their Application to Tax-Exempt Financing

The Regional Firm: Its Customers, Traders, and Institutional Salespeople

Changing Roles of Buyers and Sellers of Municipal Bonds: One Participant's View

The Depository Trust Company and Real-Time Price Transparency

i-Deal/Ipreo: the Transaction Platform

Compliance Issues

The Municipal Securities Rulemaking Board

The Role of the Securities and Exchange Commission

Sarbanes-Oxley and the Securities and Exchange Commission

Using Auditing Techniques to Develop Investment Adviser Compliance Procedures

Rule 2a-7: Legal and Research Issues for Tax-Exempt Money Market Funds 9

Fixed Income Analysis of Municipal Products

Evaluation of Municipal Bonds

Valuation of Municipal bonds with Embedded Options

Analyzing and Evaluating Tax-Exempt Indexed Floaters: Investor and Issuer Perspectives

Municipal Inverse Floating Rate Securities

Analyzing Portfolios Daily

Discovering Relative Value Using Custom Indices

Municipal Bond Swaps

The Tax Treatment of Municipal Bonds

The Buy Side: Institutional Investors

Managing a National Municipal Bond Fund

Managing a High-Yield Municipal Fund

Managing Municipal bonds for Property and Casualty Insurance Companies for Total Return

Table of Contents provided by Publisher. All Rights Reserved.