Synopses & Reviews
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 advisorsamong other industry participantswith 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.
Review
"timeless and important...to all participants in the municipal bond market."--The Bond Buyer
Synopsis
In The Handbook of Municipal Bonds, editors Sylvan Feldstein and Frank Fabozzialong with a number of experienced contributorsprovide you with the practical guidance needed to succeed within this challenging environment.
Whether you're on the buy-side or the sell-side, this reliable resource offers a well-rounded look at the municipal bond industry and its many products. As you progress through each chapter, a different contributor will detail a specific aspect of this fieldproviding in-depth insights on everything from modern municipal bond portfolio management to the analysis of high-yield, high-risk credit sectors.
Also included are an extensive array of case studies that cover a wide range of bond issues related to the 9/11 catastrophe, subprime loans, a major airline bankruptcy, and much more.
Written with the serious investor in mind, The Handbook of Municipal Bonds contains the information you need to make more informed decisions within this ever-evolving industry. Through the innovative insight of some of the most respected experts in this field, you'll quickly become familiar with the essential elements of the municipal bond market.
Synopsis
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 advisorsamong other industry participantswith 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.
Synopsis
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.
About the Author
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 (Christopher "Kit" Taylor)
Preface.
About the Editors.
Contributing Authors.
Part One: The Sell Side: The Originators of Deals.
Chapter 1. The Central Place of States and Local Governments in American Federalism (Richard Briffault)
Chapter 2. An Overview of Investment Banking (Herman R. Charbonneau)
Chapter 3. Chapter 3. Role of the Financial Advisor (William H. Wood)
Chapter 4. Method of Sale in the Municipal Bond Market (Jun Peng, Kenneth A. Kriz, and Tracy Neish)
Chapter 5. The Role of Bond Counsel in Public Agency Financing (John L. Kraft)
Chapter 6. The Role of Counsel to the Underwriters (Mary G. Wilson)
Chapter 7. Summary of Federal Tax Requirements for Tax-Exempt Bonds ( Perry E. Israel)
Chapter 8. The Role of the Municipal Bond Trustee (James E. Spiotto)
Chapter 9. The Last Resort for Financially Distressed Municipalities (James E. Spiotto)
Chapter 10. Subnational Infrastructure Finance in the Emerging Markets: A Financial Guaranty Perspective (Thomas H. Cochran, Anthony Pellegrini, David Stevens, Richard Torkelson, and David White)
Chapter 11. The Role of the Rating Agencies (Edward A. Rabson)
Chapter 12. Municipal Bond Refundings (William H. Wood)
Chapter 13. Public-Private Partnerships (Robert H. Muller)
Part Two: The Sell Side: Distribution and Market-Making Roles.
Chapter 14. The Role of Underwriter (Christopher J. Mier)
Chapter 15. The Roles of Traders and Brokers (JonPaul Zaptin)
Chapter 16. Municipal Arbitrage and Tender Option Bonds (Bart Mosley)
Chapter 17. Interest Rate Swaps and Their Application to Tax-Exempt Financing (Eric H. Chu, Craig Underwood, Thomas B. Fox, Jon A. McMahon, Roger L. Davis, Stephen A. Spitz, Albert Simons III, and George G. Wolf)
Chapter 18. The Regional Firm: Its Customers, Traders, and Institutional Salespeople (Mychele Lindvall)
Chapter 19. Changing Roles of Buyers and Sellers of Municipal Bonds: One Participant's View (William J. Darusmont)
Chapter 20. The Depository Trust Company and Real-Time Price Transparency (Sylvan G. Feldstein and David Ratner)
Chapter 21. i-Deal/Ipreo: the Transaction Platform (Allen Williams)
Part Three: Compliance Issues.
Chapter 22. The Municipal Securities Rulemaking Board (Paul S. Maco and Jennifer Webster Taffe)
Chapter 23. The Role of the Securities and Exchange Commission (Paul S. Maco and Cristy C. Edwards)
Chapter 24. Sarbanes-Oxley and the Securities and Exchange Commission (Paul S. Maco)
Chapter 25. Using Auditing Techniques to Develop Investment Adviser Compliance Procedures (Kevin Reilly)
Chapter 26. Rule 2a-7: Legal and Research Issues for Tax-Exempt Money Market Funds 9Stephen A. Keen and Leslie K. Ross)
Part Four: Fixed Income Analysis of Municipal Products.
Chapter 27. Evaluation of Municipal Bonds (Gerard Brennan)
Chapter 28. Valuation of Municipal bonds with Embedded Options (Fr5ank J. Fabozzi, Andrew Kalotay, and Michael P. Dorigan)
Chapter 29. Analyzing and Evaluating Tax-Exempt Indexed Floaters: Investor and Issuer Perspectives (Yingchen Li)
Chapter 30. Municipal Inverse Floating Rate Securities (Cadmus Hicks)
Chapter 31. Analyzing Portfolios Daily (Paul R. Daniels)
Chapter 32. Discovering Relative Value Using Custom Indices (Daniel J. Garrett)
Chapter 33. Municipal Bond Swaps (Evan C. Rourke)
Chapter 34. The Tax Treatment of Municipal Bonds (Martin J. Mauro and Philip Fischer)
Part Five: The Buy Side: Institutional Investors.
Chapter 35. Managing a National Municipal Bond Fund (Alexander Grant)
Chapter 36. Managing a High-Yield Municipal Fund (Wayne Godlin, Jim Phillips, Bill Black, Barnet Sherman, Mark Paris, and Seth Horwitz)
Chapter 37. Managing Municipal bonds for Property and Casualty Insurance Companies for Total Return. (Karen Szerszen)