670:
many
American resources were devoted to the military, and prewar municipal debt burst into a new period of rapid growth for an ever-increasing variety of uses. Today, in addition to the 50 states and their local governments (including cities, counties, villages and school districts), the District of Columbia and U.S. territories and possessions (American Samoa, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands) can and do issue municipal bonds. Another important category of municipal bond issuers which includes authorities and special districts has also grown in number and variety in recent years. The two most prominent early authorities were the Port of New York Authority, formed in 1921 and renamed Port Authority of New York and New Jersey in 1972, and the Triborough Bridge Authority (now the Triborough Bridge and Tunnel Authority), formed in 1933. The debt issues of these two authorities are exempt from federal, state and local governments taxes.
666:, closed down access to new capital. Around the same time, the largest bank of the country of the time, which was owned by the same investor as that of Northern Pacific, collapsed. Smaller firms followed suit as well as the stock market. The 1873 panic and years of depression that followed put an abrupt but temporary halt to the rapid growth of municipal debt. Responding to widespread defaults that jolted the municipal bond market of the day, new state statutes were passed that restricted the issuance of local debt. Several states wrote these restrictions into their constitutions. Railroad bonds and their legality were widely challenged, and this gave rise to the market-wide demand that an opinion of qualified bond counsel accompany each new issue.
790:
portfolios, the volume of trade drops off dramatically. The MSRB reports that from March 1998 to May 1999, 71% of the outstanding issues did not trade at all. A 2005 study concluded that 4–6 months after issuance, less than 10% of the sampled bonds traded at all; the probability then rises somewhat so that by four years from issuance, roughly 15% of the bonds in the sample traded at least once during a given month. A 2007 study concluded that the average investment grade tax exempt 1-10 year municipal bond traded 21 times over its 11-year sample and 5.65% of issues only traded once.
112:
38:
655:
recorded municipal bond was a general obligation bond issued by the City of New York for a canal in 1812. During the 1840s, many U.S. cities were in debt, and by 1843 cities had roughly $ 25 million in outstanding debt. In the ensuing decades, rapid urban development demonstrated a correspondingly explosive growth in municipal debt. The debt was used to finance both urban improvements and a growing system of public education.
794:
investment amounts for stocks are typically <$ 500 and about $ 1000 for CDs and money markets; in comparison, municipal bonds typically have minimum denomination buy-ins of $ 5000 but smaller issuers may have buy-ins of $ 1000 to incentivize local or regional investors. An investor's overall principal cost may be lower than the $ 5000 minimum denomination by purchasing the bonds at a discount.
760:
from state income tax as well, depending on the applicable state laws. Internal
Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. As of 2004, other rules, however, such as those pertaining to private activity bonds, are found in sections 141–150, 1394, 1400, 7871.
842:) can strain state and local finances, potentially creating municipal defaults. Harrisburg, PA, when faced with falling revenues, skipped several bond payments on a municipal waste to energy incinerator. The prospect of municipal bankruptcy was raised by the Controller of Harrisburg, although it was opposed by Harrisburg's mayor.
789:
Historically, municipal bonds have been one of the least liquid assets on the market. One indicator of this is their infrequent trading. Municipal bonds are actively traded in a "when issued" market, and also immediately after they are issued. Once the bonds find their way into retail and mutual fund
685:
Principal and interest are secured by the full faith and credit of the issuer and usually supported by either the issuer's unlimited or limited taxing power. These bonds are usually considered the most secure type of municipal bond, and therefore carry the lowest interest rate. In many cases, general
654:
Municipal debt predates corporate debt by several centuries—the early
Renaissance Italian city-states borrowed money from major banking families. Borrowing by American cities dates to the nineteenth century, and records of U.S. municipal bonds indicate use around the early 1800s. Officially the first
963:
For example, assume an investor in the 38% tax bracket is offered a municipal bond that has a tax-exempt yield of 1.0%. Using the formula above, the municipal bond's taxable equivalent yield is 1.6% (0.01/(1-0.38) = 0.016) - a figure which can be fairly compared to yields on taxable investments such
797:
While minimum denominations contribute to illiquidity, another such reason is the total amount of municipal bonds outstanding. There are over 1,500,000 individual municipal CUSIPs representing over 50,000 issuers. To put this into context, there are ~4300 US domestically incorporated exchange-listed
759:
In the United States, although not all municipal bonds are tax-exempt, most are. Tax-exempt securities represented about 80% of trading volume in U.S. municipal bonds in 2020. Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt
805:
Over the last decade, technology solutions have been applied to make the market more responsive to investors, more financially transparent and ultimately easier for issuers and buyers. The emergence of small denomination municipal bonds makes the muni market more accessible to middle-income buyers.
723:
Voter approval of the bond proposal does not automatically result in the bonds being issued. Frequently, bonds under a proposal are issued in series over a period of time, in order to allow contractors a steady stream of work and the jurisdiction to not be overwhelmed in managing too many projects
634:
issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax
638:
The U.S. municipal debt market is relatively small compared to the corporate market: total municipal debt outstanding was $ 4 trillion as of the first quarter of 2021, compared to nearly $ 15 trillion in the corporate and foreign markets. But conversely, the number of municipal bond issuers (state
669:
When the U.S. economy began to move forward once again, municipal debt continued its momentum, which was maintained well into the early part of the twentieth century. The Great
Depression of the 1930s halted growth, although defaults were not as severe as in the 1870s. Leading up to World War II,
837:
Historical default rates have been lower in the municipal sector than in the corporate market. This may be due in part to the fact that some municipals are backed by state and local government power to tax, or revenue from public utilities. However, sharp drops in property valuations (as in the
793:
Unlike corporate and
Treasury bonds, which are more likely to be held by institutional investors, municipal bond owners are more diverse, and hence harder to locate, giving this market less liquidity. Compared to stocks, municipal bonds are much harder to maneuver. At the same time, the minimum
705:
promise to repay principal and interest from a specified stream of future income, such as income generated by a water utility from payments by customers. Other public projects financed by revenue bonds include toll roads, bridges, airports, water and sewage treatment facilities, hospitals and
996:(1988), the Supreme Court held the Congress could tax interest income on municipal bonds if it so desired on the basis that tax exemption of municipal bonds is not protected by the Constitution. In this case, the Supreme Court stated that the contrary decision of the Court in
696:
assessments of properties located within the issuer's boundaries. These are generally considered a form of general obligation bond, in that if the assessments fail to provide the required revenue for payment, the government is still obligated to redeem the bonds in full with
967:
Typically, investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable corporate bonds, but those in the lowest tax brackets may be better off buying corporate bonds and paying the taxes. Investors in higher tax brackets may
732:
Municipal advisor: serves as a fiduciary for the municipal issue, taking care of all of the assets and finances involved in the issuance process. The advisor is legally obligated to represent the interests of the issuer and serve as a source of financial
719:
levy is involved. Some bonds, for minor projects or emergency situations, may be issued without voter pre-approval. But in all cases, public input (whether a vote, or the opportunity to speak for or against issuance at a public hearing) is required.
869:
on a municipal bond to that of a corporate or U.S. Treasury bond can be misleading, because of differing tax treatment of the income from the two types of securities. For that reason, investors use the concept of
780:
Municipal bonds' coupon rates are generally lower than those of comparable corporate bonds, but higher than those of their FDIC-insured counterparts: CDs, savings accounts, money market accounts, and others.
727:
Before a particular municipal bond is offered to the public, the issuer must publish an "official statement" disclosing material information about the offering. Key players in the issuance process include:
958:
635:
brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between the two categories.
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obligation bonds require voter approval to levy the tax required for repayment. Bond financing is usually used to finance capital investments, not current operating expenditures.
2537:
1942:
1917:
830:
Default risk is a measure of the possibility that the issuer will fail to make all interest and principal payments, on time and in full. It is among the risks evaluated by a
658:
Years after the
American Civil War, significant local debt was issued to build railroads. Railroads were private corporations, and these bonds were very similar to today's
48:
1434:
1656:
1819:
2967:
1039:
Municipal bonds agencies also known as Bond banks or Local government funding agencies exist in other countries, such as Sweden and
Finland. In New Zealand, the
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Default risk to the investor can be greatly reduced through municipal bond insurance, which promises to pay interest and principal if the issuer does not do so.
2105:
1690:
834:, which assigns a credit rating to the bond. Credit ratings are generally the starting point buyers use when deciding how much to pay for a municipal bond.
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2525:
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1912:
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Tax regulations generally require all money raised by a municipal bond sale to be spent on capital projects within three to five years of issuance.
1993:
1105:
2138:
1554:
Green, Richard; Hollifield, Burton; Schurhoff, Norman (March 2007). "Financial
Intermediation and the Costs of Trading in an Opaque Market".
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476:
1046:
Local governments in China were not permitted to issue bonds in the open market until 2015, and historically these governments relied on
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821:
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to compare municipal and corporate or
Treasury bonds. The taxable equivalent yield on a municipal bond is calculated as follows. Where
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1051:
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2045:
1979:
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1418:
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Bond counsel: verifies the legal aspects of the issuance and opines as to whether an issuance is exempt from state or federal taxes.
82:
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as a major source of debt finance. By the end of 2022 a total of CN¥35.1 trillion of bonds were outstanding. In India, the
1055:
578:
400:
1639:
1823:
990:(1895) that the federal government had no power under the U.S. Constitution to tax interest on municipal bonds, but in
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126:
1508:
1067:
64:
2020:
1383:
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352:
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Depending on the jurisdiction and the basis for issuing the bond, voter approval may be required, especially if a
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1937:
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Bonds issued for certain purposes are subject to the alternative minimum tax as an item of tax preference.
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1946:
1921:
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and local governments and other affiliated entities) far exceeds the number of corporate bond issuers.
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405:
308:
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2102:
Municipal
Securities Rulemaking Board. Official source for municipal securities data and documents.
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60:
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573:
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410:
338:
255:
133:
121:
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111:
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2199:
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506:
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436:
262:
230:
1967:
the first local authority to approve the operating framework for the UK Municipal Bond Agency
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1207:
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103:
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2211:
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Ang, Andrew; Bhansali, Vineer; Xing, Yuhang (March 6, 2007). "Taxes on Tax-Exempt Bonds".
866:
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210:
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in the world issue similar bonds, sometimes called local authority bonds or other names.
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1949:
1924:
1043:(LGFA), is the second-biggest issuer of New Zealand-dollar debt behind the government.
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greatly reduced private activities that may be financed with tax-exempt bond proceeds.
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381:
343:
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182:
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831:
466:
441:
293:
240:
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1529:
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was the first municipal government to issue bonds in November 1997, followed by the
662:. Construction costs in 1873 for one of the largest transcontinental railroads, the
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2771:
2743:
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2312:
2242:
2168:
716:
693:
568:
543:
313:
205:
200:
191:
161:
1184:
1007:
first codified exemption of interest on municipal bonds from federal income tax.
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2811:
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225:
142:
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17:
1962:
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806:
It is believed that these initiatives will reduce lower debt issuance costs.
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2608:
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969:
1741:"The Number Of Companies Publicly Traded In The US Is Shrinking—Or Is It?"
1286:
2931:
2751:
2430:
2385:
1567:
288:
1625:
1030:(UK MBA) provides services for borrowing by municipalities. Canada has
538:
481:
2108:
Daily national trade newspaper focused on the municipal bond industry.
2641:
742:: manages the distribution of the bonds to investors through brokers.
1362:"Investor Bulletin: Municipal Bonds – An Overview. February 1, 2018"
1302:"Investor Bulletin: Municipal Bonds – An Overview. February 1, 2018"
2661:
964:
as corporate or U.S. Treasury bonds for decision making purposes.
220:
1994:"Municipal Bonds Agency yet to refresh arid public sector market"
2628:
2580:
1209:
The Fundamentals of Municipal Bonds: The Bond Market Association
1032:
972:
municipal bonds against corporate bonds using a strategy called
857:
on municipal bonds usually involves incorporating tax brackets.
446:
2553:
2120:
763:
The state and local exemption was the subject of litigation in
2116:
1269:
31:
2099:
1691:"Uncovering Local-level Risk Factors for Municipal Exposures"
896:= investor's tax bracket (also known as marginal tax rate):
47:
deal primarily with the United States and do not represent a
2046:"Chinese local governments paid $ 148bn in interest in 2022"
1270:"Debt Management Strategies of Local Governments in the EU"
1106:"Primer on Municipal Bonds: Comparing Fixed Income Markets"
1000:
had been "effectively overruled by subsequent case law".
2549:
1863:(Second ed.). New York: McGraw-Hill. p. 129.
1238:
1236:
1234:
1162:. Hoboken, NJ: John Wiley & Sons, Inc. p. 55.
56:
1413:(Fifth ed.). New York: McGraw-Hill. p. 161.
2538:
Securities Industry and Financial Markets Association
905:
1799:"House Report 110-835 - MUNICIPAL BOND FAIRNESS ACT"
2883:
2810:
2735:
2679:
2627:
2594:
2587:
2518:
2475:
2439:
2341:
2235:
2177:
1462:"Court Upholds Tax Exemptions for Municipal Bonds"
1206:
952:
1509:"Muni Bonds Are More Volatile Than You May Think"
1384:"Fact Book (Municipal Market Trade Summary: p.7)"
892:= interest rate of comparable corporate bond and
1409:Feldstein, Sylvan and Fabozzi, Frank J. (1997).
1133:. New York: Longmans, Green, & Co. pp.
1759:"Startups Seek to Democratize the Muni Market"
1705:"Number of Listed Companies for United States"
2565:
2132:
603:
45:The examples and perspective in this article
8:
1640:"How Are Municipal Bonds Quoted and Priced?"
1433:: CS1 maint: multiple names: authors list (
953:{\displaystyle r_{c}={\frac {r_{m}}{(1-t)}}}
2021:"Municipal bonds agency opens for business"
1657:"Focus on Bonds: Yields on Municipal Bonds"
1610:"Municipal Bond Liquidity and Default Risk"
1530:"FDIC: Weekly National Rates and Rate Caps"
2591:
2572:
2558:
2550:
2526:Commercial Mortgage Securities Association
2139:
2125:
2117:
2072:"Bond Proceeds To Fund Bangalore Projects"
810:Default risk, credit ratings and insurance
766:Department of Revenue of Kentucky v. Davis
610:
596:
94:
1364:. U.S. Securities and Exchange Commission
1304:. U.S. Securities and Exchange Commission
1285:
925:
919:
910:
904:
83:Learn how and when to remove this message
2532:International Capital Market Association
1913:Pollock v. Farmers' Loan & Trust Co.
987:Pollock v. Farmers' Loan & Trust Co.
678:The basic types of municipal bonds are:
2019:Johnstone, Richard (January 25, 2016).
1411:The Handbook of Fixed Income Securities
1390:. Municipal Securities Rulemaking Board
1083:
643:
418:
390:
351:
248:
190:
141:
102:
1426:
1274:Pro Publico Bono – Magyar Közigazgatás
2968:Local government in the United States
1723:"Population, Total for United States"
1130:Railroads: Finance & Organization
7:
2722:Debtor-in-possession (DIP) financing
1213:. John Wiley and Sons, Inc. p.
798:stocks and 10,500 stocks that trade
2462:Commercial mortgage-backed security
2100:Electronic Municipal Market Access.
1160:The Fundamentals of Municipal Bonds
1048:local government financing vehicles
883:= interest rate of municipal bond,
822:Puerto Rican government-debt crisis
2457:Collateralized mortgage obligation
1460:Greenhouse, Linda (May 20, 2008).
1388:Electronic Municipal Market Access
1244:"MSRB: About Municipal Securities"
1183:Joffee, Marc (February 16, 2012).
750:Characteristics of municipal bonds
25:
27:Bond issued by a local government
1980:"Fixed Income Bonds Description"
1595:10.1111/j.1540-6261.2009.01545.x
1324:"The Public Finance Deal Team |"
110:
36:
1556:The Review of Financial Studies
1092:"US Municipal Bonds Statistics"
1041:Local Government Funding Agency
984:The U.S. Supreme Court held in
353:Over-the-counter (off-exchange)
2452:Collateralized debt obligation
2328:Reverse convertible securities
1679:. Corporate Finance Institute.
944:
932:
1:
579:Sustainable development goals
1885:Feldstein and Fabozzi op cit
1846:Feldstein and Fabozzi op cit
1785:Feldstein and Fabozzi op cit
1495:Feldstein and Fabozzi op cit
1068:S&P Municipal Bond Index
711:Traditional issuance process
2268:Contingent convertible bond
1205:Temal, Judy Wesalo (2001).
1185:"The Safety of State Bonds"
861:Comparison to taxable bonds
692:promise repayment based on
59:, discuss the issue on the
2989:
2308:Inverse floating rate note
1056:Ahmedabad City Corporation
1052:Bangalore City Corporation
819:
813:
642:Local authorities in many
2917:
2154:
2112:Municipal Finance Journal
1608:Schwert, Michael (2017).
1028:UK Municipal Bonds Agency
683:General obligation bonds:
462:Diversification (finance)
2973:Local government finance
2467:Mortgage-backed security
2236:Types of bonds by payout
2178:Types of bonds by issuer
1820:"Mark's Market Analysis"
1268:Vértesy, László (2020).
1127:Ripley, William (1915).
974:municipal bond arbitrage
872:taxable equivalent yield
674:Types of municipal bonds
660:industrial revenue bonds
2891:Consumer leverage ratio
2802:Tax refund interception
1938:South Carolina v. Baker
993:South Carolina v. Baker
2401:Option-adjusted spread
2303:Inflation-indexed bond
1859:Thau, Annette (2001).
1614:The Journal of Finance
1583:The Journal of Finance
1290:– via REAL-MTAK.
1012:Tax Reform Act of 1986
954:
740:Securities underwriter
626:, commonly known as a
427:Alternative investment
2896:Debt levels and flows
2447:Asset-backed security
2411:Weighted-average life
2248:Auction rate security
1287:10.32575/ppb.2020.1.8
1158:O'Hara, Neil (2012).
955:
559:Investment management
472:Environmental finance
2717:Debt snowball method
2440:Securitized products
980:Statutory regulation
903:
840:2009 mortgage crisis
65:create a new article
57:improve this article
2217:Infrastructure bond
1848:. pp. 180–181.
1765:. December 14, 2016
1727:fred.stlouisfed.org
1709:fred.stlouisfed.org
1073:Build America Bonds
1005:Revenue Act of 1913
706:subsidized housing.
584:Sustainable finance
98:Part of a series on
2293:Floating rate note
2052:. January 31, 2023
1899:Thau op cit p. 131
1665:. August 23, 1998.
1662:The New York Times
1626:10.1111/jofi.12511
1568:10.1093/rfs/hhl012
1466:The New York Times
1058:in February 1998.
1018:In other countries
950:
826:Detroit bankruptcy
574:Speculative attack
339:Structured product
2950:
2949:
2797:Strategic default
2762:Collection agency
2675:
2674:
2657:Predatory lending
2547:
2546:
2500:Exchangeable bond
2426:Yield to maturity
2278:Exchangeable bond
2200:Subordinated debt
2078:. August 10, 1998
2076:Business Standard
1763:www.governing.com
1693:. S&P Global.
1341:"Tax regulations"
1169:978-1-118-16682-6
1094:. SIFMA Research.
948:
855:yield to maturity
620:
619:
447:Banks and banking
437:Asset (economics)
263:Credit derivative
231:Stock certificate
104:Financial markets
93:
92:
85:
67:, as appropriate.
16:(Redirected from
2980:
2963:Government bonds
2642:Consumer lending
2592:
2574:
2567:
2560:
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2490:Convertible bond
2333:Zero-coupon bond
2273:Convertible bond
2258:Commercial paper
2141:
2134:
2127:
2118:
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2087:
2085:
2083:
2068:
2062:
2061:
2059:
2057:
2042:
2036:
2035:
2033:
2031:
2016:
2010:
2009:
2007:
2005:
2000:. March 23, 2016
1990:
1984:
1983:
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1969:
1959:
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1934:
1928:
1909:
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1902:
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1889:
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1875:
1874:
1856:
1850:
1849:
1842:
1836:
1835:
1833:
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1826:on July 14, 2011
1822:. Archived from
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1809:
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1805:
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1772:
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1636:
1630:
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1620:(4): 1683–1722.
1605:
1599:
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959:
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956:
951:
949:
947:
930:
929:
920:
915:
914:
800:over-the-counter
690:Assessment bonds
664:Northern Pacific
612:
605:
598:
554:Impact investing
549:Growth investing
282:Foreign exchange
268:Futures exchange
216:Registered share
114:
95:
88:
81:
77:
74:
68:
40:
39:
32:
21:
2988:
2987:
2983:
2982:
2981:
2979:
2978:
2977:
2953:
2952:
2951:
2946:
2942:Promissory note
2913:
2879:
2860:Deposit account
2806:
2777:Debtors' prison
2731:
2697:Management plan
2671:
2623:
2583:
2578:
2548:
2543:
2514:
2505:Extendible bond
2495:Embedded option
2471:
2435:
2337:
2298:High-yield debt
2288:Fixed rate bond
2283:Extendible bond
2231:
2212:Government bond
2207:Distressed debt
2173:
2150:
2145:
2106:The Bond Buyer.
2096:
2091:
2081:
2079:
2070:
2069:
2065:
2055:
2053:
2044:
2043:
2039:
2029:
2027:
2018:
2017:
2013:
2003:
2001:
1992:
1991:
1987:
1978:
1977:
1973:
1961:
1960:
1956:
1935:
1931:
1910:
1906:
1897:
1896:
1892:
1883:
1882:
1878:
1871:
1858:
1857:
1853:
1844:
1843:
1839:
1829:
1827:
1818:
1817:
1813:
1803:
1801:
1797:
1796:
1792:
1783:
1782:
1778:
1768:
1766:
1757:
1756:
1752:
1745:marketwatch.com
1739:
1738:
1734:
1721:
1720:
1716:
1703:
1702:
1698:
1689:
1688:
1684:
1677:"Discount Bond"
1675:
1674:
1670:
1655:
1654:
1650:
1642:
1638:
1637:
1633:
1607:
1606:
1602:
1580:
1579:
1575:
1553:
1552:
1548:
1538:
1536:
1528:
1527:
1523:
1513:
1511:
1507:
1506:
1502:
1493:
1492:
1488:
1478:
1476:
1459:
1458:
1454:
1446:
1442:
1425:
1421:
1408:
1407:
1403:
1393:
1391:
1382:
1381:
1377:
1367:
1365:
1360:
1359:
1355:
1345:
1343:
1339:
1338:
1334:
1326:
1322:
1321:
1317:
1307:
1305:
1300:
1299:
1295:
1267:
1266:
1262:
1252:
1250:
1242:
1241:
1232:
1225:
1204:
1203:
1199:
1189:
1187:
1182:
1181:
1177:
1170:
1157:
1156:
1152:
1145:
1126:
1125:
1121:
1111:
1109:
1104:
1103:
1099:
1090:
1089:
1085:
1081:
1064:
1020:
982:
931:
921:
906:
901:
900:
891:
882:
863:
853:Projecting the
851:
849:Return analysis
828:
818:
812:
787:
778:
757:
752:
713:
676:
652:
644:other countries
616:
457:Climate finance
386:
372:
300:
299:
279:
278:
273:Hybrid security
211:Preferred stock
181:
172:High-yield debt
167:Government bond
89:
78:
72:
69:
54:
41:
37:
28:
23:
22:
15:
12:
11:
5:
2986:
2984:
2976:
2975:
2970:
2965:
2955:
2954:
2948:
2947:
2945:
2944:
2939:
2934:
2929:
2924:
2918:
2915:
2914:
2912:
2911:
2898:
2893:
2887:
2885:
2881:
2880:
2878:
2877:
2875:Securitization
2872:
2867:
2862:
2857:
2852:
2847:
2842:
2837:
2832:
2827:
2822:
2816:
2814:
2808:
2807:
2805:
2804:
2799:
2794:
2789:
2784:
2779:
2774:
2769:
2764:
2759:
2754:
2748:
2746:
2733:
2732:
2730:
2729:
2727:Loan guarantee
2724:
2719:
2714:
2709:
2699:
2694:
2689:
2683:
2681:
2677:
2676:
2673:
2672:
2670:
2669:
2667:Vendor finance
2664:
2659:
2654:
2649:
2644:
2639:
2633:
2631:
2625:
2624:
2622:
2621:
2616:
2611:
2606:
2600:
2598:
2589:
2585:
2584:
2579:
2577:
2576:
2569:
2562:
2554:
2545:
2544:
2542:
2541:
2535:
2529:
2522:
2520:
2516:
2515:
2513:
2512:
2507:
2502:
2497:
2492:
2487:
2481:
2479:
2473:
2472:
2470:
2469:
2464:
2459:
2454:
2449:
2443:
2441:
2437:
2436:
2434:
2433:
2428:
2423:
2418:
2413:
2408:
2406:Risk-free bond
2403:
2398:
2393:
2391:Mortgage yield
2388:
2383:
2378:
2373:
2368:
2363:
2358:
2353:
2347:
2345:
2343:Bond valuation
2339:
2338:
2336:
2335:
2330:
2325:
2320:
2318:Perpetual bond
2315:
2310:
2305:
2300:
2295:
2290:
2285:
2280:
2275:
2270:
2265:
2260:
2255:
2250:
2245:
2239:
2237:
2233:
2232:
2230:
2229:
2224:
2222:Municipal bond
2219:
2214:
2209:
2204:
2203:
2202:
2197:
2190:Corporate bond
2187:
2181:
2179:
2175:
2174:
2172:
2171:
2166:
2161:
2155:
2152:
2151:
2146:
2144:
2143:
2136:
2129:
2121:
2115:
2114:
2109:
2103:
2095:
2094:External links
2092:
2090:
2089:
2063:
2037:
2025:Public Finance
2011:
1998:Global Capital
1985:
1971:
1954:
1929:
1904:
1890:
1887:. p. 181.
1876:
1869:
1851:
1837:
1811:
1790:
1787:. p. 184.
1776:
1750:
1747:. MarketWatch.
1732:
1714:
1696:
1682:
1668:
1648:
1631:
1600:
1589:(2): 565–601.
1573:
1562:(2): 275–314.
1546:
1521:
1500:
1497:. p. 182.
1486:
1452:
1440:
1419:
1401:
1375:
1353:
1332:
1315:
1293:
1260:
1230:
1223:
1197:
1175:
1168:
1150:
1143:
1119:
1097:
1082:
1080:
1077:
1076:
1075:
1070:
1063:
1060:
1024:United Kingdom
1019:
1016:
981:
978:
961:
960:
946:
943:
940:
937:
934:
928:
924:
918:
913:
909:
887:
878:
865:Comparing the
862:
859:
850:
847:
814:Main article:
811:
808:
786:
783:
777:
774:
756:
753:
751:
748:
744:
743:
737:
734:
712:
709:
708:
707:
700:
699:
698:
675:
672:
651:
648:
624:municipal bond
618:
617:
615:
614:
607:
600:
592:
589:
588:
587:
586:
581:
576:
571:
566:
561:
556:
551:
546:
541:
536:
535:
534:
529:
524:
519:
514:
509:
504:
499:
494:
489:
479:
474:
469:
464:
459:
454:
449:
444:
439:
434:
432:Angel investor
429:
421:
420:
416:
415:
414:
413:
408:
403:
395:
394:
388:
387:
385:
384:
379:
373:
371:
370:
365:
359:
356:
355:
349:
348:
347:
346:
344:Swap (finance)
341:
336:
331:
326:
321:
316:
311:
306:
298:
297:
291:
284:
280:
277:
276:
270:
265:
258:
254:
251:
250:
246:
245:
244:
243:
238:
236:Stock exchange
233:
228:
223:
218:
213:
208:
203:
195:
194:
188:
187:
186:
185:
183:Securitization
179:
177:Municipal bond
174:
169:
164:
159:
157:Corporate bond
154:
152:Bond valuation
146:
145:
139:
138:
137:
136:
124:
116:
115:
107:
106:
100:
99:
91:
90:
51:of the subject
49:worldwide view
44:
42:
35:
26:
24:
18:Municipal debt
14:
13:
10:
9:
6:
4:
3:
2:
2985:
2974:
2971:
2969:
2966:
2964:
2961:
2960:
2958:
2943:
2940:
2938:
2937:Interest rate
2935:
2933:
2930:
2928:
2925:
2923:
2920:
2919:
2916:
2910:
2906:
2902:
2899:
2897:
2894:
2892:
2889:
2888:
2886:
2882:
2876:
2873:
2871:
2868:
2866:
2863:
2861:
2858:
2856:
2853:
2851:
2848:
2846:
2843:
2841:
2838:
2836:
2833:
2831:
2828:
2826:
2823:
2821:
2818:
2817:
2815:
2813:
2809:
2803:
2800:
2798:
2795:
2793:
2790:
2788:
2785:
2783:
2780:
2778:
2775:
2773:
2770:
2768:
2765:
2763:
2760:
2758:
2755:
2753:
2750:
2749:
2747:
2745:
2742:
2738:
2734:
2728:
2725:
2723:
2720:
2718:
2715:
2713:
2712:Restructuring
2710:
2707:
2703:
2700:
2698:
2695:
2693:
2692:Consolidation
2690:
2688:
2685:
2684:
2682:
2678:
2668:
2665:
2663:
2660:
2658:
2655:
2653:
2650:
2648:
2645:
2643:
2640:
2638:
2637:Business loan
2635:
2634:
2632:
2630:
2626:
2620:
2617:
2615:
2612:
2610:
2607:
2605:
2602:
2601:
2599:
2597:
2593:
2590:
2586:
2582:
2575:
2570:
2568:
2563:
2561:
2556:
2555:
2552:
2539:
2536:
2533:
2530:
2527:
2524:
2523:
2521:
2517:
2511:
2510:Puttable bond
2508:
2506:
2503:
2501:
2498:
2496:
2493:
2491:
2488:
2486:
2485:Callable bond
2483:
2482:
2480:
2478:
2474:
2468:
2465:
2463:
2460:
2458:
2455:
2453:
2450:
2448:
2445:
2444:
2442:
2438:
2432:
2429:
2427:
2424:
2422:
2419:
2417:
2414:
2412:
2409:
2407:
2404:
2402:
2399:
2397:
2396:Nominal yield
2394:
2392:
2389:
2387:
2384:
2382:
2379:
2377:
2374:
2372:
2371:Current yield
2369:
2367:
2366:Credit spread
2364:
2362:
2359:
2357:
2354:
2352:
2349:
2348:
2346:
2344:
2340:
2334:
2331:
2329:
2326:
2324:
2323:Puttable bond
2321:
2319:
2316:
2314:
2311:
2309:
2306:
2304:
2301:
2299:
2296:
2294:
2291:
2289:
2286:
2284:
2281:
2279:
2276:
2274:
2271:
2269:
2266:
2264:
2261:
2259:
2256:
2254:
2253:Callable bond
2251:
2249:
2246:
2244:
2241:
2240:
2238:
2234:
2228:
2225:
2223:
2220:
2218:
2215:
2213:
2210:
2208:
2205:
2201:
2198:
2196:
2193:
2192:
2191:
2188:
2186:
2183:
2182:
2180:
2176:
2170:
2167:
2165:
2162:
2160:
2157:
2156:
2153:
2149:
2142:
2137:
2135:
2130:
2128:
2123:
2122:
2119:
2113:
2110:
2107:
2104:
2101:
2098:
2097:
2093:
2077:
2073:
2067:
2064:
2051:
2047:
2041:
2038:
2026:
2022:
2015:
2012:
1999:
1995:
1989:
1986:
1981:
1975:
1972:
1968:
1964:
1958:
1955:
1951:
1948:
1944:
1940:
1939:
1933:
1930:
1926:
1923:
1919:
1915:
1914:
1908:
1905:
1900:
1894:
1891:
1886:
1880:
1877:
1872:
1870:0-07-135862-5
1866:
1862:
1861:The Bond Book
1855:
1852:
1847:
1841:
1838:
1825:
1821:
1815:
1812:
1800:
1794:
1791:
1786:
1780:
1777:
1764:
1760:
1754:
1751:
1746:
1742:
1736:
1733:
1728:
1724:
1718:
1715:
1710:
1706:
1700:
1697:
1692:
1686:
1683:
1678:
1672:
1669:
1664:
1663:
1658:
1652:
1649:
1641:
1635:
1632:
1627:
1623:
1619:
1615:
1611:
1604:
1601:
1596:
1592:
1588:
1584:
1577:
1574:
1569:
1565:
1561:
1557:
1550:
1547:
1535:
1531:
1525:
1522:
1510:
1504:
1501:
1496:
1490:
1487:
1475:
1471:
1467:
1463:
1456:
1453:
1449:
1444:
1441:
1436:
1430:
1422:
1420:0-7863-1095-2
1416:
1412:
1405:
1402:
1389:
1385:
1379:
1376:
1363:
1357:
1354:
1342:
1336:
1333:
1325:
1319:
1316:
1303:
1297:
1294:
1288:
1283:
1279:
1275:
1271:
1264:
1261:
1249:
1245:
1239:
1237:
1235:
1231:
1226:
1224:0-471-39365-7
1220:
1216:
1211:
1210:
1201:
1198:
1186:
1179:
1176:
1171:
1165:
1161:
1154:
1151:
1146:
1144:1-58798-074-6
1140:
1136:
1132:
1131:
1123:
1120:
1108:. Invesco Ltd
1107:
1101:
1098:
1093:
1087:
1084:
1078:
1074:
1071:
1069:
1066:
1065:
1061:
1059:
1057:
1053:
1049:
1044:
1042:
1037:
1035:
1034:
1029:
1025:
1017:
1015:
1013:
1008:
1006:
1001:
999:
995:
994:
989:
988:
979:
977:
975:
971:
965:
941:
938:
935:
926:
922:
916:
911:
907:
899:
898:
897:
895:
890:
886:
881:
877:
873:
868:
860:
858:
856:
848:
846:
843:
841:
835:
833:
832:rating agency
827:
823:
817:
809:
807:
803:
801:
795:
791:
784:
782:
775:
773:
770:
768:
767:
761:
754:
749:
747:
741:
738:
735:
731:
730:
729:
725:
721:
718:
710:
704:
703:Revenue bonds
701:
695:
691:
688:
687:
684:
681:
680:
679:
673:
671:
667:
665:
661:
656:
649:
647:
645:
640:
636:
633:
629:
625:
613:
608:
606:
601:
599:
594:
593:
591:
590:
585:
582:
580:
577:
575:
572:
570:
567:
565:
562:
560:
557:
555:
552:
550:
547:
545:
542:
540:
537:
533:
530:
528:
525:
523:
520:
518:
515:
513:
510:
508:
505:
503:
500:
498:
495:
493:
490:
488:
485:
484:
483:
480:
478:
475:
473:
470:
468:
467:Eco-investing
465:
463:
460:
458:
455:
453:
450:
448:
445:
443:
442:Asset pricing
440:
438:
435:
433:
430:
428:
425:
424:
423:
422:
419:Related areas
417:
412:
409:
407:
404:
402:
399:
398:
397:
396:
393:
389:
383:
380:
378:
375:
374:
369:
366:
364:
361:
360:
358:
357:
354:
350:
345:
342:
340:
337:
335:
332:
330:
327:
325:
322:
320:
317:
315:
312:
310:
307:
305:
302:
301:
295:
294:Exchange rate
292:
290:
286:
285:
283:
274:
271:
269:
266:
264:
260:
259:
257:
253:
252:
249:Other markets
247:
242:
241:Watered stock
239:
237:
234:
232:
229:
227:
224:
222:
219:
217:
214:
212:
209:
207:
204:
202:
199:
198:
197:
196:
193:
189:
184:
180:
178:
175:
173:
170:
168:
165:
163:
160:
158:
155:
153:
150:
149:
148:
147:
144:
140:
135:
132:
128:
125:
123:
122:Public market
120:
119:
118:
117:
113:
109:
108:
105:
101:
97:
96:
87:
84:
76:
73:December 2013
66:
62:
58:
52:
50:
43:
34:
33:
30:
19:
2907: /
2903: /
2870:Money market
2865:Fixed income
2844:
2792:Phantom debt
2772:Debt bondage
2740:
2618:
2519:Institutions
2477:Bond options
2421:Yield spread
2313:Lottery bond
2243:Accrual bond
2221:
2169:Fixed income
2080:. Retrieved
2075:
2066:
2054:. Retrieved
2049:
2040:
2028:. Retrieved
2024:
2014:
2002:. Retrieved
1997:
1988:
1974:
1966:
1957:
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569:Market trend
544:Greenwashing
401:Participants
206:Growth stock
201:Common stock
192:Stock market
176:
162:Fixed income
130:
79:
70:
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2909:Odious debt
2787:Garnishment
2652:Payday loan
2588:Instruments
2416:Yield curve
2376:Dirty price
2351:Clean price
2227:Global bond
2195:Senior debt
2185:Agency bond
2148:Bond market
2050:Nikkei Asia
1952: (1988)
1927: (1895)
1804:October 18,
1346:October 18,
1280:: 146–169.
816:Credit risk
564:Market risk
377:Spot market
334:Reinsurance
329:Real estate
319:Mutual fund
256:Derivatives
226:Stockbroker
143:Bond market
2957:Categories
2927:Insolvency
2835:Government
2767:Compliance
2757:Charge-off
2737:Collection
2687:Bankruptcy
2680:Management
2647:Loan shark
2614:Government
1539:August 24,
1514:August 24,
1479:October 7,
1079:References
820:See also:
755:Taxability
724:at once.
406:Regulation
134:Securities
2884:Economics
2845:Municipal
2830:Diplomacy
2825:Corporate
2782:Distraint
2619:Municipal
2609:Debenture
2604:Corporate
2356:Convexity
2164:Debenture
1474:0362-4331
1429:cite book
1253:March 18,
970:arbitrage
939:−
785:Liquidity
697:interest.
507:corporate
482:Financial
304:Commodity
61:talk page
2932:Interest
2905:Internal
2901:External
2820:Consumer
2752:Bad debt
2431:Z-spread
2386:I-spread
2381:Duration
1769:June 12,
1062:See also
532:services
522:personal
517:forecast
487:analysis
411:Clearing
363:Forwards
289:Currency
127:Exchange
55:You may
2922:Default
2850:Venture
2840:Medical
2812:Markets
2744:Evasion
2706:history
2540:(SIFMA)
2082:May 30,
2056:May 24,
2030:May 19,
2004:May 20,
1963:"Bonds"
1729:. FRED.
1711:. FRED.
1645:. MSRB.
1450:103(a).
1394:July 4,
1368:July 4,
1308:July 4,
1112:July 4,
998:Pollock
733:advice.
650:History
630:, is a
539:Fintech
502:betting
492:analyst
392:Trading
368:Options
2739:
2702:Relief
2534:(ICMA)
2528:(CMSA)
2361:Coupon
2263:Consol
1941:,
1916:,
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324:Option
129:
2855:Buyer
2662:Usury
2629:Loans
2596:Bonds
1945:
1920:
1643:(PDF)
1327:(PDF)
867:yield
512:crime
497:asset
382:Swaps
314:Money
221:Stock
63:, or
2581:Debt
2159:Bond
2084:2023
2058:2023
2032:2016
2006:2016
1947:U.S.
1922:U.S.
1865:ISBN
1832:2010
1806:2014
1771:2017
1541:2016
1516:2016
1481:2017
1470:ISSN
1435:link
1415:ISBN
1396:2021
1370:2021
1348:2014
1310:2021
1255:2018
1219:ISBN
1192:2012
1164:ISBN
1139:ISBN
1114:2021
1033:CIBC
1022:The
1010:The
1003:The
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632:bond
628:muni
452:Bull
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1943:485
1925:429
1918:157
1622:doi
1591:doi
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1448:IRC
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