Book Synopsis
The definitive new edition of the most trusted book on municipal bonds
As of the end of 1998, municipal bonds, issued by state or local governments to finance public works programs, such as the building of schools, streets, and electrical grids, totaled almost $1.5 trillion in outstanding debt, a number that has only increased over time. The market for these bonds is comprised of many types of professionals--investment bankers, underwriters, traders, analysts, attorneys, rating agencies, brokers, and regulators--who are paid interest and principal according to a fixed schedule. Intended for investment professionals interested in how US municipal bonds work, The Fundamentals of Municipal Bonds, Sixth Edition explains the bond contract and recent changes in this market, providing investors with the information and tools they need to make bonds reliable parts of their portfolios.
- The market is very different from when the fifth edition was published more than ten years ago, and this revision reasserts Fundamentals of Municipal Bonds as the preeminent text in the field
- Explores the basics of municipal securities, including the issuers, the primary market, and the secondary market
- Key areas, such as investing in bonds, credit analysis, interest rates, and regulatory and disclosure requirements, are covered in detail
- This revised edition includes appendixes, a glossary, and a list of financial products related to applying the fundamentals of municipal bonds
- An official book of the Securities Industry and Financial Markets Association (SIFMA)
With today's financial market in recovery and still highly volatile, investors are looking for a safe and steady way to grow their money without having to invest in stocks. The bond market has always been a safe haven, although confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to decide on the most suitable fixed income investments.
From the Back Cover
This informative volume is a thoroughly revised and updated edition of the classic text on the municipal securities market. Written by Neil O'Hara for the Securities Industry and Financial Markets Association (SIFMA) --the principal trade group representing securities firms and banks active in the municipal bond market--the Sixth Edition of The Fundamentals of Municipal Bonds provides comprehensive coverage of the many developments in the municipal securities market that have taken place in recent years. It provides a basic understanding of the market for a wide range of readers, including experienced professionals--such as investment bankers, traders, brokers, and professional investors--as well as public officials, academicians, students, and sophisticated individuals.
With today's financial market in recovery from the Great Recession--and still highly volatile--investors are looking for a stable, reliable, and safe source of investment income. The municipal bond market has always been a safe haven, and Fundamentals helps market observers sort through the many products and features to make the best investment choices. This book cuts through the noise to get to the facts that any investor needs to know.
Along with an extensive glossary of municipal bond terminology and a bibliography covering relevant print and online sources, as well as thorough descriptions of products prevalent in the market, the book provides detailed explanations and a variety of relevant examples to illuminate crucial areas such as:
- The basics of municipal securities
- Financial products
- Issuers
- Primary and secondary markets
- Investing in bonds
- Credit analysis and understanding interest rates
- Disclosure and regulatory requirements
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 new edition.
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks, and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation, and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, DC, is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.
About the Author
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks, and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation, and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, DC, is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.
