By Robert Doty
A hands-on visible consultant to knowing and making an investment in a big and regularly secure funding car Bloomberg visible advisor to Municipal Bonds bargains step by step information to the character and variety of municipal securities credits buildings. This beneficial consultant demonstrates the dependability of the overpowering majority of municipal securities, and issues out specific marketplace sectors which could yield larger rewards, but additionally current better hazards. This ebook additionally directs readers to sturdy assets of updated info in addition to new industry instruments, byproducts of contemporary industry improvements, that allows you to help you in making knowledgeable funding judgements.
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A hands-on visible consultant to realizing and making an investment in a massive and always secure funding car Bloomberg visible advisor to Municipal Bonds deals step by step tips to the character and variety of municipal securities credits buildings. This important consultant demonstrates the dependability of the overpowering majority of municipal securities, and issues out specific industry sectors which could yield better rewards, but additionally current larger hazards.
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Extra info for Bloomberg Visual Guide to Municipal Bonds
Later in this chapter. For short-term municipal securities issues, EMMA contains certain interest rate data and securitization documentation relating to the liquidity of variable-rate securities. ” later in this chapter, dealers underwriting variable-rate securities are required to submit certain data and documents regarding the securities. The same is true regarding auction-rate securities. Although those no longer are being issued, some auctionrate securities remain outstanding. If you encounter auction-rate securities, you may wish to be aware of significant problems that many investors have experienced with those securities.
Occasionally, although not commonly, for reasons unique to particular securities issues, municipal securities structures may create intentional uses of reserve fund dollars that do not signal fiscal issues. When such a structure is used, the planned reserve fund draws should be disclosed in official statements at the time the securities are first offered. What Is the Incidence of Municipal Bankruptcy? Defaults on municipal securities are not the same as bankruptcies. Municipal securities can, and do, default without the issuer or borrower entering into bankruptcy.
Official statements and continuing disclosure documents are fundamental resources for issuer and borrower information. That information is critical to your understanding of municipal securities you are considering. The Appendix discusses your resources in greater detail. Y What Is EMMA? At the outset of your decision to invest in municipal securities, you should know about EMMA. EMMA is an online resource created and maintained by the Municipal Securities Rulemaking Board (MSRB). org/. I refer several times to EMMA is this book, and again in the Appendix, because it is an especially helpful resource, and the MSRB is improving it constantly for investors.
Bloomberg Visual Guide to Municipal Bonds by Robert Doty