The Fundamentals of Municipal Bonds
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Praise for The Fundamentals of Municipal Bonds
"How far municipal bonds have come since I joined the bond business in 1963 and the first edition of The Fundamentals of Municipal Bonds was placed in my hands! Long-term issuance hit all of $10 billion a year, genaral obligation bonds constituted 95 percent of the municipal bond market, and 'they're safe, they're tax-free, and they don't fluctuate much' could almost have said it all. Fast forward a half century to the Sixth Edition which sheds lights on the $2.9 trillion in municipal bonds now outstanding. Writer Neil O'Hara has performed a feat of clarity and omniscience for SIFMA, explaining and fitting all the pieces, players, and moving parts of this ever expanding municipal bond market into a coherent whole. Read and underline, ye beginners at bonds, salty old pros, elected officials, attorneys at law, financial writers, quants, wonks, and believers in public investment in the physical underpinnings of our quality of life. Munis are the one tool you've got for lifting this magnificent country off its magnificent bottom. And here is literally everything you need to know to do it."
--Jim Lebenthal, Lebenthal & Co. LLC
"The Fundamentals of Municipal Bonds is an excellent survey of key topics in municipal finance that can be read from cover-to-cover by lawyers, bankers, professional investors, issuers, and others starting out in the municipal bond market. In addition to describing the roles of key participants in the issuance and trading of municipal securities, Neil O'Hara gives a useful overview of the most prevalent types of financings in cogent language. Major tax and securities law issues are brought up-to-date, and veterans of public finance will find the discussion of current topics, such as derivative products, a useful reference guide that makes difficult issues easily accessible."
--Robert Fippinger, Senior Counsel, Orrick, Herrington & Sutcliffe LLP
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.
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