Book description
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.
Table of contents
- The Frank J. Fabozzi Series
- Title Page
- Copyright Page
- Foreword
- Preface
- Acknowledgments
- 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
- CHAPTER 2 - An Overview of Investment Banking
-
CHAPTER 3 - Role of the Financial Advisor
- OVERVIEW OF FINANCIAL ADVISORS AND THEIR ROLES
- FINANCIAL ADVISORS IN NEGOTIATED TRANSACTIONS
- FINANCIAL ADVISORS IN COMPETITIVE TRANSACTIONS
- SECURITIES DEALERS AS FINANCIAL ADVISORS
- INDEPENDENT FINANCIAL ADVISORS
- PRICING OF FINANCIAL ADVISORY SERVICES
- DETAILS REGARDING THE FINANCIAL ADVISOR’S FUNCTIONS
- TYPICAL ADVISORY SERVICES PROVIDED IN CONNECTION WITH AN INTEREST RATE SWAP
- HOW TO HIRE A FINANCIAL ADVISOR
- SUMMARY
- CHAPTER 4 - Method of Sale in the Municipal Bond Market
- CHAPTER 5 - The Role of Bond Counsel in Public Agency Financing
- CHAPTER 6 - The Role of Counsel to the Underwriters
- CHAPTER 7 - Summary of Federal Tax Requirements for Tax-Exempt Bonds
- CHAPTER 8 - The Role of the Municipal Bond Trustee
-
CHAPTER 9 - Chapter 9: The Last Resort for Financially Distressed Municipalities
- HISTORICALLY, BANKRUPTCY HAS BEEN A MECHANISM OF DEBT ADJUSTMENT IN OTHER COUNTRIES
- BRIEF HISTORY OF MUNICIPAL BANKRUPTCY LEGISLATION IN THE UNITED STATES
- EXISTING MUNICIPAL BANKRUPTCY PROVISIONS
- INITIATION OF CHAPTER 9 PROCEEDING AND EFFECT ON BONDHOLDER RIGHTS AND REMEDIES
- UNIQUE FEATURES OF CHAPTER 9
- THE REQUIRED MAINTENANCE OF MUNICIPAL SERVICE DURING A MUNICIPAL BANKRUPTCY
- LABOR CONTRACTS ARE AN IMPORTANT ELEMENT OF THE MUNICIPAL BUDGET WHOSE STATUS IN A CHAPTER 9 HAS BEEN SUBJECT OF DISCUSSION
- STATUTE GOVERNING THE REJECTION OF COLLECTIVE BARGAINING AGREEMENT IN CORPORATE CONTEXT
- “SPECIAL REVENUES” PLEDGED TO BONDHOLDERS
- PAYMENTS TO BONDHOLDERS ARE NOT PREFERENCES
- USE OF LETTERS OF CREDIT AS BACKING FOR MUNICIPAL AND CONDUIT OBLIGATIONS
- PLAN OF ADJUSTMENT FOR MUNICIPALITY TIME, CONTENT, IMPAIRMENT OF CLAIMS AND ACCEPTANCE
- POSTPETITION DISCLOSURE AND SOLICITATION
- ACCEPTANCE OF THE PLAN
- CONFIRMATION OF PLAN
- APPENDIX: CHAPTER 9 CASES FILED AS FEBRUARY 8, 2007
-
CHAPTER 10 - Subnational Infrastructure Finance in the Emerging Markets: A Financial Guaranty Perspective
- THE DEVELOPMENT AND GROWTH OF LOCALLY DENOMINATED CONTRACTUAL SAVINGS POOLS AND CREDIT MARKETS
- THE DEVOLUTION REVOLUTION: DECENTRALIZATION AND/OR PRIVATIZATION IS CONTINUING IN VIRTUALLY ALL EMERGING MARKETS
- DEVELOPING FINANCIALLY SUSTAINABLE SUBNATIONAL INFRASTRUCTURE CREDITS IN THE EMERGING MARKETS
- CONCLUSIONS
- CHAPTER 11 - The Role of the Rating Agencies
- CHAPTER 12 - Municipal Bond Refundings
- CHAPTER 13 - Public-Private Partnerships
-
PART Two - The Sell Side: Distribution and Market-Making Roles
- CHAPTER 14 - The Role of the Underwriter
- CHAPTER 15 - The Roles of Traders and Brokers
- CHAPTER 16 - Municipal Arbitrage and Tender Option Bonds
- CHAPTER 17 - Interest Rate Swaps and Their Application to Tax-Exempt Financing
- CHAPTER 18 - The Regional Firm: Its Customers, Traders, and Institutional Salespeople
- CHAPTER 19 - Changing Roles of Buyers and Sellers of Municipal Bonds: One Participant's View
- CHAPTER 20 - The Depository Trust Company and Real-Time Price Transparency
- CHAPTER 21 - i-Deal/Ipreo: The Transaction Platform
-
PART Three - Compliance Issues
-
CHAPTER 22 - The Municipal Securities Rulemaking Board
- ORGANIZATION OF THE MSRB AND THE SCOPE OF RULEMAKING AUTHORITY
- PROFESSIONAL QUALIFICATIONS, SUPERVISION, RECORDKEEPING AND COMPLIANCE
- UNIFORM PRACTICE RULES
- MUNICIPAL MARKET TRANSPARENCY AND THE MSRB
- FAIR DEALING AND SUITABILITY
- MUNICIPAL SECURITIES INFORMATION LIBRARY
- MARKET INTEGRITY
- ADDITIONAL INFORMATION REGARDING MSRB
- CHAPTER 23 - The Role of the Securities and Exchange Commission
- CHAPTER 24 - Sarbanes-Oxley and the Securities and Exchange Commission
- CHAPTER 25 - Using Auditing Techniques to Develop Investment Adviser Compliance Procedures
- CHAPTER 26 - Rule 2a-7: Legal and Research Issues for Tax-Exempt Money Market Funds
-
CHAPTER 22 - The Municipal Securities Rulemaking Board
-
PART Four - Fixed Income Analysis of Municipal Products
- CHAPTER 27 - Evaluation of Municipal Bonds
- CHAPTER 28 - Valuation of Municipal Bonds with Embedded Options
- CHAPTER 29 - Analyzing and Evaluating Tax-Exempt Indexed Floaters: Investor and Issuer Perspectives
- CHAPTER 30 - Municipal Inverse Floating Rate Securities
- CHAPTER 31 - Analyzing Portfolios Daily
- CHAPTER 32 - Discovering Relative Value Using Custom Indexes
- CHAPTER 33 - Municipal Bond Swaps
- CHAPTER 34 - The Tax Treatment of Municipal Bonds
-
PART Five - The Buy Side: Institutional Investors
- CHAPTER 35 - Managing a National Municipal Bond Fund
- CHAPTER 36 - Managing a High-Yield Municipal Fund
- CHAPTER 37 - Managing Municipal Bonds for Property and Casualty Insurance Companies for Total Return
- CHAPTER 38 - The Role of Hedge Funds in the Municipal Market
-
CHAPTER 39 - Managing Municipal Bond Portfolios for High-Net-Worth Investors
- A LIVING, BREATHING HUMAN BEING
- EMOTIONAL UPS AND DOWNS
- TRANSPARENCY
- EDUCATION
- THE STARTING POINT
- THE CLIENT’S EXISTING SITUATION
- UNCOVERING CLIENT OBJECTIVES
- WHAT IS THE CLIENT REALLY TRYING TO ACHIEVE IN THE BOND MARKET?
- ARTICULATING OBJECTIVES AND SETTING PARAMETERS
- PERFORMANCE MEASUREMENT
- UNCOVERING VALUE IN THE MUNICIPAL BOND MARKET
- CONFRONTING INTEREST RATE RISK
- CONFRONTING CREDIT RISK
- CONFRONTING CALL RISK
- CONFRONTING LIQUIDITY RISK
- YIELD CURVE ANALYSIS
- BOND SWAPPING
- USING BALANCE IN PORTFOLIO CONSTRUCTION AND RECONSTRUCTION
- PORTFOLIO DISTRIBUTIONS
- MUNICIPAL BONDS: A MOST NECESSARY INVESTMENT
- CHAPTER 40 - Municipal Credit Default Swaps
- CHAPTER 41 - Municipal Collateralized Debt Obligations
- CHAPTER 42 - Performance Attribution of Municipal Bonds
-
PART Six - Credit Analysis
- CHAPTER 43 - The Role of the National Federation of Municipal Analysts in Promoting Better Disclosure
- CHAPTER 44 - A History of Modern Municipal Defaults
- CHAPTER 45 - New Issues in Municipal Accounting
- CHAPTER 46 - Managing a Buy-Side Municipal Bond Research Department
- CHAPTER 47 - The Role of an Activist Bond Analyst
- CHAPTER 48 - How to Analyze General Obligation Bonds
- CHAPTER 49 - General Analytical Framework for Assessing the Credit Worthiness of Revenue Bonds
- CHAPTER 50 - How to Analyze Airport Revenue Bonds
- CHAPTER 51 - Land-Secured Bonds
- CHAPTER 52 - Hospital Bond Analysis
-
CHAPTER 53 - Single-Family Housing Bonds
- THE APPEAL OF SINGLE-FAMILY BONDS
- SF BOND ISSUANCE RECORD IN 2006
- CREDIT STRENGTH OF SF BONDS
- A UNIQUE BASKET OF CALL OPTIONS
- PREPAYMENTS IN SF BONDS
- MUNICIPAL PREPAYMENT SPEEDS
- OTHER WAYS OF HANDLING PREPAYMENTS
- PAC BONDS
- DISCRIMINATING BETWEEN PAC BONDS
- PASSTHROUGHS
- LOCKOUT BONDS
- CROSSCALLING
- THE TEN YEAR RULE
- UNIVERSAL CAP REGULATIONS
- THE UNUSED PROCEEDS CALL
- OPTIONAL REDEMPTIONS IN SINGLE-FAMILY BONDS
- PRICING SINGLE-FAMILY BONDS
- CONCLUDING REMARKS
-
CHAPTER 54 - Multifamily Bonds
- MULTIFAMILY BOND MARKET PARAMETERS
- AMT PENALIZES THE SECTOR
- MULTIFAMILY SUPPLY OUTLOOK POSITIVE
- VOLUME CAP CONSTRAINS BOND ISSUANCE
- GREAT DIVERSITY OF ISSUERS
- ABUNDANCE OF PROJECT TYPES
- MULTIFAMILY BONDS: DEFAULT RATES
- MULTIFAMILY DEFAULT CYCLES
- AN ARRAY OF CREDIT ENHANCEMENTS
- THE LOW INCOME HOUSING TAX CREDIT
- FHA INSURANCE
- RISK SHARING: SUPERIOR FHA PROGRAM
- GNMA-BACKED MULTIFAMILY BONDS
- PROJECT-BASED SECTION 8
- FHA SECTION 8 MARK-TO-MARKET
- SECTION 236 INTEREST SUBSIDY
- “AFFORDABLE HOUSING” PROJECTS
- TAX OPINION RISKS
- MULTIFAMILY BOND REDEMPTIONS
- PREPAYMENTS IN MULTIFAMILY BONDS
- OTHER CALL OPTIONS IN MULTIFAMILY BONDS
- CONCLUSION
- CHAPTER 55 - Tax-Exempt Electric Utility Debt
-
CHAPTER 56 - How to Analyze Startup Continuing Care Retirement Community Bonds
- ACCOMMODATION AND SERVICE OPTIONS
- RESIDENCY CONTRACTS
- OWNERSHIP, GOVERNANCE, AND MANAGEMENT
- DEMAND ANALYSIS OF INDEPENDENT LIVING UNITS
- THE ANALYSIS OF ADVANCE FEE DEPOSITS AND MONTHLY SERVICE FEE PRICES
- ASSISTED LIVING UNIT AND NURSING CARE BED DEMAND ANALYSIS
- UTILIZATION AND FILL-UP EXPECTATIONS
- FINANCIAL STATEMENT ANALYSIS
- RATIO ANALYSIS
- LEGAL SECURITY FEATURES AND COVENANT CONSIDERATIONS
- CONTINUING DISCLOSURE
- SUMMARY
- CHAPTER 57 - How to Analyze Tobacco Bonds
- CHAPTER 58 - Toll Road Analysis
- CHAPTER 59 - Water and Sewer Bond Analysis
-
PART Seven - Special Security Structures and Their Analysis
- CHAPTER 60 - Evaluating Tax-Exempt Commercial Paper
- CHAPTER 61 - The Use of Letters of Credit in Connection with Municipal Securities
- CHAPTER 62 - How to Analyze Tax, Bond, and Grant Anticipation Notes
- CHAPTER 63 - How to Analyze Refunded Municipal Bonds
- CHAPTER 64 - Pollution Control Revenue, Industrial Development Revenue, and Conduit Financing Bonds
- CHAPTER 65 - How to Analyze FHA-Insured Mortgage Hospital Bonds
- CHAPTER 66 - How to Analyze Higher Education Bonds
- CHAPTER 67 - Analyzing Human Service Provider Bonds
-
CHAPTER 68 - How to Analyze the Municipal Bond Insurers and the Bonds They Insure
- WHAT IS MUNICIPAL BOND INSURANCE?
- MUNICIPAL BOND INSURANCE BENEFITS
- ADDITIONAL BENEFITS OF BOND INSURANCE
- TYPES OF MUNICIPAL BOND INSURANCE
- MUNICIPAL BOND INSURANCE PROVIDERS
- OTHER MUNICIPAL BOND INSURANCE PROVIDERS
- REINSURANCE
- TELLING THE DIFFERENCE
- FINANCIAL FACTORS
- OTHER FINANCIAL FACTORS
- OTHER BUSINESSES
- CONCLUSION
- CHAPTER 69 - Student Loan Financing: Risk Evaluation Tax-Exempt and Taxable Markets Converge
- CHAPTER 70 - Analysis of Tribal Casino Bonds
- CHAPTER 71 - Understanding Variable Rate Demand Obligations
- CHAPTER 72 - State Credit Enhancement Programs for School Districts and Municipalities
- CHAPTER 73 - The ABCs of Charter Schools
-
Case Studies of Innovative and Other Security Structures
- CASE STUDY 1 - New York City Uses Taxable Municipals After 9/11 for Budget Relief and Affordable Housing
-
CASE STUDY 2 - 9/11, Subprime Loans, and the Magnolia Park Apartments Bond Default
- OVERVIEW OF THE PROJECT AND THE OWNER
- PITFALLS AND RISKS TO INVESTORS
- DETERMINANTS OF VALUE AND ASSET PROTECTION
- PROBLEMS WITH THE SENIOR/SUBORDINATE BOND STRUCTURE
- ANALYSIS OF THE REAL ESTATE
- CHALLENGES FACED BY MAGNOLIA PARK
- RECALCULATION OF THE CAPITALIZATION RATE FOR DISTRESS CREDITS
- RECOVERY RATES FOR THE SENIOR SECURED BONDS
- SUMMARY
- CASE STUDY 3 - Newport News Issues an Energy Savings COP
-
CASE STUDY 4 - Tax-Exempt Airport Finance: Tales from the Friendly Skies
- BACKGROUND
- THE DIFFERENCE IN TREATMENT OF A LEASE AND A MORTGAGE UNDER THE BANKRUPTCY CODE: WHY DOES IT MATTER?
- FACTORS COURTS TYPICALLY CONSIDER TO DETERMINE IF A LEASE IS A TRUE LEASE OR A FINANCING ARRANGEMENT
- THE BANKRUPTCY COURT’S ANALYSIS OF THE SFO, JFK, AND LAX TRANSACTIONS AS FINANCING ARRANGEMENTS
- THE BANKRUPTCY COURT’S ANALYSIS OF THE DENVER TRANSACTION AS A TRUE LEASE
- THE DISTRICT COURT’S REVIEW OF THE DENVER, SFO, JFK, AND LAX TRANSACTIONS
- THE SEVENTH CIRCUIT’S REVIEW OF THE SFO, JFK, LAX, AND DEN TRANSACTIONS
- CONCLUSION
- APPENDIX A - United Municipal Bonds
- APPENDIX B
- CASE STUDY 5 - Toronto’s Highway 407
- CASE STUDY 6 - Disney’s California Adventure and Tax-Exempt Bonds
- CASE STUDY 7 - Super Bowl XXXII Helps Resolve Bond Default
- CASE STUDY 8 - A Tax-Exempt Prepay Natural Gas Purchase Bond
- CASE STUDY 9 - Universal Studios Road Financing: First with Special Assessment Bonds and Second with Tax Increment Financing Bonds
- CASE STUDY 10 - California’s Workers’ Compensation Insurance Crisis and the Financing of the California Insurance Guarantee Association
- CASE STUDY 11 - Dreamworks Tries to Issue Tax-Exempt Bonds
- CASE STUDY 12 - Financings of the Medical University Hospital Authority of South Carolina
- CASE STUDY 13 - Niagara Falls Memorial Medical Center
- CASE STUDY 14 - Aruba Airport Authority Airport Revenue Bonds
- CASE STUDY 15 - Yankees versus Mets: A Subway Series
- CASE STUDY 16 - Good Swap, Bad Swap
- CASE STUDY 17 - Westminster-Canterbury of the Blue Ridge Continuing Care Retirement Community
- CASE STUDY 18 - Preserving Housing Affordability with Taxable Municipals
- CASE STUDY 19 - Massachusetts Sells LIBOR Index General Obligation Bonds with an Interest Rate Swap
- CASE STUDY 20 - Developing Hudson Yards with a $2 Billion Bond Issue
- CASE STUDY 21 - Seminole Tribe Bets on Taxability
- APPENDIX A - A Pictorial History of Municipal Bonds
- APPENDIX B - Glossary of Terms
- Index
Product information
- Title: The Handbook of Municipal Bonds
- Author(s):
- Release date: April 2008
- Publisher(s): Wiley
- ISBN: 9780470108758
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