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The Handbook of Municipal Bonds by FRANK J. FABOZZI, SYLVAN G. FELDSTEIN

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CHAPTER 17
Interest Rate Swaps and Their Application to Tax-Exempt Financing
Eric H. Chu Managing Director Bond Logistix LLC
 
Craig Underwood President Bond Logistix LLC
 
Thomas B. Fox Managing Director Bond Logistix LLC
 
Jon A. McMahon Financial Consultant Bond Logistix LLC
 
Roger L. Davis Chair, Public Finance Department Orrick, Herrington & Sutcliffe LLP
 
Stephen A. Spitz Partner, Public Finance Department Orrick, Herrington & Sutcliffe LLP
 
Albert Simons III Partner, Public Finance Department Orrick, Herrington & Sutcliffe LLP
 
George G. Wolf Chair, Tax Department. Orrick, Herrington & Sutcliffe LLP
This chapter is reprinted in its entirety courtesy of its authors and publishers Bond Logistix LLC, a registered investment advisor and derivative advisor (www.bondlogistix.com) and Orrick, Herrington & Sutcliffe LLP a global law firm with a finance emphasis (www.orrick.com).
The global interest rate swap market is remarkably vast, both in terms of size and scope of products, and it continues to grow rapidly. Within the U.S. public finance sector, the use of interest rate swaps and their close relatives is becoming more common as increasing numbers of governmental entities utilize them to reduce their borrowing costs, better manage or limit their interest rate risk, and effect better matching of assets and liabilities. Written for the benefit of issuers of tax-exempt debt (referred to in this chapter as agencies) and other entities that have access to the municipal capital markets, ...

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