By Triet Nguyen
ISBN-10: 1118175476
ISBN-13: 9781118175477
A sensible advisor to making the most of the excessive yield municipal market
This special advisor to the excessive yield municipal bond industry sheds a few much-needed gentle in this esoteric yet ecocnomic nook of the fixed-income global. It fills the void among the final reference handbooks on municipal bonds and the superficial therapy of homemade bond publications, with an emphasis on sensible buying and selling applications.
Having witnessed the start of the trendy excessive yield tax-exempt institutional industry, writer Triet Nguyen records its old evolution, outlines a conceptual framework for prime yield tax-free making an investment, one who takes under consideration either rate of interest and credits cycles, and reports the most recent historic information on municipal defaults, together with for the 1st time the non-rated quarter. present distressed possibilities also are mentioned. alongside the way in which, Nguyen takes the time to debate intimately the professionals and cons of making an investment in pre-packaged excessive yield vehicles—from mutual cash to hedge money to exchange-traded funds—with frank and goal insider tips about how those slickly advertised items particularly paintings. For the really devoted investor who desires to do his or her personal homework, Nguyen and a gaggle of specialists move over the most important funding issues for a number of significant sessions of excessive yield tax-exempt bonds.
- Offers exact insights into the risk/return, buying and selling, and liquidity features of excessive yield municipal instruments
- Includes fascinating case stories to completely illustrate the excessive yield making an investment process
- Written via an insider of either the asset administration and the broker-dealer community
Investing within the excessive Yield Municipal Market will positioned you in a greater place to learn during this area and assist you excel in state-of-the-art difficult monetary setting.
Read Online or Download Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income PDF
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Extra resources for Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income
Sample text
It was not until real-time trade reporting was mandated by the Municipal Securities Rulemaking Board (MSRB) that high yield investors finally got any kind of price transparency. Ironically, improved price discovery, certainly a worthwhile goal from the buyer’s standpoint, may have undercut the profitability of street trading desks, arguably leading to a steady decline in liquidity in the high yield sector over the last few years. Although Wall Street wirehouses dominated the investment-grade new issue market, their presence in the high yield secondary market was relatively muted.
In hindsight, the two major areas where the funds stumbled badly were real estate risk and commodity risk. No wonder the biggest credit setbacks (in dollar terms) suffered by the high yield funds in the 1990s occurred in two key sectors: multifamily housing projects and so-called “de-inking” facilities. By the standards of municipal issuance, the de-inking sector was rather modest. Only about a billion dollars’ worth of bonds were issued around the country in 1994 and 1995 to finance the construction of paper mills designed to produce de-inked, recycled pulp.
The assets of the high yield muni funds, as defined by Lipper Analytics, went from a mere $23 million at the end of the first quarter of 1984 to top $1 billion only two years later. Moreover, except for a slight dip in 1999 (for reasons to be discussed below), this growth trend continued virtually unbroken for more than two decades, before peaking at $48 billion in the summer of 2007. Unsurprisingly, the 2008 credit crisis took a big bite out of the high yield muni funds’ assets. 2 billion, virtually wiping out all the gains since June 30, 2005.
Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income by Triet Nguyen
by Anthony
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