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- New NYC agency offers tantalizing underwriter slots; finance and authority's muni bond promise lures firms; could pay off for Goldman. (Goldman Sachs & Co.)
- With the state Legislature close to approving a new city financing authority, Wall Street investment banks have begun jockeying for bond underwriting assignments. Creating the new agency - to be named the New York City Finance Authority - would allow With the state Legislature close to...
- Research articles 1997-01-13
- Investment banks wake up to once-sleepy muni bonds; Wall St. embraces public finance as rising tide of issues hits the market.(Bear Stearns and Company Inc.)(Statistical Data Included)
- By late summer, bear Stearns' Dan Keating was energized. The senior managing director's public finance group was already well on its way to its best performance in years. And that was even before Bear Stearns & Co. led 17 other Wall Street firms By late...
- Research articles 2001-10-15
- NY muni loss bruises Goldman. (Goldman Sachs & Co. municipal bond bankers' losses)
- May lose top rank; Pru bolstered For Goldman Sachs & Co. municipal bond bankers, July 26 was Black Friday. On that day, its public finance department lost the prestigious New York City general obligation account and was dropped from the underwritMay lose top rank; Pru...
- Research articles 1996-08-05
- Testing the Effects of Sale Method Restrictions in Municipal Bond Issuance: The Case of New Jersey
- Can state governments save money by restricting the practice of selling tax-exempt bonds through negotiation, or do such regulations impose additional costs? Circumstances in New Jersey recently created a natural experiment to test this proposition. This study finds significant cost savings for those issues sold through competition both before and...
- White papers 2003-01-01
- Has The Time Passed For Municipal Bond Funds?
- The question this article tries to address is do municipal bond funds still have a place in today's portfolios? After closely examining yield and bond fund expenses, along with other factors such as diversification, it is concluded that many investors would do better with individual issues. A well-run bond fund...
- White papers 2000-08-01
- How To Shop For Bonds : Pricing Munis On The Internet
- The focus of the article is how to use the Internet to obtain pricing information when shopping for municipal bonds. Buying municipal bonds is a little like buying a car—an informed buyer shops around, and is ready to do some comparison-shopping. Probably no aspect of investing in municipal bonds is...
- White papers 2003-04-01
- What You Need To Know About Investing In Municipal Bonds
- Municipal bonds are the only sector of the bond market where the primary buyers are individual investors. The chief attraction of munis municipal bonds is that they are exempt from federal taxes. If a person is a resident of the state issuing the bonds, they are also exempt from state...
- White papers 2002-10-01
- Putting Together A Portfolio Of Municipal Bond Investments
- This is one of the articles in a series of three dealing with municipal bonds. It highlights some of the choices one need to make when investing in municipal bonds such as how to determine which maturities best fit financial objectives, comparing premium bonds, discount bonds, and zero-coupon bonds; and...
- White papers 2003-02-01
- Trading Activity And Price Volatility in the Municipal Bond Market
- Utilizing a comprehensive database of transactions in municipal bonds, the paper investigates the volume-volatility relationship in the municipal market. It finds a positive relationship between the number of transaction and a bond's price volatility. In contrast to previous studies, it finds a negative relationship between average deal size and price...
- White papers 2002-08-07
- Zero Coupon Municipal Bonds
- Zero coupon bonds were introduced to the fixed income market in 1982. They were — and are — a unique concept in the marketplace. While most municipal bonds provide semiannual interest payments, zero coupon bonds, as their name suggests, have no "coupon," or periodic interest payments. Instead, the investor receives...
- White papers 2003-01-01
- Unit Investment Trusts
- Tax-exempt unit investment trusts represent one of the simplest ways for Americans to invest in tax-exempt municipal bonds. They offer a wide range benefits, including: Attractive current income free from federal and, in some cases, state and local taxes; High degree of safety with regard to payment of interest and...
- White papers 2003-01-01
- Municipal Bond
- This tutorial articulates about Municipal bond. Municipal bonds, sometimes referred to as "munis", are debt securities issued by a state, municipality or county, to finance its capital expenditures. Such expenditures might include the construction of highways, bridges or schools. Munis are bought for their favorable tax implications and are popular...
- White papers
- Capital Accumulation for Long-Term Savings Such as a Retirement or an Education Fund
- This paper summarizes information for the investor about Long-Term Savings. To understand fully how zero coupon municipal bonds work, it is important first to become acquainted with the principal characteristics of both municipal bonds and the zero coupon structure. While most municipal bonds provide semiannual interest payments, zero coupon bonds,...
- White papers 2003-12-24
- How Prevalent Is Tax Arbitrage? Evidence From the Market for Municipal Bonds
- Although tax arbitrage is central to the literatures on tax capitalization, implicit taxes, and even capital structure, there is little empirical evidence of the extent to which firms actually engage in tax arbitrage. This paper provides some evidence on the topic by focusing on a simple and observable corporate arbitrage...
- White papers 2002-08-01
- Muni Bond Update: Improved Finances Drive Strong Quarter
- This report reviews and provides in-depth update on the municipal bond market performance during the second quarter of 2005. Money-market rates rose as the Federal Reserve raised official short-term rates twice during the quarter, but most bond yields fell, with long-term rates declining the most. Issuers took advantage of declining...
- White papers 2005-08-01
- Liquidity, Default, Taxes and Yields on Municipal Bonds
- This paper examines the relative yields of Treasuries and municipals using a generalized model that includes liquidity as a state factor. Using a unique transaction dataset, it is able to estimate the liquidity risk of municipals and its effect on bond yields. It is found that a substantial portion of...
- White papers 2005-07-08
- Which Bond Is Better?
- This calculator compares rates of return, before and after taxes, for two bond investments. User can select a Treasury security, corporate bond or municipal bond. Treasury securities are exempt from state income taxes. Municipal bonds are exempt from federal income taxes. In some cases, muni bonds are also exempt from...
- Tools & templates 2008-01-01
- Municipal Bond Tax Equivalent Yield
- This tool will estimate The Tax-Equivalent Yield TEY for a municipal bond. Income generated from municipal bond coupon payments are not subject to federal income tax. In addition, if the bond was issued in your state of residence, you can also avoid state income taxes. Use this tool to determine...
- Tools & templates 2008-01-01
- Are California State Muni Bonds Secure?
- Currently, California's General Obligation Unlimited Tax (GO/UTX) bonds carry an A+ bond rating from Standard & Poor's, A1 from Moody's and A+ from Fitch. All have been under review for potential downgrades but are still strong investment-grade ratings. Historically, defaults on municipal bonds - particularly those issued by state and...
- White papers 2008-12-30
- Municipal Bonds: When "Tax-Free" Isn't So Free
- Municipal bonds have long been an attractive investment option for tax-sensitive investors, because munis are free of federal income tax and often state tax too. Add in the fact that munis generally have relatively higher credit quality and lower price volatility than comparable taxable bonds, and munis could trump corporate...
- White papers 2006-01-11
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