Introduction

The Nature of the Municipal Securities Market

The Primary And Secondary Markets

The Primary Market

Competitive Bidding

Negotiated Underwriting

Compensation to Underwriters

The Secondary Market

Types Of Municipal Obligations

Classes of Municipal Securities

Other Types of Municipal Securities

Municipal Notes

Municipal Bond Funds

Advantages of Municipal Bond Funds

Types of Municipal Bond Funds

Single State Funds

National Funds

Insured Bond Funds

High Yield Funds

Open-End vs. Closed-End Funds

Unit Investment Trusts

Tax Issues Related To Municipal Bond Funds

Alternative Minimum Tax

Capital Gains

Credit Ratings Of Municipal Securities

Factors To Consider In The Credit Analysis Process

Debt per Capita

Debt to Assessed Value and Market Value

Debt per Capita to Income per Capita

Competence of Administration

Red Flags For Investors

Municipal Bond Insurance

Yield Patterns In Primary And Secondary Markets

Yield And Pricing Calculations

Yield to Maturity

Yield to Call

Current Yield

Taxable-Equivalent Yield

Tax-Exempt Ratio

Accrued Interest

Market Behavior Of Municipal Bonds

Premium And Discount Issues

Regulation Of The Municipal Market

The Municipal Securities Rulemaking Board

Current MSRB Issues

Glossary

Municipal Securities Quiz