By Robert Doty
A hands-on visible consultant to realizing and making an investment in a massive and continuously secure funding automobile Bloomberg visible consultant to Municipal Bonds bargains step by step counsel to the character and variety of municipal securities credits constructions. This important advisor demonstrates the dependability of the overpowering majority of municipal securities, and issues out specific marketplace sectors which can yield higher rewards, but additionally current higher dangers. This ebook additionally directs readers to strong assets of up to date details in addition to new industry instruments, byproducts of contemporary marketplace improvements, in an effort to help you in making trained funding judgements.
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Additional resources for Bloomberg Visual Guide to Municipal Bonds
32 ■ CHAPTER 2 Basic Information Resources The arrow points to the identity of the issuer. 4 Reprinted with permission from Bloomberg. Copyright 2011 Bloomberg L. P. All rights reserved. 5) from the Bloomberg Terminal shows summary financial information for certain California local governments. The City of San Diego, which had been affected severely by a Securities and Exchange Commission enforcement action several years ago leading to substantial delays in publishing financial audits, caught up and filed its 2010 audit shortly after this screen was created.
These defaults almost invariably involve special development districts, housing projects, and medical facilities that represent small, speculative undertakings that are ﬁnanced by revenue bonds. The bond issues are typically unrated and small in size. But the woes of this fringe of this market can generate “body counts” that seem impressive, while they are completely misleading as to the sector as a whole. A reprise of the post World War II period shows that a handful of defaults accounted for the great bulk of dollars involved: just two defaults amounted to 48% of all the principal of defaulted bonds during the last 40 years.
In addition, if the issuers or borrowers prepare “preliminary official statements,” which almost always occurs, then dealers offering the securities are required to provide those documents to requesting investors. You should request a copy when you are offered municipal securities in an initial offering. Some issuers or borrowers may file their preliminary official statements with the MSRB, although they are not required to do so. If they do, you may obtain a copy there, as well. Preliminary official statements are required to contain all the disclosure information that is material to an offering, except certain information dependent on the offering process (such as prices).
Bloomberg Visual Guide to Municipal Bonds by Robert Doty