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By mid-January 2017, the bond debt had reached $70 billion in a territory with a 45% poverty rate and a double-digit unemployment (12.4% in December 2016), more than twice the mainland US average. [70] The debt had been increasing during a decade-long recession. [71] The Commonwealth defaulted on many debts, including bonds, since 2015. [72]
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
Yet even as other parts of the bond market have started to show signs of losing ground, the municipal bond market has. Ever since the financial crisis, investors have looked to bonds to protect ...
Yield burning was a method by which major Wall Street U.S. municipal bond dealers cheated the United States government out of millions of dollars of revenue. [1] The scam was initially exposed by whistleblower Michael Lissack in 1994, and eventually the firms involved settled with the government for $205 million.
First, muni bonds are often investment-grade assets. Around seven out of 10 in the Bloomberg Municipal Bond Index are in the top two rungs of credit quality, Schwab cited.
There are several ways to invest in municipal bonds, but the most common include purchasing individual municipal bonds, buying muni mutual funds or exchange-traded funds (ETFs) and creating ...
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