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Maturity periods vary – Bonds can range from short-term (1-5 years) to long-term (20-30 years). Many are tax-free – Interest is often exempt from federal taxes and sometimes state and local taxes.
A 2007 study concluded that the average investment grade tax exempt 1-10 year municipal bond traded 21 times over its 11-year sample and 5.65% of issues only traded once. [ 21 ] Unlike corporate and Treasury bonds, which are more likely to be held by institutional investors, municipal bond owners are more diverse, and hence harder to locate ...
A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government's pledge to use legally-available resources, including tax revenues, to repay bondholders. [1]
Municipal bonds, also called munis, are a type of debt security issued by local governments, such as a city, state or municipality, to fund government projects.
GICs are sometimes referred to as funding agreements, although this term is often reserved for contracts sold to non-qualified institutions. [citation needed] Example: Funds obtained through a municipal bond issuance will generally take time to be drawn down. Depositing the bond proceeds in a GIC gives the bond issuer the liquidity of having ...
How Muni Bonds Work Municipal bonds look a lot like other kinds of bonds. State and local governments issue muni bonds in order to finance a variety of public projects, ranging from general budget ...
The Vanguard High-Yield Tax-Exempt Fund invests in long-term municipal bonds with medium to high credit quality and aims to earn high and sustainable current income exempt from federal income tax.
An auction rate security (ARS) typically refers to a debt instrument (corporate or municipal bonds) with a long-term nominal maturity for which the interest rate is regularly reset through a Dutch auction. Since February 2008, most such auctions have failed, and the auction market has been largely frozen.
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