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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.
Muni bonds are a more attractive option for investors in high-tax states and cities, so investors in those areas should be sure to calculate the tax-equivalent yield on potential muni investments.
Moody's Investors Service's released an annual report, US Municipal Bond Defaults and Recoveries, 1970-2017, highlighting the municipal bond market through 2017.
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.
Muni arb is a relative value strategy that seizes upon an inefficiency that is related to government tax policy; interest on municipal bonds is exempt from federal income tax. [1] [2] Because the source of this arbitrage is artificially imposed by government regulation, it has persisted (i.e., it has not been "arbed away") for decades. [3]
Build America Mutual Assurance Company (stylized as Build America Mutual or BAM) is a mutual, monoline bond insurer of essential public-purpose U.S. municipal bonds. Since its inception in July 2012, the company has insured more than $65 billion in par amount for more than 3,300 member-issuers.
Late last year, outspoken banking analyst Meredith Whitney rattled the staid world of municipal bonds with a bold prediction on 60 Minutes that hundreds of billions of dollars in munis would soon ...
The term "fixed income" is also applied to a person's income that does not vary materially over time. This can include income derived from any combination of (1) fixed-income investments such as bonds and preferred stocks or (2) pensions that guarantee a fixed income (defined benefit as contrasted with defined contribution).