Summary and Info
A practical guide to profiting from the high yield municipal marketThis unique guide to the high yield municipal bond market sheds some much-needed light on this esoteric but profitable corner of the fixed-income world. It fills the void between the general reference handbooks on municipal bonds and the superficial treatment of do-it-yourself bond guides, with an emphasis on practical trading applications. Having witnessed the beginning of the modern high yield tax-exempt institutional market, author Triet Nguyen documents its historical evolution, outlines a conceptual framework for high yield tax-free investing, one that takes into account both interest rate and credit cycles, and reviews the latest historical data on municipal defaults, including for the first time the non-rated sector. Current distressed opportunities are also discussed. Along the way, Nguyen takes the time to discuss in detail the pros and cons of investing in pre-packaged high yield vehicles—from mutual funds to hedge funds to exchange-traded funds—with frank and objective insider tips on how these slickly marketed products really work. For the truly committed investor who wants to do his or her own homework, Nguyen and a group of industry experts go over the key investment considerations for several major classes of high yield tax-exempt bonds. Offers unique insights into the risk/return, trading, and liquidity characteristics of high yield municipal instrumentsIncludes interesting case studies to fully illustrate the high yield investing processWritten by an insider of both the asset management industry and the broker-dealer community Investing in the High Yield Municipal Market will put you in a better position to profit in this arena and help you excel in today's tough financial environment.Content: Chapter 1 The Basics of High Yield Municipal Bonds (pages 1–13): Chapter 2 A Brief History of the High Yield Muni Market (pages 15–25): Chapter 3 The Investment Case for High Yield Municipals (pages 27–49): Chapter 4 High Yield Credit Risk Revisited: The Default Record (pages 51–64): Chapter 5 Professionally Managed High Yield Municipal Products (pages 65–86): Chapter 6 Investing in Individual Bonds (pages 87–92): Richard DaskinChapter 7 Investing in Distressed Bonds (pages 93–101): Chapter 8 Case Studies (pages 103–112): Chapter 9 Managing Bond Defaults and Bankruptcies (pages 113–134): Kenji MochizukiChapter 10 Common Types of High Yield Municipal Bonds (pages 135–178): Patrick Flanagan, James Lyman, Keith Rochelli and Ken RogozinskiChapter 11 Special Types of High Yield Municipal Bonds (pages 179–199): Richard Larkin, Herbert J. Sims and Shannan WilsonChapter 12 Up?and?Coming High Yield Sectors (pages 201–214): Jon Barasch, Edward Krauss, Jeffrey Lamb, Matt Eden and Melissa RobertsonChapter 13 High Yield Investing in the Post–Bond Insurance Era (pages 215–223):
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