Encyclopedia of Municipal Bonds: A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge (Bloomberg Financial)

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Product Description

An accessible reference that explores every aspect of the municipal bond market

Until now, there has been no accessible encyclopedia, dictionary, nor guide to the world of municipal bonds. Comprehensive and objective, this groundbreaking volume covers the history and mechanics of the municipal market in clear and understandable terms. It covers all aspects of the market, including pricing, trading, taxation issues and yields, as well as topical events such as the financial crisis, hysteria about defaults and Chapter 9 municipal bankruptcy, fraud, and regulation.

Encyclopedia of Municipal Bonds also contains entries on important historical events and provides much-needed context for this field.

• Everything you ever wanted to know about municipal bonds in one comprehensive resource
• Joe Mysak is the author of the Bloomberg bestseller Handbook for Muni Issuers
• Demystifies the world of municipal bonds for both the novice and professional investor
• Explores issues such as the Orange County bankruptcy, the Jefferson County default, the New York City financial crisis, and the surprisingly recent creation of the modern municipal market

Encyclopedia of Municipal Bonds offers an essential reference guide for investors, professionals, regulators, insurers, and anyone else involved in the municipal bond market.

Encyclopedia of Municipal Bonds: A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge (Bloomberg Financial) Review

Joe Mysak is one of the true experts in the municipal bond markets, journalist or not. He has covered municipal bonds at Bloomberg since 1999, and has covered municipals since 1981. I have read his work for over 12 years, and I have been impressed.

So when he writes an encyclopedia of Municipal Bonds, it's gonna be dull, right? There are entries that are short to define simple but important concepts, but the glory of the book are the long articles, because they describe how the municipal market evolved its structure.

It's not a dull book, if you want to understand how the Muni market came into existence, and how it acts today.

The long articles are the best, and they include:

The Arkansas Default in 1933
Auction-rate securities
Bell California pay scandal
Chapter 9
Convention Centers (stop the madness)
Default (and why it is different for munis)
Escrowed to Maturity
Garbage bonds
The Implosion at Heartland
House Museums
How Initiatives and Referendums Could and Could not affect muni financing.
Muni bond insurance -- a topic I have often criticized.
Jefferson County, Alabama
Pension bonds, particularly those of New Jersey
Orange County's default
Pension obligations, and their effect on munis
Moody's changing their ratings for munis in 2010.
The effects of derivatives on naive municipal executives, who thought the got it.
Tobacco bonds.
Tourist attractions (bad bets for muni bond financing)
Yield-burning. (using the tax-exemption to earn arbitrage profits of some kind.)

It is the controversies and legal cases of the bond market that have had the most impact on how the market behaves today, and that is how the book covers its topics.

I learned a lot from reading this, and most muni investors would learn still more. This book is well written, and explains the issues in detail, without resorting to unnecessary verbiage.

Quibbles

None.

Who would benefit from this book: Most investors in muni bonds would benefit from this book.

Most of the consumer Reviews tell that the "Encyclopedia of Municipal Bonds: A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge (Bloomberg Financial)" are high quality item. You can read each testimony from consumers to find out cons and pros from Encyclopedia of Municipal Bonds: A Reference Guide to Market Events, Structures, Dynamics, and Investment Knowledge (Bloomberg Financial) ...