Lecture 12_MUNI - Lecture12 MunicipalBonds L12XiaodingLiu...

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Lecture 12 Municipal Bonds L12 Xiaoding Liu 1 FIN4243 Fall 2009
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Municipal Bonds Debt securities issued by state and local  governments in the US are called  municipal bonds (munis) Munis are issued by states, counties,  cities, and other political subdivisions  (such as school, water districts) L12 Xiaoding Liu 2 FIN4243 Fall 2009
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Municipal Bonds Municipalities issue short-term notes to Cover seasonal and temporary imbalances  between outlays for expenditure and tax inflows Municipalities issue long-term bonds as  the principal means for financing both Long-term capital projects such as the  construction of schools, bridges, roads, and  airports and Long-term budget deficits that arise from current  operations L12 Xiaoding Liu 3 FIN4243 Fall 2009
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Municipal Bonds Municipal bonds investors Historically: mutual funds, bank trust  departments, property and casualty insurance 
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