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Municipal bond trading strategies

municipal bond trading strategies

Yield curve The graphical relationship between yield and maturity among bonds of different maturities and the same credit quality. Market price or market value For securities traded through an exchange, the last reported price at which a security was sold; for securities traded "over-the-counter the current price of the security in the market. Scale Listing by maturity of the price or yields at which a new issue will be offered. Alternative Minimum Tax (AMT) An alternative way of calculating income under the Internal Revenue Code. Revenue bond A bond on which the debt service is payable solely from the revenue generated from the operation of the project being financed or a category of facilities, or from other non-tax sources. Volatility A statistical measure of the variance of price or yield over time. Although the global financial crisis of 2008 caused most bond insurers to cease issuing insurance policies, bond insurance has continued to remain available from highly rated providers, including legacy insurers and new industry participants. Registered bond A bond whose owner is registered with the issuer or its agent either as to both principal and interest or as to principal only.

GMS group - Put a, municipal Bond

Discount margin The effective spread to maturity of a floating-rate security after discounting the yield value of a price other than par over the life of the security. Callable bonds Bonds that are subject to payment of the principal amount (and accrued interest) prior to the stated maturity date, with or without payment of a call premium. Variable rate bond A long-term bond the interest rate of which is adjusted periodically, typically based upon specific market indicators. (Radian Asset) acquired Municipal and Infrastructure Assurance Corporation miac a bond insurer formed but never launched by Macquarie Group. This is the price with no concessions. The party providing the servicing receives a servicing fee. They are created by brokerage houses, and are liquidated as investments within the trust are paid off. Also known as Treasury Inflation Protected Securities (tips) or Treasury Inflation-Indexed Securities (tiis). Section 501(c 3) The section of the Internal Revenue Code under which not-for-profit organizations receive their tax-exempt status. Bond funds Registered investment companies whose assets are invested in diversified portfolios of bonds. Constant maturity treasury (CMT) A series of indexes of various maturities (one, three, five, seven or 10 years) published by the Federal Reserve Board and based on the average yield of a range of Treasury securities adjusted to a constant. Redemption premium The amount by which the "call" price of a security exceeds its principal, or par value. Taxable municipal bond A municipal bond whose interest is not excluded from the gross income of its owners for federal income tax purposes.

For municipal bond trading strategies example, the spread between a 10-year Treasury yielding.75 and a 10-year corporate yielding.25 is 50 basis points. Bond resolution Issuer legal document which details the mechanics of the bond issuer, security features, covenants, events of default and other key features of the issues legal structure. Coupon This is the amount of interest due and the date on which payment is to be made. The size and terms of medium-term notes may be customized to meet investors' needs. For example, holders of insured bonds were kept whole by Assured Guaranty and National in situations involving Detroit, Michigan; Jefferson County, Alabama; Harrisburg, Pennsylvania; Stockton, California and Puerto Rico. Announces Settlement with Bank of America".

Bond insurance - Wikipedia

This entails a maturity schedule with increasing principal amounts each year. The composition of the index may not reflect the manner in which a strategy is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change. . Par Price equal to the face amount of a security; 100. Modified duration Duration adjusted to price and yield levels to represent percent change relationship of price and yield. One or more underwriters will act as manager of the syndicate and one of the managers will act as lead manager and run the books. Learn more, tax-Free Municipal Bonds - Read about the different kinds of tax-free municipal bonds and why these bonds are such an attractive investment. Leverage The use of borrowed money to increase investing power.

Glossary of Bond Terms - Investing In Bonds

Senior manager The underwriter who coordinates municipal bond trading strategies the sale of a bond or note issue and manages a syndicate or selling group. Transfer of ownership can only be accomplished when the securities are properly endorsed by the registered owner. Yield burning In a refunding, the practice of a dealer marking up the price of the securities to be put in an escrow, in order to "burn the yield down" to levels that do not violate federal arbitrage regulations. The purported benefit for the insurers was that they had very stable profits from a market that almost never defaulted. In July 2016 Assured Guaranty acquired cifg, which was merged into AGC.

Best Short Term Investments for Any

The outstanding volume of repos and reverse repos is enormous. There are organizational differences among the GSEs although all are established with a public purpose. The pass-through issuer or servicer collects the payments on the loans in the pool and "passes through" the principal and interest to the security holders on a pro rata basis. Manager (or senior manager) The underwriter that serves as the lead underwriter for an account. 19 (2008) September 22, 2008, RE: Best practices for financial guaranty insurers Archived July 19, 2011, at the Wayback Machine.I.G. Strips Separate Trading of Registered Interest and Principal of Securities. Canterbury Volatility Index (CVI Measures the markets volatility or emotional state. Default risk Possibility that a bond issuer will fail to pay principal or interest when due.

In 2001, Radian Group Inc. Short Borrowing and then selling securities that one does not own, in anticipation of a price decline. An ARMs interest rate is tied to an objective, published interest rate index. P I payments are made to the registered owner on the record date. Another term for call provisions is redemption provisions. Bond bank Agencies created by a few states to buy entire issues of bonds of municipalities. Bonds insured by these companies are sometimes said to be "wrapped" by the insurer. Scenario analysis Examining the likely performance of an investment under a wide range of possible interest rate environments. 30, 2975 Archived October 6, 2008, at the Wayback Machine Recalling New York at the Brink of Bankruptcy, NY Times, Ralph Blumenthal Charles. In addition to credit enhancement, bond insurance provides other benefits to investors, including improved market liquidity for the insured securities, surveillance of the underlying transactions, and remediation of the underlying transaction, should that prove necessary. Monoline insurers posted higher reserves for losses, as insured structured financings backed by residential mortgage loans appeared headed for default. Spreads differ based on several factors including liquidity. Inverse floater bonds A primary derivative tax-exempt bond.

municipal bond trading strategies

Bond, basics: Different Types Of Bonds

Notes periodically issued by the GSEs whose return is adjusted with changes in the PPI or CPI. Take-down The discount from the list price allowed to a member of an underwriting account on any bonds purchased from the account. Unlike mortgage-backed securities (MBS covered bonds remain on an issuer's balance sheet. The MBS market is for institutional investors and is not suitable for individual investors. When the dollar price is below face value, it is said to be selling at a discount. When an account is made up of several groups of underwriting firms that normally function as separate accounts, the larger account is often managed by several underwriters, usually one from each of the several groups, and these managers are referred. 41 New players such as Warren Buffett's Berkshire Hathaway Assurance entered the market. xlca (2000 initially a subsidiary of XL Capital Ltd. In the event of a refunded security, a prerefunded date will appear in place of any call date and will be indicated by an R prerefunded; or an E escrowed to maturity. Servicing Collection and pooling of principal, interest and escrow payments on mortgage loans and mortgage pools, as well as certain operational procedures such as accounting, bookkeeping, insurance, tax records, loan payment follow-up, delinquency loan follow-up and loan analysis.

Monetary default Failure to pay principal or interest promptly when due. Open-End or Mutual Fund Investment Company: This is a company which uses its capital to invest in other companies. Current face The current remaining monthly principal on a mortgage security. A senior manager is usually used only with regard to a negotiated financing. Lockout The period of time before an investor will begin receiving principal payments. Calls municipal bond trading strategies are purchased by investors who expect a price increase. Archived from the original (PDF). If other securities firms share in the management responsibilities, they may be called co-senior managers, or, to a lesser extent, co-managers.

Securitization Securitization may be broadly defined as the process of issuing new securities backed by a pool of existing assets such as loans, residential or commercial mortgages, credit card debt, or other assets. Examples include inverse floater bonds; bonds with embedded swaps and caps; and bonds based on interest rate tax-exempt derivative products that are based on a custodial receipt, a trust certificate, or another security that is not directly issued by a state or local government. The underwriters expenses and selling costs are usually paid from this amount. Legal opinion An opinion concerning the validity of a securities issue with respect to statutory authority, constitutionality, procedural conformity and usually the exemption of interest from federal income taxes. Archived from the original on October 3, 2011. Commission The fee paid to a dealer when the dealer acts as agent in a transaction, municipal bond trading strategies as opposed to when the dealer acts as a principal in a transaction (see net price). 50 In June 2011, Radian Asset Insurance Inc. They provide a steady, periodic flow of income to investors. Principal The face amount of a bond, exclusive of accrued interest and payable at maturity. See, for example, the 1994 BusinessWeek article on mbia. Perpetual floating-rate note A floating-rate note with no stated maturity date.

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"nyse moves to delist ACA Capital Holdings". Trust agreement Agreement between the issuer and the trustee (1) authorizing municipal bond trading strategies and securing the bonds; (2) containing the issuers covenants and obligations with respect to the project and payment of debt service; (3) specifying the events of default; and (4) outlining. Firm Free option to buy securities for a stated time at a stated price. Fixed-rate bond A long-term bond with an interest rate fixed to maturity. Regulated utilities, and asset-backed securities (ABS) in the United States and elsewhere, as well as non-U.S.

TLT And MUB: The Only

Org, Corporate Research Project / Good Jobs First, accessed Ninety-Five Percent Of Our Profits Are Locked In, BusinessWeek : May 30, 1994, Tim Smart, Charlie Hoots "Archived copy" (PDF). Also called initial delivery." original face The face value or original principal amount of a security on its issue date. Fixed-rate mortgage A mortgage featuring level monthly payments, determined at the outset, which remain constant over the life of the mortgage. (editor Philip Mattera, writer Mafruza Khan, analyst Kevin Pranis) Ninety-Five Percent Of Our Profits Are Locked In, BusinessWeek: May 30, 1994, Tim Smart, Charlie Hoots Confidence Game, Christine S Richard, Bloomberg News, Wiley, 2010, p271-274 "Standard Poor's - Americas". Limited-liability company A special-purpose company incorporated under special limited-liability company legislation enacted in many states and foreign countries. Options: A purchaser of an option has the right, but not the obligation, to buy or sell certain securities at a specified price within a specified time. When the other tranches are retired, the Z-tranche begins to receive cash payments that include both principal and continuing interest. The monolines became involved in more of these transactions, typically by selling credit default swap (CDS) protection on the CDO tranches. Structured credit issuance ceased, and many municipal bond issuers spurned bond insurance, as the market was no longer willing to pay the traditional premium for monoline-backed paper. /ul round lot Block of bonds 100,000 or higher. Initial delivery municipal bond trading strategies The delivery of a new issue by the issuer to the original purchaser, upon payment of the purchase price. Covered bond Covered bonds are debt issued by banks that are fully collateralized by residential or commercial mortgage loans or by loans to public sector institutions.

Bond, eTFs You Need

The purpose is to provide better market access for small, lesser-known issuers. Reciprocal immunity doctrine The doctrine that many believe provides the constitutional basis for the exemption from federal taxation of the interest earned on municipal securities. Special tax bond A bond secured by a special tax, such as a gasoline tax or a sales tax. Bond equivalent yield An adjustment to a CMO yield which reflects its greater present value, created because CMOs pay monthly or quarterly interest, as opposed to semiannual interest payments on most other types of bonds. Counterparty One of two entities in a traditional interest rate swap. The advocates of tax-exemption for bonds believe that a tax on the interest income a taxpayer receives constitutes a tax on the issuer of the bonds. Forward floor An agreement to enter into a floor at some date in the future. Allow a GMS bond specialist to assist you to meet your objectives today. To BBB from. The Treasury Departments program under which eligible securities are authorized to be separated into principal and interest components, and transferred separately. Bond insurance Legal commitment by insurance company to make scheduled payment of interest and principal of a bond issue in the event that the issuer is unable to make those payments on time.

Spread When buying or selling a municipal bond trading strategies bond through a brokerage firm, an individual investor will be charged a commission or spread, which is the difference between the market price and cost of purchase, and sometimes a service fee. Examples of tax-backed bonds include moral obligations and appropriation-backed bonds. Original-issue discount bond (OID) A bond initially issued at a dollar price less than par which qualifies for special treatment under federal tax law. Auction Sealed-bid public sale of Treasury securities; method of determining the rate or yield. Convertible bond A corporate bond that may be converted into shares of another security under stated terms, often into the issuing company's common stock.

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Futures contract In the municipal market, an agreement to purchase or sell the municipal bond index (The Bond Buyer 40-Bond Index) for delivery in the future. Securities issued as subordinated debt will pay interest and principal but only after all interest that is due and payable has been paid on any and all senior debt. In the context of a bond, a point means 10, since a bond with this reference means 1,000 (no matter what the actual denominations of the bonds of the issue). Companies included in the index are selected by the S P Index Committee, a team of analysts and economists at Standard Poor's. . P I (principal and interest) The term used to refer to regularly scheduled payments or prepayments of principal and of interest on mortgage securities. Inverted, or negative, yield curve The interest rate structure which exists when short-term interest rates exceed long-term interest rates. Debt service requirements Amounts required to pay debt service, often expressed in the context of a time frame (such as annual debt service requirements). Certificate of ownership Proof of ownership; a document issued to shareholders by a trustee of a unit investment trust. Call price The specified price at which a bond will be redeemed or called prior to maturity, typically either at a premium (above par value) or at par.

New issues of these bonds are prohibited under the 1986 Tax Law. The bonds are backed by the credit of the beneficiary of the financing rather than the credit of the issuer. As an example, a county usually includes several smaller governmental units and its debt is apportioned to them for payment based on the ratio of the assessed value of each smaller unit to the assessed value of the county. Proceeds of these bonds can be used for the most of the same purposes as proceeds of regular tax-exempt government bonds. A series of questions sent by a potential issuer to evaluate the qualification of potential underwriters of their negotiated issues. Another difference from MBS is that the collateralthe pool of loansfor covered bonds is dynamic, so non-performing or municipal bond trading strategies prepaying loans are replaced with performing assets. Debt service reserve fund The fund into which are paid monies which are required by the trust agreement or indenture as a reserve against a temporary interruption in the receipt of the revenues or other amounts which are pledged for the payment of the bonds. Yield is a function of a securitys purchase price and coupon interest rate. 13 Standard Poor's Ratings Services has denied that it employed or employs a separate rating scale for municipal and non-municipal issues. Legislation enacted by Congress sets the volume cap. By mid-2008, Ambac shares were trading for around 1 and by the end of 2010 at 10 to 13 cents per share.

Its 15 members are divided into three categories securities firms representatives, bank dealer representatives and public members each category having equal representation on the Board. Ascending, or positive, yield curve The interest rate structure which exists when long-term interest rates exceed short-term interest rates. The public entity municipal bond trading strategies is the issuer even in those cases where the actual source of the money to pay debt service is to be an entity other than the issuer. Volatility is low if the price does not change very much over a short period of time, and high if there is a greater change. These two tests the "private business use test" and the "private payment or security test" must be examined in connection with the issuance of any municipal security. Most commonly used in connection with changing variable rate to fixed-rate financings typically because the construction phase is over or rates are at a level the issuer feels comfortable with for the long term; or because of indenture requirements (probably relating to arbitrage). This entails a maturity schedule with the same amount of principal maturing each year, with a resulting smaller interest component each year. Washington Public Power Supply System (wppss) History Link 5482, By David Wilma, July 10, 2003 "mbia Inc". As the housing bubble grew in the mid-2000s, bond insurers generally increased the collateral protection required for rmbs. A 2 Billion Blunder: Washington Public Power Supply System". Learn more, gMS is a valuable destination for discerning High-Net-Worth investors. Moral obligation bond A revenue bond which, in addition to its primary source of security, possesses a structure whereby an issuer pledges to make up shortfalls in a debt service reserve fund, subject to legislative appropriation. Corporate and Municipal Bond Trading Costs During the Financial Crisis, a White Paper by Peter Ciampi and Eric Zitzewitz "David Einhorn remarks at 17th Annual Graham and Dodd Breakfast".