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Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income

441 pages5 hours


A practical guide to profiting from the high yield municipalmarket

This unique guide to the high yield municipal bond market shedssome much-needed light on this esoteric but profitable corner ofthe fixed-income world. It fills the void between the generalreference handbooks on municipal bonds and the superficialtreatment of do-it-yourself bond guides, with an emphasis onpractical trading applications.

Having witnessed the beginning of the modern high yieldtax-exempt institutional market, author Triet Nguyen documents itshistorical evolution, outlines a conceptual framework for highyield tax-free investing, one that takes into account both interestrate and credit cycles, and reviews the latest historical data onmunicipal defaults, including for the first time the non-ratedsector. Current distressed opportunities are also discussed. Alongthe way, Nguyen takes the time to discuss in detail the pros andcons of investing in pre-packaged high yield vehicles—frommutual funds to hedge funds to exchange-traded funds—withfrank and objective insider tips on how these slickly marketedproducts really work. For the truly committed investor who wants todo his or her own homework, Nguyen and a group of industry expertsgo over the key investment considerations for several major classesof high yield tax-exempt bonds.

Offers unique insights into the risk/return, trading, andliquidity characteristics of high yield municipal instruments Includes interesting case studies to fully illustrate the highyield investing process Written by an insider of both the asset management industry andthe broker-dealer community

Investing in the High Yield Municipal Market will put youin a better position to profit in this arena and help you excel intoday's tough financial environment.

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