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FINANCIAL MARKET COURSES

Municipal Bonds (US) – Primary & Secondary Markets

The market for municipal bonds consists of the primary market, where new issues are distributed and sold for the first time, and the secondary market, where bonds are traded between investors after they have been issued on the primary market. This course describes the process by which new municipal securities are first offered to the market, in addition to outlining the key features of secondary market trading.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the issuing process for municipal bonds

    Explain how municipal bonds are traded in the secondary market

  • COURSE OUTLINE

    Topic 1: Primary Market

    Methods of Sale

    o Negotiated Sale

    o Competitive Sale (Competitive Bid)

    o Private Placement

    Underwriting Syndicates

    Role of Counsel in Municipal Bond Offerings

    o Bond Counsel

    o Underwriter Counsel

    Underwriters Compensation in Municipal bond Offerings

    Topic 2: Secondary Market

    Market Overview

    Market Conventions

    Secondary Market Participants

    Secondary Market Trading – MSRB Rules

    Market Information – The Bond Buyer

    Municipal Bond Indexes

    Municipal Bond Credit Ratings

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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