FINANCIAL MARKET COURSES
Japanese Equity Market
Receivable Finance (New)
Lending - An Introduction
The Lending Cycle
Commodities - An Introduction (Revised)
Commodities - Trading (New)
Commodities - Livestock (New)
Commodities - Softs (New)
Primer – MiFID II/MiFIR (New)
Understanding Private Wealth Management Business
Private Wealth Management Products & Services
Primer – Smart Beta (New)
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Municipal Bonds (US)
Courses In This Course
Municipal bonds are an important component of US bond market. With a history dating back 200 years, the market for 'munis' has grown to almost USD 3 trillion in size, representing around 8% of the overall bond market. Munis' well-documented tax advantages make them an attractive proposition for fixed income investors, while their lower yields make the bonds an attractive source of financing for many municipal entities. The market for munis received a huge boost in 2009 with the introduction of Build America Bonds (BABs) as part of President Obama's American Recovery and Reinvestment Act to stimulate the economy and create new jobs.
In this course, you will explore:
• The different types of municipal bond, including general obligation (GO) bonds, revenue bonds, and Build America Bonds (BABs)
• The evolution and development of the market for munis
• Municipal bond taxation
• Market regulation, including the role of the MSRB
• Municipal bond analysis
• Alternatives to 'plain vanilla' fixed rate muni structures
• The main classes of investor in municipal bonds and their motivations for investing
• The risks associated with muni investing
• Primary and secondary market trading conventions
A basic understanding of fixed income markets is assumed.
This course will provide new and recent entrants to the banking and securities industry with a solid grounding in the fundamentals of the municipal bond market. The course will also be useful for operations (back office) professionals, compliance and regulatory staff, finance and accounting personnel, IT professionals, or anyone else looking to further their knowledge of the municipal bond market.
MUNICIPAL BONDS (US) - AN INTRODUCTION
Municipal bonds, commonly referred to as ‘munis’, are debt securities issued by states, cities, counties, and other governmental entities. These securities help these entities raise capital for various public purposes – such as building schools, highways, hospitals, and other special projects. A primary feature of many municipal securities is that the interest received by investors is generally exempt from federal income tax, and may also be exempt from state and local taxes. The market for munis received a huge boost in 2009 with the introduction of Build America Bonds (BABs) as part of President Obama's American Recovery and Reinvestment Act to stimulate the economy and create new jobs.
This course provides a broad overview of the municipal bond market, focusing on the main features and issuers of these instruments and the regulatory bodies and legislation relevant to the market.
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Bonds – Primary & Secondary Markets
MUNICIPAL BONDS (US) - TYPES
There are two main types of municipal bond – general obligation, or GO, bonds and revenue bonds. GO bonds are guaranteed by the ‘full faith and credit’ of an issuer with the power to raise taxes, while revenue bonds are secured by the revenues generated by a specific project. A more recent addition to the municipal bond ‘family’ is the Build America Bond (BAB), introduced in 2009 to provide an economic stimulus to flagging municipalities.
In this course, we will look at the main types and sub-types of municipal bond, focusing on the risk factors which investors would look for before committing their funds.
Municipal Bonds (US) – An Introduction
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MUNICIPAL BONDS (US) - INVESTING
Municipal bonds are attractive to a wide range of investors, particularly individuals and mutual funds. These investors are primarily attracted by the fact that interest payments on most munis are exempt from federal taxation, and may also be free from state taxation if the investor is resident in the same state as the bond issuer. This course describes the main investor groups in municipal bonds and the features of these securities that are attractive to them. The risks of investing in munis and the tax issues relevant to bondholders are also discussed.
Municipal Bonds (US) – Types
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MUNICIPAL BONDS (US) - PRIMARY &
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.
Municipal Bonds (US) – Investing
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