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class="vector-toc-numb">2</span> <span>Types of municipal bonds</span> </div> </a> <ul id="toc-Types_of_municipal_bonds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Traditional_issuance_process" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Traditional_issuance_process"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Traditional issuance process</span> </div> </a> <ul id="toc-Traditional_issuance_process-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Characteristics_of_municipal_bonds" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Characteristics_of_municipal_bonds"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Characteristics of municipal bonds</span> </div> </a> <button aria-controls="toc-Characteristics_of_municipal_bonds-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Characteristics of municipal bonds subsection</span> </button> <ul id="toc-Characteristics_of_municipal_bonds-sublist" class="vector-toc-list"> <li id="toc-Taxability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taxability"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Taxability</span> </div> </a> <ul id="toc-Taxability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Coupon_rates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Coupon_rates"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Coupon rates</span> </div> </a> <ul id="toc-Coupon_rates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Liquidity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" 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href="https://el.wikipedia.org/wiki/%CE%94%CE%B7%CE%BC%CE%BF%CF%84%CE%B9%CE%BA%CF%8C_%CE%BF%CE%BC%CF%8C%CE%BB%CE%BF%CE%B3%CE%BF" title="Δημοτικό ομόλογο – Greek" lang="el" hreflang="el" data-title="Δημοτικό ομόλογο" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Bono_municipal" title="Bono municipal – Spanish" lang="es" hreflang="es" data-title="Bono municipal" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B5%D9%86%D8%AF%D9%88%D9%82_%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D9%82%D8%B1%D8%B6%D9%87_%D8%B4%D9%87%D8%B1%D8%AF%D8%A7%D8%B1%DB%8C" title="صندوق اوراق قرضه شهرداری – Persian" lang="fa" hreflang="fa" data-title="صندوق اوراق قرضه شهرداری" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%A7%80%EB%B0%A9%EC%B1%84" title="지방채 – Korean" lang="ko" hreflang="ko" data-title="지방채" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Savivaldyb%C4%97s_obligacija" title="Savivaldybės obligacija – Lithuanian" lang="lt" hreflang="lt" data-title="Savivaldybės obligacija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Bon_perbandaran" title="Bon perbandaran – Malay" lang="ms" hreflang="ms" data-title="Bon perbandaran" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%9C%B0%E6%96%B9%E5%82%B5" title="地方債 – Japanese" lang="ja" hreflang="ja" data-title="地方債" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Obligacja_municypalna" title="Obligacja municypalna – Polish" lang="pl" hreflang="pl" data-title="Obligacja municypalna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Obliga%C8%9Biune_municipal%C4%83" title="Obligațiune municipală – Romanian" lang="ro" hreflang="ro" data-title="Obligațiune municipală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9C%D1%83%D0%BD%D0%B8%D1%86%D0%B8%D0%BF%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0%D1%8F_%D0%BE%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D1%8F" title="Муниципальная облигация – Russian" lang="ru" hreflang="ru" data-title="Муниципальная облигация" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9C%D1%83%D0%BD%D1%96%D1%86%D0%B8%D0%BF%D0%B0%D0%BB%D1%8C%D0%BD%D0%B0_%D0%BE%D0%B1%D0%BB%D1%96%D0%B3%D0%B0%D1%86%D1%96%D1%8F" title="Муніципальна облігація – Ukrainian" lang="uk" hreflang="uk" data-title="Муніципальна облігація" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Tr%C3%A1i_phi%E1%BA%BFu_%C4%91%C3%B4_th%E1%BB%8B" title="Trái phiếu đô thị – Vietnamese" lang="vi" hreflang="vi" data-title="Trái phiếu đô thị" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%9C%B0%E6%96%B9%E5%80%BA%E5%88%B8" title="地方债券 – Chinese" lang="zh" hreflang="zh" data-title="地方债券" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a 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href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bond_market" title="Bond market">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a class="mw-selflink selflink">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock 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class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a 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governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>municipal bond</b>, commonly known as a <b>muni</b>, is a <a href="/wiki/Bond_(finance)" title="Bond (finance)">bond</a> issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between the two categories. </p><p>The U.S. municipal debt market is relatively small compared to the corporate market: total municipal debt outstanding was $4 trillion as of the first quarter of 2021, compared to nearly $15 trillion in the corporate and foreign markets.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> But conversely, the number of municipal bond issuers (state and local governments and other affiliated entities) far exceeds the number of corporate bond issuers. </p><p>Local authorities in many <a href="#In_other_countries">other countries</a> in the world issue similar bonds, sometimes called local authority bonds or other names. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Municipal debt predates corporate debt by several centuries—the early Renaissance Italian city-states borrowed money from major banking families. Borrowing by American cities dates to the nineteenth century, and records of U.S. municipal bonds indicate use around the early 1800s. Officially the first recorded municipal bond was a general obligation bond issued by the City of New York for a canal in 1812. During the 1840s, many U.S. cities were in debt, and by 1843 cities had roughly $25 million in outstanding debt. In the ensuing decades, rapid urban development demonstrated a correspondingly explosive growth in municipal debt. The debt was used to finance both urban improvements and a growing system of public education. </p><p>Years after the American Civil War, significant local debt was issued to build railroads. Railroads were private corporations, and these bonds were very similar to today's <a href="/wiki/Industrial_revenue_bond" title="Industrial revenue bond">industrial revenue bonds</a>. Construction costs in 1873 for one of the largest transcontinental railroads, the <a href="/wiki/Northern_Pacific_Railway" title="Northern Pacific Railway">Northern Pacific</a>, closed down access to new capital.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Around the same time, the largest bank of the country of the time, which was owned by the same investor as that of Northern Pacific, collapsed. Smaller firms followed suit as well as the stock market. The 1873 panic and years of depression that followed put an abrupt but temporary halt to the rapid growth of municipal debt.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Responding to widespread defaults that jolted the municipal bond market of the day, new state statutes were passed that restricted the issuance of local debt. Several states wrote these restrictions into their constitutions. Railroad bonds and their legality were widely challenged, and this gave rise to the market-wide demand that an opinion of qualified bond counsel accompany each new issue. </p><p>When the U.S. economy began to move forward once again, municipal debt continued its momentum, which was maintained well into the early part of the twentieth century. The Great Depression of the 1930s halted growth, although defaults were not as severe as in the 1870s.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Leading up to World War II, many American resources were devoted to the military, and prewar municipal debt burst into a new period of rapid growth for an ever-increasing variety of uses. Today, in addition to the 50 states and their local governments (including cities, counties, villages and school districts), the District of Columbia and U.S. territories and possessions (American Samoa, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands) can and do issue municipal bonds. Another important category of municipal bond issuers which includes authorities and special districts has also grown in number and variety in recent years. The two most prominent early authorities were the Port of New York Authority, formed in 1921 and renamed Port Authority of New York and New Jersey in 1972, and the Triborough Bridge Authority (now the Triborough Bridge and Tunnel Authority), formed in 1933. The debt issues of these two authorities are exempt from federal, state and local governments taxes.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Types_of_municipal_bonds">Types of municipal bonds</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=2" title="Edit section: Types of municipal bonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The basic types of municipal bonds are: </p> <ul><li><b>General obligation bonds:</b> Principal and interest are secured by the full faith and credit of the issuer and usually supported by either the issuer's unlimited or limited taxing power. These bonds are usually considered the most secure type of municipal bond, and therefore carry the lowest interest rate. In many cases, general obligation bonds require voter approval to levy the tax required for repayment.<sup id="cite_ref-MSRB_Education_Center_7-0" class="reference"><a href="#cite_note-MSRB_Education_Center-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Bond financing is usually used to finance capital investments, not current operating expenditures.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <ul><li><b>Assessment bonds</b> promise repayment based on <a href="/wiki/Property_tax" title="Property tax">property tax</a> assessments of properties located within the issuer's boundaries. These are generally considered a form of general obligation bond, in that if the assessments fail to provide the required revenue for payment, the government is still obligated to redeem the bonds in full with interest.</li></ul></li> <li><b>Revenue bonds</b> promise to repay principal and interest from a specified stream of future income, such as income generated by a water utility from payments by customers. Other public projects financed by revenue bonds include toll roads, bridges, airports, water and sewage treatment facilities, hospitals and subsidized housing.<sup id="cite_ref-MSRB_Education_Center_7-1" class="reference"><a href="#cite_note-MSRB_Education_Center-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Traditional_issuance_process">Traditional issuance process</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=3" title="Edit section: Traditional issuance process"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Depending on the jurisdiction and the basis for issuing the bond, voter approval may be required, especially if a <a href="/wiki/Property_tax" title="Property tax">property tax</a> levy is involved. Some bonds, for minor projects or emergency situations, may be issued without voter pre-approval. But in all cases, public input (whether a vote, or the opportunity to speak for or against issuance at a public hearing) is required. </p><p>Voter approval of the bond proposal does not automatically result in the bonds being issued. Frequently, bonds under a proposal are issued in series over a period of time, in order to allow contractors a steady stream of work and the jurisdiction to not be overwhelmed in managing too many projects at once. </p><p>Before a particular municipal bond is offered to the public, the issuer must publish an "official statement" disclosing material information about the offering.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Key players in the issuance process include:<sup id="cite_ref-:1_10-0" class="reference"><a href="#cite_note-:1-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Municipal advisor: serves as a fiduciary for the municipal issue, taking care of all of the assets and finances involved in the issuance process. The advisor is legally obligated to represent the interests of the issuer and serve as a source of financial advice.</li> <li>Bond counsel: verifies the legal aspects of the issuance and opines as to whether an issuance is exempt from state or federal taxes.</li> <li><a href="/wiki/Underwriter" class="mw-redirect" title="Underwriter">Securities underwriter</a>: manages the distribution of the bonds to investors through brokers.</li></ul> <p>Tax regulations generally require all money raised by a municipal bond sale to be spent on capital projects within three to five years of issuance.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Characteristics_of_municipal_bonds">Characteristics of municipal bonds</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=4" title="Edit section: Characteristics of municipal bonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Taxability">Taxability</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=5" title="Edit section: Taxability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United States, although not all municipal bonds are tax-exempt, most are.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Tax-exempt securities represented about 80% of trading volume in U.S. municipal bonds in 2020.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> As of 2004<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Municipal_bond&action=edit">[update]</a></sup>, other rules, however, such as those pertaining to private activity bonds, are found in sections 141–150, 1394, 1400, 7871. </p><p>The state and local exemption was the subject of litigation in <i><a href="/wiki/Department_of_Revenue_of_Kentucky_v._Davis" title="Department of Revenue of Kentucky v. Davis">Department of Revenue of Kentucky v. Davis</a></i>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Bonds issued for certain purposes are subject to the alternative minimum tax as an item of tax preference.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-MSRB_Education_Center_7-2" class="reference"><a href="#cite_note-MSRB_Education_Center-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Coupon_rates">Coupon rates</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=6" title="Edit section: Coupon rates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Municipal bonds' coupon rates are generally lower than those of comparable corporate bonds, but higher than those of their FDIC-insured counterparts: CDs, savings accounts, money market accounts, and others.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Liquidity">Liquidity</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=7" title="Edit section: Liquidity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historically, municipal bonds have been one of the least liquid assets on the market. One indicator of this is their infrequent trading. Municipal bonds are actively traded in a "when issued" market, and also immediately after they are issued. Once the bonds find their way into retail and mutual fund portfolios, the volume of trade drops off dramatically. The MSRB reports that from March 1998 to May 1999, 71% of the outstanding issues did not trade at all. A 2005 study concluded that 4–6 months after issuance, less than 10% of the sampled bonds traded at all; the probability then rises somewhat so that by four years from issuance, roughly 15% of the bonds in the sample traded at least once during a given month.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> A 2007 study concluded that the average investment grade tax exempt 1-10 year municipal bond traded 21 times over its 11-year sample and 5.65% of issues only traded once.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Unlike corporate and Treasury bonds, which are more likely to be held by institutional investors, municipal bond owners are more diverse, and hence harder to locate, giving this market less liquidity.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Compared to stocks, municipal bonds are much harder to maneuver. At the same time, the minimum investment amounts for stocks are typically <$500 and about $1000 for CDs and money markets; in comparison, municipal bonds typically have minimum denomination buy-ins of $5000 but smaller issuers may have buy-ins of $1000 to incentivize local or regional investors.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> An investor's overall principal cost may be lower than the $5000 minimum denomination by purchasing the bonds at a discount.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>While minimum denominations contribute to illiquidity, another such reason is the total amount of municipal bonds outstanding. There are over 1,500,000 individual municipal CUSIPs representing over 50,000 issuers.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> To put this into context, there are ~4300 US domestically incorporated exchange-listed stocks and 10,500 stocks that trade <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a>.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>Over the last decade, technology solutions have been applied to make the market more responsive to investors, more financially transparent and ultimately easier for issuers and buyers. The emergence of small denomination municipal bonds makes the muni market more accessible to middle-income buyers. It is believed that these initiatives will reduce lower debt issuance costs.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Default_risk,_credit_ratings_and_insurance"><span id="Default_risk.2C_credit_ratings_and_insurance"></span>Default risk, credit ratings and insurance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=8" title="Edit section: Default risk, credit ratings and insurance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Credit_risk" title="Credit risk">Credit risk</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> and <a href="/wiki/Detroit_bankruptcy" title="Detroit bankruptcy">Detroit bankruptcy</a></div> <p>Default risk is a measure of the possibility that the issuer will fail to make all interest and principal payments, on time and in full. It is among the risks evaluated by a <a href="/wiki/Rating_agency" class="mw-redirect" title="Rating agency">rating agency</a>, which assigns a credit rating to the bond. Credit ratings are generally the starting point buyers use when deciding how much to pay for a municipal bond.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Historical default rates have been lower in the municipal sector than in the corporate market.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> This may be due in part to the fact that some municipals are backed by state and local government power to tax, or revenue from public utilities. However, sharp drops in property valuations (as in the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">2009 mortgage crisis</a>) can strain state and local finances, potentially creating municipal defaults. Harrisburg, PA, when faced with falling revenues, skipped several bond payments on a municipal waste to energy incinerator. The prospect of municipal bankruptcy was raised by the Controller of Harrisburg, although it was opposed by Harrisburg's mayor.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>Default risk to the investor can be greatly reduced through municipal bond insurance, which promises to pay interest and principal if the issuer does not do so.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Return_analysis">Return analysis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=9" title="Edit section: Return analysis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Projecting the <a href="/wiki/Overall_rate_of_return" class="mw-redirect" title="Overall rate of return">yield to maturity</a> on municipal bonds usually involves incorporating tax brackets. </p> <div class="mw-heading mw-heading3"><h3 id="Comparison_to_taxable_bonds">Comparison to taxable bonds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=10" title="Edit section: Comparison to taxable bonds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Comparing the <a href="/wiki/Yield_(finance)" title="Yield (finance)">yield</a> on a municipal bond to that of a corporate or U.S. Treasury bond can be misleading, because of differing tax treatment of the income from the two types of securities. For that reason, investors use the concept of <i>taxable equivalent yield</i> to compare municipal and corporate or Treasury bonds. The taxable equivalent yield on a municipal bond is calculated as follows. Where <i>r</i><sub><i>m</i></sub> = interest rate of municipal bond, <i>r</i><sub><i>c</i></sub> = interest rate of comparable corporate bond and <i>t</i> = investor's tax bracket (also known as marginal tax rate):<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle r_{c}={\frac {r_{m}}{(1-t)}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msub> <mi>r</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>c</mi> </mrow> </msub> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <msub> <mi>r</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>m</mi> </mrow> </msub> <mrow> <mo stretchy="false">(</mo> <mn>1</mn> <mo>−</mo> <mi>t</mi> <mo stretchy="false">)</mo> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle r_{c}={\frac {r_{m}}{(1-t)}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1aab53fd20240d78631e85162e7a2e0dd65579f1" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.671ex; width:12.579ex; height:5.509ex;" alt="{\displaystyle r_{c}={\frac {r_{m}}{(1-t)}}}"></span></dd></dl> <p>For example, assume an investor in the 38% tax bracket is offered a municipal bond that has a tax-exempt yield of 1.0%. Using the formula above, the municipal bond's taxable equivalent yield is 1.6% (0.01/(1-0.38) = 0.016) - a figure which can be fairly compared to yields on taxable investments such as corporate or U.S. Treasury bonds for decision making purposes.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>Typically, investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable corporate bonds, but those in the lowest tax brackets may be better off buying corporate bonds and paying the taxes.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Investors in higher tax brackets may <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> municipal bonds against corporate bonds using a strategy called <a href="/wiki/Municipal_bond_arbitrage" title="Municipal bond arbitrage">municipal bond arbitrage</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Statutory_regulation">Statutory regulation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=11" title="Edit section: Statutory regulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The U.S. Supreme Court held in <i><a href="/wiki/Pollock_v._Farmers%27_Loan_%26_Trust_Co." title="Pollock v. Farmers' Loan & Trust Co.">Pollock v. Farmers' Loan & Trust Co.</a></i> (1895) that the federal government had no power under the U.S. Constitution to tax interest on municipal bonds,<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> but in <i><a href="/wiki/South_Carolina_v._Baker" title="South Carolina v. Baker">South Carolina v. Baker</a></i> (1988), the Supreme Court held the Congress could tax interest income on municipal bonds if it so desired on the basis that tax exemption of municipal bonds is not protected by the Constitution.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> In this case, the Supreme Court stated that the contrary decision of the Court in <i>Pollock</i> had been "effectively overruled by subsequent case law". </p><p>The <a href="/wiki/Revenue_Act_of_1913" title="Revenue Act of 1913">Revenue Act of 1913</a> first codified exemption of interest on municipal bonds from federal income tax. </p><p>The <a href="/wiki/Tax_Reform_Act_of_1986" title="Tax Reform Act of 1986">Tax Reform Act of 1986</a> greatly reduced private activities that may be financed with tax-exempt bond proceeds. </p> <div class="mw-heading mw-heading2"><h2 id="In_other_countries">In other countries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=12" title="Edit section: In other countries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>'s <a href="/wiki/UK_Municipal_Bonds_Agency" title="UK Municipal Bonds Agency">UK Municipal Bonds Agency</a> (UK MBA)<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> provides services for borrowing by municipalities. Canada has <i><a href="/wiki/CIBC" class="mw-redirect" title="CIBC">CIBC</a></i>.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>Municipal bonds agencies also known as Bond banks or Local government funding agencies exist in other countries, such as Sweden and Finland.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> In New Zealand, the <a href="/wiki/Local_Government_Funding_Agency" class="mw-redirect" title="Local Government Funding Agency">Local Government Funding Agency</a> (LGFA), is the second-biggest issuer of New Zealand-dollar debt behind the government.<sup id="cite_ref-:2_43-0" class="reference"><a href="#cite_note-:2-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>Local governments in China were not permitted to issue bonds in the open market until 2015, and historically these governments relied on <a href="/wiki/Local_government_financing_vehicle" title="Local government financing vehicle">local government financing vehicles</a> as a major source of debt finance. By the end of 2022 a total of CN¥35.1 trillion of bonds were outstanding.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> In India, the <a href="/wiki/Bruhat_Bengaluru_Mahanagara_Palike" title="Bruhat Bengaluru Mahanagara Palike">Bangalore City Corporation</a> was the first municipal government to issue bonds in November 1997, followed by the <a href="/wiki/Amdavad_Municipal_Corporation" title="Amdavad Municipal Corporation">Ahmedabad City Corporation</a> in February 1998.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/S%26P_Municipal_Bond_Index" class="mw-redirect" title="S&P Municipal Bond Index">S&P Municipal Bond Index</a></li> <li><a href="/wiki/Build_America_Bonds" title="Build America Bonds">Build America Bonds</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=14" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output 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Retrieved <span class="nowrap">September 3,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Mark%27s+Market+Analysis&rft_id=http%3A%2F%2Fwww.marksmarketanalysis.com%2F2010%2F09%2Fharrisburg-to-weigh-hiring-bankruptcy.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Feldstein and Fabozzi op cit</i>. pp. 180–181.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Feldstein+and+Fabozzi+op+cit&rft.pages=180-181&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThau2001" class="citation book cs1">Thau, Annette (2001). <i>The Bond Book</i> (Second ed.). New York: McGraw-Hill. p. 129. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-07-135862-5" title="Special:BookSources/0-07-135862-5"><bdi>0-07-135862-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Bond+Book&rft.place=New+York&rft.pages=129&rft.edition=Second&rft.pub=McGraw-Hill&rft.date=2001&rft.isbn=0-07-135862-5&rft.aulast=Thau&rft.aufirst=Annette&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Feldstein and Fabozzi op cit</i>. p. 181.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Feldstein+and+Fabozzi+op+cit&rft.pages=181&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><i>Thau op cit p. 131</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Thau+op+cit+p.+131&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><i><a href="/wiki/Pollock_v._Farmers%27_Loan_%26_Trust_Co." title="Pollock v. 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March 23, 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">May 20,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Global+Capital&rft.atitle=Municipal+Bonds+Agency+yet+to+refresh+arid+public+sector+market&rft.date=2016-03-23&rft_id=http%3A%2F%2Fwww.globalcapital.com%2Farticle%2Fx1hm6bk9xccr%2Fmunicipal-bond-agency-yet-to-refresh-arid-public-sector-market&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-:2-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-:2_43-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJohnstone2016" class="citation news cs1">Johnstone, Richard (January 25, 2016). <a rel="nofollow" class="external text" href="http://www.publicfinance.co.uk/news/2016/01/municipal-bonds-agency-opens-business">"Municipal bonds agency opens for business"</a>. <i>Public Finance</i><span class="reference-accessdate">. Retrieved <span class="nowrap">May 19,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Public+Finance&rft.atitle=Municipal+bonds+agency+opens+for+business&rft.date=2016-01-25&rft.aulast=Johnstone&rft.aufirst=Richard&rft_id=http%3A%2F%2Fwww.publicfinance.co.uk%2Fnews%2F2016%2F01%2Fmunicipal-bonds-agency-opens-business&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://asia.nikkei.com/Spotlight/Caixin/Chinese-local-governments-paid-148bn-in-interest-in-2022">"Chinese local governments paid $148bn in interest in 2022"</a>. <i>Nikkei Asia</i>. 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Retrieved <span class="nowrap">May 24,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Nikkei+Asia&rft.atitle=Chinese+local+governments+paid+%24148bn+in+interest+in+2022&rft.date=2023-01-31&rft_id=https%3A%2F%2Fasia.nikkei.com%2FSpotlight%2FCaixin%2FChinese-local-governments-paid-148bn-in-interest-in-2022&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.business-standard.com/article/economy-policy/bond-proceeds-to-fund-bangalore-projects-198081001053_1.html">"Bond Proceeds To Fund Bangalore Projects"</a>. <i>Business Standard</i>. August 10, 1998<span class="reference-accessdate">. Retrieved <span class="nowrap">May 30,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+Standard&rft.atitle=Bond+Proceeds+To+Fund+Bangalore+Projects&rft.date=1998-08-10&rft_id=https%3A%2F%2Fwww.business-standard.com%2Farticle%2Feconomy-policy%2Fbond-proceeds-to-fund-bangalore-projects-198081001053_1.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+bond" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_bond&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://emma.msrb.org/Home">Electronic Municipal Market Access.</a> Municipal Securities Rulemaking Board. Official source for municipal securities data and documents.</li> <li><a rel="nofollow" class="external text" href="https://www.bondbuyer.com/?gclid=Cj0KCQjw24qHBhCnARIsAPbdtlKK41rFZyGreyj_d_GV1KM0ujn1ZFCTSh6u2_wYrqbl6y_7fJik_KMaAoYzEALw_wcB">The Bond Buyer.</a> Daily national trade newspaper focused on the municipal bond industry.</li> <li><a rel="nofollow" class="external text" href="http://barthildreth.com/municipal-finance-journal">Municipal Finance Journal</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output 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.navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Bond_market" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Bond_market" title="Template:Bond market"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Bond_market" title="Template talk:Bond market"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Bond_market" title="Special:EditPage/Template:Bond market"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Bond_market" style="font-size:114%;margin:0 4em"><a href="/wiki/Bond_market" title="Bond market">Bond market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by issuer</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agency_debt" title="Agency debt">Agency bond</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a> <ul><li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li></ul></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed debt</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Infrastructure_bond" title="Infrastructure bond">Infrastructure bond</a></li> <li><a class="mw-selflink selflink">Municipal bond</a></li> <li><a href="/wiki/Global_bond" title="Global bond">Global bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accrual_bond" title="Accrual bond">Accrual bond</a></li> <li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate security</a></li> <li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</a></li> <li><a href="/wiki/Consol_(bond)" title="Consol (bond)">Consol</a></li> <li><a href="/wiki/Contingent_convertible_bond" title="Contingent convertible bond">Contingent convertible bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li> <li><a href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</a></li> <li><a href="/wiki/Inverse_floating_rate_note" title="Inverse floating rate note">Inverse floating rate note</a></li> <li><a href="/wiki/Lottery_bond" title="Lottery bond">Lottery bond</a></li> <li><a href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li> <li><a href="/wiki/Reverse_convertible_securities" title="Reverse convertible securities">Reverse convertible securities</a></li> <li><a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Clean_price" title="Clean price">Clean price</a></li> <li><a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a></li> <li><a href="/wiki/Coupon_(finance)" title="Coupon (finance)">Coupon</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Credit spread</a></li> <li><a href="/wiki/Current_yield" title="Current yield">Current yield</a></li> <li><a href="/wiki/Dirty_price" title="Dirty price">Dirty price</a></li> <li><a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a></li> <li><a href="/wiki/I-spread" title="I-spread">I-spread</a></li> <li><a href="/wiki/Mortgage_yield" title="Mortgage yield">Mortgage yield</a></li> <li><a href="/wiki/Nominal_yield" title="Nominal yield">Nominal yield</a></li> <li><a href="/wiki/Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</a></li> <li><a href="/wiki/Risk-free_bond" title="Risk-free bond">Risk-free bond</a></li> <li><a href="/wiki/Weighted-average_life" title="Weighted-average life">Weighted-average life</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Yield spread</a></li> <li><a href="/wiki/Yield_to_maturity" title="Yield to maturity">Yield to maturity</a></li> <li><a href="/wiki/Z-spread" title="Z-spread">Z-spread</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securitized products</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_option" title="Bond option">Bond options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Embedded_option" title="Embedded option">Embedded option</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</a> (CMSA)</li> <li><a href="/wiki/International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</a> (ICMA)</li> <li><a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA)</li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Debt" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Debt" title="Template:Debt"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Debt" title="Template talk:Debt"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Debt" title="Special:EditPage/Template:Debt"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Debt" style="font-size:114%;margin:0 4em"><a href="/wiki/Debt" title="Debt">Debt</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Instruments</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government</a></li> <li><a class="mw-selflink selflink">Municipal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Loan" title="Loan">Loans</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Business_loan" title="Business loan">Business loan</a></li> <li><a href="/wiki/Credit" title="Credit">Consumer lending</a></li> <li><a href="/wiki/Loan_shark" title="Loan shark">Loan shark</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Predatory_lending" title="Predatory lending">Predatory lending</a></li> <li><a href="/wiki/Usury" title="Usury">Usury</a></li> <li><a href="/wiki/Vendor_finance" title="Vendor finance">Vendor finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Management</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Consolidation</a></li> <li><a href="/wiki/Debt_management_plan" title="Debt management plan">Management plan</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Relief</a> (<a href="/wiki/History_of_debt_relief" title="History of debt relief">history</a>)</li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Restructuring</a></li> <li><a href="/wiki/Debt_snowball_method" title="Debt snowball method">Debt snowball method</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession (DIP) financing</a></li> <li><a href="/wiki/Loan_guarantee" title="Loan guarantee">Loan guarantee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Debt_collection" title="Debt collection">Collection</a> <b>·</b> <a href="/wiki/Debt_evasion" title="Debt evasion">Evasion</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Charge-off" title="Charge-off">Charge-off</a></li> <li><a href="/wiki/Debt_compliance" title="Debt compliance">Compliance</a></li> <li><a href="/wiki/Debt_bondage" title="Debt bondage">Debt bondage</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a></li> <li><a href="/wiki/Garnishment" title="Garnishment">Garnishment</a></li> <li><a href="/wiki/Phantom_debt" title="Phantom debt">Phantom debt</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_market" title="Bond market">Markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debt-trap_diplomacy" title="Debt-trap diplomacy">Diplomacy</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government</a> <ul><li><a href="/wiki/Government_budget_balance" title="Government budget balance">Government budget balance</a></li></ul></li> <li><a href="/wiki/Medical_debt" title="Medical debt">Medical</a></li> <li><a class="mw-selflink selflink">Municipal</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture</a></li> <li><a href="/wiki/Debt_buyer_(United_States)" title="Debt buyer (United States)">Buyer</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_leverage_ratio" title="Consumer leverage ratio">Consumer leverage ratio</a></li> <li><a href="/wiki/Debt_levels_and_flows" title="Debt levels and flows">Debt levels and flows</a></li> <li><a href="/wiki/External_debt" title="External debt">External</a> / <a href="/wiki/Internal_debt" title="Internal debt">Internal</a> / <a href="/wiki/Odious_debt" title="Odious debt">Odious debt</a></li> <li><a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a></li> <li><a href="/wiki/List_of_countries_by_government_debt" title="List of countries by government debt">List of countries by government debt</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></li> <li><a href="/wiki/Interest" title="Interest">Interest</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q1347273#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" 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