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<!DOCTYPE html><html lang="en" style="overflow-y:scroll"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>What Are Municipal Bonds?: Tax-Free Income for Your Portfolio • Benzinga</title><script type="application/ld+json">{ "@context": "http://schema.org", "@type": "Article", "publisher": {"@type":"Organization","logo":{"@type":"ImageObject","url":"/next-assets/images/schema-publisher-logo-benzinga.png"},"name":"Benzinga","url":"https://www.benzinga.com"}, "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.benzinga.com/money/what-are-municipal-bonds" }, "mainEntity": "WebPage", "headline": "What Are Municipal Bonds?: Tax-Free Income for Your Portfolio • Benzinga", "url": "https://www.benzinga.com/money/what-are-municipal-bonds", "dateCreated": "2024-05-13T11:18:53.000-04:00", "datePublished": "2024-05-13T11:18:53.000-04:00", "dateModified": "2024-08-19T00:19:33.000-04:00", "creator": { "@type": "Person", "name": "Tony Dong" }, "author": { "@type": "Person", "name": "Tony Dong" }, "description": "Learn how municipal bonds work and if they're right for your investments. 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Municipal bonds may be good investments for high-income-bracket investors using a taxable brokerage account. In this case, holding Treasury or corporate bonds can incur higher tax drags. By substituting a portion or all of their bond allocation with municipal bonds, these investors can realize higher after-tax returns without significantly increasing their risk. </span></p>\n"},"name":"Are municipal bonds a good investment?\r\n"},{"@type":"Question","acceptedAnswer":{"@type":"Answer","text":"<p><span style="font-weight: 400;">A real-life example of a municipal bond is a general obligation bond that will be issued by the </span><a href="https://www.buycaliforniabonds.com/state-of-california-ca/bonds/bond-offering/i27?offeringId=42584"><span style="font-weight: 400;">California Infrastructure and Economic Development Bank</span></a><span style="font-weight: 400;"> in January for its Clean Water State Revolving Fund. The total offering amount will be $500 million. An example of a municipal bond exchange-traded fund, or ETF, is the </span><a href="https://www.benzinga.com/quote/MUB/key-statistics"><span style="font-weight: 400;">iShares National Muni Bond ETF (NYSEARCA: MUB)</span></a><span style="font-weight: 400;">, which holds roughly 5,500 different municipal bonds from various issuers. </span></p>\n"},"name":"What is an example of a municipal bond?\r\n"},{"@type":"Question","acceptedAnswer":{"@type":"Answer","text":"<p>Municipal bonds offer tax-free income, but have lower returns than some investments. They&#8217;re also sensitive to rising interest rates and inflation, and there&#8217;s a slight risk of default by the issuer.</p>\n"},"name":"What is the downside of municipal bonds?\r\n"}]}</script><meta name="next-head-count" content="50"/><link as="font" crossorigin="anonymous" href="/next-assets/fonts/manrope-v15-latin/manrope-v15-latin-300.woff2" rel="preload" type="font/woff2"/><link as="font" crossorigin="anonymous" href="/next-assets/fonts/manrope-v15-latin/manrope-v15-latin-regular.woff2" rel="preload" type="font/woff2"/><link as="font" crossorigin="anonymous" href="/next-assets/fonts/manrope-v15-latin/manrope-v15-latin-500.woff2" rel="preload" type="font/woff2"/><link as="font" crossorigin="anonymous" href="/next-assets/fonts/manrope-v15-latin/manrope-v15-latin-600.woff2" rel="preload" type="font/woff2"/><link as="font" crossorigin="anonymous" href="/next-assets/fonts/manrope-v15-latin/manrope-v15-latin-700.woff2" rel="preload" type="font/woff2"/><link as="font" 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translateY(var(--fa-bounce-height, -0.5em)); transform: scale(var(--fa-bounce-jump-scale-x, 0.9), var(--fa-bounce-jump-scale-y, 1.1)) translateY(var(--fa-bounce-height, -0.5em)); } 50% { -webkit-transform: scale(var(--fa-bounce-land-scale-x, 1.05), var(--fa-bounce-land-scale-y, 0.95)) translateY(0); transform: scale(var(--fa-bounce-land-scale-x, 1.05), var(--fa-bounce-land-scale-y, 0.95)) translateY(0); } 57% { -webkit-transform: scale(1, 1) translateY(var(--fa-bounce-rebound, -0.125em)); transform: scale(1, 1) translateY(var(--fa-bounce-rebound, -0.125em)); } 64% { -webkit-transform: scale(1, 1) translateY(0); transform: scale(1, 1) translateY(0); } 100% { -webkit-transform: scale(1, 1) translateY(0); transform: scale(1, 1) translateY(0); } } @keyframes fa-bounce { 0% { -webkit-transform: scale(1, 1) translateY(0); transform: scale(1, 1) translateY(0); } 10% { -webkit-transform: scale(var(--fa-bounce-start-scale-x, 1.1), var(--fa-bounce-start-scale-y, 0.9)) translateY(0); transform: 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rotate(15deg); } 8%, 24% { -webkit-transform: rotate(-18deg); transform: rotate(-18deg); } 12%, 28% { -webkit-transform: rotate(18deg); transform: rotate(18deg); } 16% { -webkit-transform: rotate(-22deg); transform: rotate(-22deg); } 20% { -webkit-transform: rotate(22deg); transform: rotate(22deg); } 32% { -webkit-transform: rotate(-12deg); transform: rotate(-12deg); } 36% { -webkit-transform: rotate(12deg); transform: rotate(12deg); } 40%, 100% { -webkit-transform: rotate(0deg); transform: rotate(0deg); } } @-webkit-keyframes fa-spin { 0% { -webkit-transform: rotate(0deg); transform: rotate(0deg); } 100% { -webkit-transform: rotate(360deg); transform: rotate(360deg); } } @keyframes fa-spin { 0% { -webkit-transform: rotate(0deg); transform: rotate(0deg); } 100% { -webkit-transform: rotate(360deg); transform: rotate(360deg); } } .fa-rotate-90 { -webkit-transform: rotate(90deg); transform: rotate(90deg); } .fa-rotate-180 { -webkit-transform: rotate(180deg); transform: rotate(180deg); } 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money-app" role="navigation"><div class="sc-cSxRuM fVyPTp breadcrumb"><a aria-label="Navigate to Investing" href="/money/investing">Investing</a></div><span class="breadcrumb-separator">/</span><div class="sc-cSxRuM fVyPTp breadcrumb"><span>What Are Municipal Bonds?</span></div></div></div></div><div class="header-container mx-auto container max-w-7xl px-4 flex-col items-start md:flex-row md:items-cetner"><div class="page-header-info"><h1>What Are Municipal Bonds?</h1><p class="affiliate-disclosure"></p><a class="learn-more-link" href="https://www.benzinga.com/money/advertiser-disclosure/">Read our Advertiser Disclosure.</a></div><div class="contributor-block-container"><div class="contributor-block"><div class="author"><a href="https://www.benzinga.com/money/author/tony-dong">Tony Dong</a></div><div class="author-description">Contributor, Benzinga</div><div class="date">May 13, 2024</div></div></div></div><div class="header-container mx-auto container max-w-7xl px-4 flex-col items-start md:flex-row md:items-cetner"></div></div><div class="sc-ftuRJG fCfkbW"><div class="sc-gHWSBU ermUcN"><div class="sc-cmfnrN Vmpa layout-content-container lg:px-0 mx-auto px-4 layout-container max-w-7xl"><div class="main-content-container has-left-sidebar layout-container mx-auto"><div class="layout-flex flex flex-col w-full items-start relative"><div style="display:flex;position:sticky;top:20px"><div class="sc-EFWon irOjJB layout-left-sidebar flex-none justify-between "><div class="sc-iiudqE cMhHvf cornerstone-navigation"><ul><li class="parent-list-item"><a href="/money/what-is-a-bond/"> What is a Bond?</a><span class="toggle-cornerstone"></span></li><li class="child-item hide"><a href="/money/types-of-bonds/">Types of Bonds</a></li><li class="child-item hide"><a href="/money/stocks-vs-bonds/">Stocks vs Bonds</a></li><li class="child-item hide"><a href="/money/best-online-brokers-for-bonds/">Brokers for Bonds</a></li><li class="child-item hide"><a href="/money/i-bonds/">What are I Bonds?</a></li><li class="child-item hide"><a href="/money/how-to-buy-bonds/">How to Buy Bonds</a></li><li class="child-item hide"><a href="/money/what-is-a-patriot-bond/">What is a Patriot Bond?</a></li><li class="child-item hide"><a href="/money/how-to-buy-bonds-for-kids/">Invest in Bonds for Kids</a></li><li class="child-item hide"><a href="/money/what-is-a-savings-bond/">What is a Savings Bond?</a></li><li class="child-item hide"><a href="/money/green-bonds/">What are Green Bonds?</a></li><li class="child-item hide"><a href="/money/what-is-a-mortgage-bond/">What is a Mortgage Bond?</a></li><li class="child-item hide"><a href="/money/perpetual-bonds/">What are Perpetual Bonds?</a></li><li class="child-item active current-list-item hide"><a href="/money/what-are-municipal-bonds/">What are Municipal Bonds?</a></li><li class="child-item hide"><a href="/money/corporate-bonds/">What are Corporate Bonds?</a></li><li class="child-item hide"><a href="/money/high-yield-bonds/">What are High Yield Bonds?</a></li><li class="child-item hide"><a href="/money/what-are-convertible-bonds/">What are Convertible Bonds?</a></li><li class="child-item hide"><a href="/money/what-are-zero-coupon-bonds/">What are Zero Coupon Bonds?</a></li><li class="child-item hide"><a href="/money/are-bonds-a-good-investment/">Are Bonds a Good Investment?</a></li></ul></div></div></div><div class="layout-main flex flex-grow flex-col justify-between"><main class="money-page-main"><div class="sc-kVhqWl jgphRS money-post-wrapper"><div class="sc-jnYRvw fwTXIJ money-blocks-wrapper"><p class="block core-block"><strong>Municipal bonds, also known as munis, are essentially loans you make to local governments.</strong> Here's a quick rundown:</p><ul class="block core-block"><li><strong></strong><strong>Issued by:</strong> States, cities, counties, and other government entities.</li><li><strong></strong><strong>Purpose:</strong> Fund public projects like roads, schools, and hospitals.</li><li><strong></strong><strong>How it works:</strong> You invest money and receive regular interest payments in return. You get your original investment back when the bond matures.</li><li><strong></strong><strong>Tax advantage:</strong> Interest on munis is often exempt from federal and state taxes, making them attractive for certain investors.</li></ul><p class="block core-block">Think of it as a way to support your community while potentially earning a tax-favored return.</p><div class="lazyload-wrapper "><div class="min-h-[300px] md:min-h-[186px] my-4"><div class="w-full min-h-[inherit]"><div class="w-full h-full min-h-[inherit] flex items-center justify-center mx-auto rounded-md border border-gray-300 p-4 shadow"><div class="flex flex-col md:flex-row animate-pulse w-full gap-4"><div class="icon-wrapper flex items-center justify-center mx-6"><svg aria-hidden="true" class="w-16 h-16 text-gray-400" fill="currentColor" viewBox="0 0 640 512" xmlns="http://www.w3.org/2000/svg"><path d="M480 80C480 35.82 515.8 0 560 0C604.2 0 640 35.82 640 80C640 124.2 604.2 160 560 160C515.8 160 480 124.2 480 80zM0 456.1C0 445.6 2.964 435.3 8.551 426.4L225.3 81.01C231.9 70.42 243.5 64 256 64C268.5 64 280.1 70.42 286.8 81.01L412.7 281.7L460.9 202.7C464.1 196.1 472.2 192 480 192C487.8 192 495 196.1 499.1 202.7L631.1 419.1C636.9 428.6 640 439.7 640 450.9C640 484.6 612.6 512 578.9 512H55.91C25.03 512 .0006 486.1 .0006 456.1L0 456.1z"></path></svg></div><div class="paragraphs-wrapper w-full"><div class="flex-1 space-y-6 py-1"><div class="h-3 rounded bg-gray-300"></div><div class="space-y-3"><div class="grid grid-cols-3 gap-4"><div class="col-span-2 h-2 rounded bg-gray-300"></div><div class="col-span-1 h-2 rounded bg-gray-300"></div></div><div class="h-2 rounded bg-gray-300"></div><div class="h-2 rounded bg-gray-300"></div><div class="h-2 rounded bg-gray-300"></div></div></div></div></div></div></div></div></div><div class="sc-hygsqa AAlVK bz3_border_box_container table"><div class="bz3_border_box_wrapper p-4 w-auto bg-white"><div class="bz3_table_content_title"><div class="font-semibold text-gray-900 text-left flex items-center justify-between"><div class="flex items-center justify-between gap-3"><div class="fa-list"><svg aria-hidden="true" class="leading-none" stroke="currentColor" stroke-width="1" style="height:1em;width:1em" viewBox="0 0 512 512" xmlns="http://www.w3.org/2000/svg"><path d="M64 64a32 32 0 1 0 0 64 32 32 0 1 0 0-64zm120 8c-13.3 0-24 10.7-24 24s10.7 24 24 24H488c13.3 0 24-10.7 24-24s-10.7-24-24-24H184zm0 160c-13.3 0-24 10.7-24 24s10.7 24 24 24H488c13.3 0 24-10.7 24-24s-10.7-24-24-24H184zm0 160c-13.3 0-24 10.7-24 24s10.7 24 24 24H488c13.3 0 24-10.7 24-24s-10.7-24-24-24H184zM96 256a32 32 0 1 0 -64 0 32 32 0 1 0 64 0zM64 384a32 32 0 1 0 0 64 32 32 0 1 0 0-64z" fill="currentColor"></path></svg></div>Table of Contents</div></div></div><div class="bz3_table_content_list"><ul class="bz3_table_content_ul list-disc text-blue-200 ml-4 mt-2"><li><a href="#types-of-municipal-bonds" title="Types of Municipal Bonds">Types of Municipal Bonds</a></li><li><a href="#how-do-municipal-bonds-work" title="How Do Municipal Bonds Work?">How Do Municipal Bonds Work?</a></li><li><a href="#why-invest-in-municipal-bonds" title="Why Invest in Municipal Bonds?">Why Invest in Municipal Bonds?</a></li><li class="see-all">See All 6 Items</li></ul></div></div></div><h2 class="block core-block" id="types-of-municipal-bonds"><strong>Types of Municipal Bonds</strong></h2><p class="block core-block">There are two main types of municipal bonds: general obligation (GO) bonds and revenue bonds.</p><ul class="block core-block"><li><strong></strong><strong>General Obligation Bonds:</strong> These bonds are backed by the full faith and credit of the issuing government entity. They are typically used to fund projects that benefit the whole community, such as schools or parks. General obligation bonds are considered very safe, as the government has the authority to levy taxes to repay bondholders if necessary.</li><li><strong></strong><strong>Revenue Bonds:</strong> Unlike general obligation bonds, revenue bonds are backed by the revenue generated by the project that the bond is issued to finance. These projects can include toll roads, airports, water and sewer systems, and electric utilities. The repayment of revenue bonds is dependent on the success of the project and its ability to generate sufficient revenue. Investors who are considering revenue bonds should carefully analyze the financial viability of the project before investing.</li><li><strong></strong><strong>Industrial Development Bonds:</strong> This type of bond is issued by a government entity on behalf of a private company to finance the construction or expansion of industrial facilities. Industrial development bonds are often used to attract new businesses to an area, create jobs, and stimulate economic growth. These bonds are backed by the private company's assets and are typically repaid by the company through lease payments or loan repayments.</li><li><strong></strong><strong>Housing Bonds:</strong> As the name suggests, housing bonds are issued to fund affordable housing projects. These bonds help finance the construction, rehabilitation, or acquisition of housing facilities for low-income individuals or families. Housing bonds may also provide financing for mortgage loans or rental assistance programs. The repayment of housing bonds is usually secured by the rental income received from the housing projects.</li><li><strong></strong><strong>Special Tax Bonds:</strong> Special tax bonds are backed by a specific tax or revenue source Special tax bonds are a type of municipal bond that is backed by a specific tax or revenue source. This means that the repayment of these bonds is tied directly to the revenue generated from a particular tax or fee.</li></ul><h2 class="block core-block" id="how-do-municipal-bonds-work"><strong>How Do Municipal Bonds Work?</strong></h2><p class="block core-block">Like most bonds, municipal bonds make semi-annual interest payments, called a coupon. The coupon is paid until the municipal bond's maturity date. When a municipal bond matures, the investor receives their initial investment back. </p><p class="block core-block">The main difference between municipal bonds and other <a href="https://www.benzinga.com/moneybonds" data-lasso-id="153242">bonds</a> is the tax treatment on this interest income. For most municipal bonds, interest income is exempt from federal taxes. But if an investor sells a bond before maturity for a profit, the capital gain is still taxable. </p><p class="block core-block">If an investor buys a municipal bond from the state they reside in, they may be exempt from state taxes as well. For example, an investor in California who buys a municipal bond issued by the California State Public Works Board can avoid paying state taxes on interest income. </p><p class="block core-block">Municipal bonds come in two main types: general obligation and revenue bonds. </p><ul class="block core-block"><li>General obligation bonds are unsecured. Their payments are not backed by revenue generated from a specific project. A good way to think of them is as a broad IOU an investor extends to a government for general purposes. These bonds have higher credit risk but can pay <a href="https://www.benzinga.com/topic/municipal-bonds-with-high-yields" data-lasso-id="153243">higher yields</a>. </li></ul><ul class="block core-block"><li>Revenue bonds are secured. That is, their payments are linked to revenues generated by a specific project, such as tolls from a bridge or taxes from utilities. These bonds have lower credit risk but generally pay smaller yields. </li></ul><p class="block core-block">Like all bonds, municipal bonds possess duration, a measure of sensitivity to interest rate changes. When interest rates rise, existing municipal bonds see their prices drop, as their yields must increase until they are competitive with new issues. The opposite happens when interest rates fall. In this case, municipal bond yields fall, and their price rises. </p><p class="block core-block">In general, the longer a municipal bond has until maturity, the greater its duration and sensitivity to interest rates. For example, all else being equal, a municipal bond with a duration of eight years will see its price fall by 8% if interest rates rise by 1%, and vice versa if rates fall by 1%. Durations can change based on many factors, so this is just a rule of thumb. </p><p class="block core-block">An investor who sells a municipal bond before its maturity date could realize a loss or gain on its selling price depending on how interest rates trend. If the municipal bond is held until maturity, the full principal investment is returned, and the interest rate risk is mitigated. A good practice here is buying municipal bonds with maturities matching the date you need to use the money by. </p><p class="block core-block">Finally, like all bonds, municipal bonds have default risk. This is the chance that the issuing entity fails to make either coupon or principal payments on time or in full. While federal government bonds like U.S. Treasurys are virtually risk-free in terms of default, state, county and municipal governments have defaulted in the past. </p><p class="block core-block">For example, Arkansas defaulted on its highway bonds in 1933. For municipal bond investors, a default can cause a sharp drop in the price of their holdings. So municipal bond investors should carefully assess a municipal bond's credit rating before buying. A general rule is that as yields increase, credit ratings decrease, so there is a trade-off. </p><h2 class="block core-block" id="why-invest-in-municipal-bonds"><strong>Why Invest in Municipal Bonds?</strong></h2><p class="block core-block">Municipal bonds can be a great way of diversifying a fixed-income allocation beyond just Treasurys and corporate bonds. Here are some reasons an investor may choose to invest in municipal bonds:</p><ul class="block core-block"><li><strong>Tax efficiency: </strong>As noted earlier, interest income from municipal bonds is exempt from federal taxes and can be exempt from state taxation depending on the investor's residency. </li></ul><ul class="block core-block"><li><strong>Lower risk: </strong>Compared to corporate bonds, municipal bonds tend to have higher credit ratings, which generally range in the A, AA or AAA rating categories from Standard & Poors (S&P). </li></ul><ul class="block core-block"><li><strong>Accessibility: </strong>Municipal bonds can be purchased individually or via a mutual fund / exchange-traded fund (ETF) using most online brokerages. </li></ul><h2 class="block core-block" id="who-should-invest-in-municipal-bonds"><strong>Who Should Invest in Municipal Bonds?</strong></h2><p class="block core-block">Various retail and institutional investors invest in municipal bonds. Generally, the profile of these investors is someone who has a long investment horizon, possesses a low- to medium-risk tolerance, has defined income needs and prioritizes tax efficiency. Examples could include:</p><ul class="block core-block"><li><strong>Retirees: </strong>Retirees withdrawing from taxable accounts can use municipal bonds as their safer fixed-income allocation for lowered volatility and improved tax efficiency. For example, a retiree with a conservative 40/60 portfolio of <a href="https://www.benzinga.com/money/stocks" data-lasso-id="153244">stocks</a> and bonds could have municipal bonds comprise the entirety of their bond allocation. </li></ul><ul class="block core-block"><li><strong>Pension funds: </strong>Pension funds are often charged with <a href="https://www.benzinga.com/money/investing" data-lasso-id="153245">investing</a> conservatively and with a goal of producing good risk-adjusted returns. The lower volatility and high credit quality of municipal bonds can help them meet these goals. Better tax efficiency can also help them improve net returns. </li></ul><ul class="block core-block"><li><strong>Insurance companies: </strong>Insurance companies often hold large fixed-income reserves to meet payouts. The higher credit quality of municipal bonds can help them lower risk in their fixed-income allocations while still targeting attractive yields and tax efficiency. </li></ul><h2 class="block core-block" id="compare-municipal-bond-brokers"><strong>Compare Municipal Bond Brokers</strong></h2><p class="block core-block">Municipal bonds can be researched and compared via various platforms. Investors looking for further insights and reviews of bonds can use Benzinga to compare the available options to <a data-lasso-id="153246" href="https://www.benzinga.com/money/how-to-buy-municipal-bonds">buy municipal bonds</a>. Here is a list of brokers that support municipal bond purchases. </p><div class="placeholder-block-wrapper"><div class="sc-ewnLsh HEmfz block compare-products"><div class="sc-juqMic jlAtVm compare-products-table-container"><ul class="compare-products-list" id="sjQXeo"><li><div class="list-items-container "><div class="list-items product-info"><div class="flex items-center flex-row"><div class="image-container mr-4"><a class="image-anchor-wrapper" data-label="Product Table Image" href="https://www.benzinga.com/go/ibkr-bonds-hub" rel="noopener sponsored nofollow" target="_blank"><span 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1.8-22 10.2-25.7 21.7s-.7 24.2 7.9 32.7L137.8 329 113.2 474.7c-2 12 3 24.2 12.9 31.3s23 8 33.8 2.3l128.3-68.5 128.3 68.5c10.8 5.7 23.9 4.9 33.8-2.3s14.9-19.3 12.9-31.3L438.5 329 542.7 225.9c8.6-8.5 11.7-21.2 7.9-32.7s-13.7-19.9-25.7-21.7L381.2 150.3 316.9 18z" fill="currentColor"></path></svg></div></div></div></div><a class="read-review" href="https://www.benzinga.com/money/interactive-brokers-review">Interactive Brokers Review</a></div></div><div class="flex items-center flex-row product-cta-wrap"><div class="attribute-container flex items-center gap-1 flex-col items-end"><div class="sc-kfldVI hSbaGb section-title"><span>Best For:</span></div><div class="attribute-value medium">Most Available Bonds</div></div></div><div class="flex items-end flex-col product-cta-wrap"><div class="section-title"><span>VIEW PROS & CONS:</span></div><div class="product-toggle-wrap"><div class="toggle-product-block flex items-center"><div class="icon-wrapper"><div style="color:#99AECC"><svg 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31.3s23 8 33.8 2.3l128.3-68.5 128.3 68.5c10.8 5.7 23.9 4.9 33.8-2.3s14.9-19.3 12.9-31.3L438.5 329 542.7 225.9c8.6-8.5 11.7-21.2 7.9-32.7s-13.7-19.9-25.7-21.7L381.2 150.3 316.9 18z" fill="currentColor"></path></svg></div></div></div><div class="sc-loAgra icoUqP star active"><div style="overflow:hidden;position:absolute;width:50%"><div><svg aria-hidden="true" class="leading-none" stroke="currentColor" stroke-width="1" style="height:1em;width:1em" viewBox="0 0 576 512" xmlns="http://www.w3.org/2000/svg"><path d="M316.9 18C311.6 7 300.4 0 288.1 0s-23.4 7-28.8 18L195 150.3 51.4 171.5c-12 1.8-22 10.2-25.7 21.7s-.7 24.2 7.9 32.7L137.8 329 113.2 474.7c-2 12 3 24.2 12.9 31.3s23 8 33.8 2.3l128.3-68.5 128.3 68.5c10.8 5.7 23.9 4.9 33.8-2.3s14.9-19.3 12.9-31.3L438.5 329 542.7 225.9c8.6-8.5 11.7-21.2 7.9-32.7s-13.7-19.9-25.7-21.7L381.2 150.3 316.9 18z" fill="currentColor"></path></svg></div></div><div style="color:#CEDDF2"><div><svg aria-hidden="true" class="leading-none" stroke="currentColor" 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flex items-center gap-1 flex-col items-end"><div class="sc-kfldVI hSbaGb section-title"><span>Best For:</span></div><div class="attribute-value medium">Futures Trading</div></div></div><div class="flex items-end flex-col product-cta-wrap"><div class="section-title"><span>VIEW PROS & CONS:</span></div><div class="product-toggle-wrap"><div class="toggle-product-block flex items-center"><div class="icon-wrapper"><div style="color:#99AECC"><svg aria-hidden="true" class="leading-none" stroke="currentColor" stroke-width="1" style="height:1em;width:1em" viewBox="0 0 512 512" xmlns="http://www.w3.org/2000/svg"><path d="M233.4 406.6c12.5 12.5 32.8 12.5 45.3 0l192-192c12.5-12.5 12.5-32.8 0-45.3s-32.8-12.5-45.3 0L256 338.7 86.6 169.4c-12.5-12.5-32.8-12.5-45.3 0s-12.5 32.8 0 45.3l192 192z" fill="currentColor"></path></svg></div></div></div></div></div><div class="securely-mobile"><span class="securely">securely through TradeStation's website</span></div></div><div class="action-btn"><a 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src="data:image/svg+xml;base64,PHN2ZyB3aWR0aD0iMTAwIiBoZWlnaHQ9IjUwIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZlcnNpb249IjEuMSIvPg==" style="background:none;border:0;display:block;height:initial;margin:0;max-width:100%;opacity:1;padding:0;width:initial"/></span><img alt="Charles Schwab" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" style="border:none;bottom:0;box-sizing:border-box;display:block;height:0;left:0;margin:auto;max-height:100%;max-width:100%;min-height:100%;min-width:100%;padding:0;position:absolute;right:0;top:0;width:0;object-fit:contain"/><noscript><img alt="Charles Schwab" src="https://cdnwp-s3.benzinga.com/benzinga-gen-wordpress/wp-content/uploads/2017/07/29015613/charles-schwab-logo-768x104.png?optimize=medium&dpr=2&auto=webp&width=256" srcSet="https://cdnwp-s3.benzinga.com/benzinga-gen-wordpress/wp-content/uploads/2017/07/29015613/charles-schwab-logo-768x104.png?optimize=medium&dpr=2&auto=webp&width=128 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xmlns="http://www.w3.org/2000/svg"><path d="M316.9 18C311.6 7 300.4 0 288.1 0s-23.4 7-28.8 18L195 150.3 51.4 171.5c-12 1.8-22 10.2-25.7 21.7s-.7 24.2 7.9 32.7L137.8 329 113.2 474.7c-2 12 3 24.2 12.9 31.3s23 8 33.8 2.3l128.3-68.5 128.3 68.5c10.8 5.7 23.9 4.9 33.8-2.3s14.9-19.3 12.9-31.3L438.5 329 542.7 225.9c8.6-8.5 11.7-21.2 7.9-32.7s-13.7-19.9-25.7-21.7L381.2 150.3 316.9 18z" fill="currentColor"></path></svg></div></div><div style="color:#CEDDF2"><div><svg aria-hidden="true" class="leading-none" stroke="currentColor" stroke-width="1" style="height:1em;width:1em" viewBox="0 0 576 512" xmlns="http://www.w3.org/2000/svg"><path d="M316.9 18C311.6 7 300.4 0 288.1 0s-23.4 7-28.8 18L195 150.3 51.4 171.5c-12 1.8-22 10.2-25.7 21.7s-.7 24.2 7.9 32.7L137.8 329 113.2 474.7c-2 12 3 24.2 12.9 31.3s23 8 33.8 2.3l128.3-68.5 128.3 68.5c10.8 5.7 23.9 4.9 33.8-2.3s14.9-19.3 12.9-31.3L438.5 329 542.7 225.9c8.6-8.5 11.7-21.2 7.9-32.7s-13.7-19.9-25.7-21.7L381.2 150.3 316.9 18z" fill="currentColor"></path></svg></div></div></div></div><a class="read-review" href="https://www.benzinga.com/money/charles-schwab-review">Charles Schwab Review</a></div></div><div class="flex items-center flex-row product-cta-wrap"><div class="attribute-container flex items-center gap-1 flex-col items-end"><div class="sc-kfldVI hSbaGb section-title"><span>Best For:</span></div><div class="attribute-value medium">Fund Investing</div></div></div><div class="flex items-end flex-col product-cta-wrap"><div class="section-title"><span>VIEW PROS & CONS:</span></div><div class="product-toggle-wrap"><div class="toggle-product-block flex items-center"><div class="icon-wrapper"><div style="color:#99AECC"><svg aria-hidden="true" class="leading-none" stroke="currentColor" stroke-width="1" style="height:1em;width:1em" viewBox="0 0 512 512" xmlns="http://www.w3.org/2000/svg"><path d="M233.4 406.6c12.5 12.5 32.8 12.5 45.3 0l192-192c12.5-12.5 12.5-32.8 0-45.3s-32.8-12.5-45.3 0L256 338.7 86.6 169.4c-12.5-12.5-32.8-12.5-45.3 0s-12.5 32.8 0 45.3l192 192z" fill="currentColor"></path></svg></div></div></div></div></div><div class="securely-mobile"><span class="securely">securely through Charles Schwab's website</span></div></div><div class="action-btn"><a class="cta-link-button" data-label="Product Table CTA" href="https://www.benzinga.com/go/schwab-direct-cpc-stocks" rel="noopener sponsored nofollow" target="_blank"><button class="sc-jMbVJB ljHYcA flat-blue md" type="button"><span><span>Get Started with Charles Schwab</span></span></button></a></div></div></li></ul></div></div></div><h2 class="block core-block" id="frequently-asked-questions"><strong>Frequently Asked Questions</strong></h2><div class="sc-fBGPNN euVCcN block"><div class="sc-dEfhLk kVqYhK faq-container"><div class="sc-MQhOp doYYhS faq-block"><div class="sc-iaBcSP kOJuaF qa-container"><div class="qa-header"><div class="qa-letter-icon">Q</div><h3 class="font-bold question">Are municipal bonds a good investment? </h3></div><div class="qa-body"><div class="qa-letter-icon">A</div><div class="answer-container"><p><span style="font-weight: 400;">Whether municipal bonds are a good investment depends on the particular investor’s objectives, risk tolerance and time horizon. Municipal bonds may be good investments for high-income-bracket investors using a taxable brokerage account. In this case, holding Treasury or corporate bonds can incur higher tax drags. By substituting a portion or all of their bond allocation with municipal bonds, these investors can realize higher after-tax returns without significantly increasing their risk.  </span></p> </div></div></div><div class="sc-iaBcSP kOJuaF qa-container"><div class="qa-header"><div class="qa-letter-icon">Q</div><h3 class="font-bold question">What is an example of a municipal bond? </h3></div><div class="qa-body"><div class="qa-letter-icon">A</div><div class="answer-container"><p><span style="font-weight: 400;">A real-life example of a municipal bond is a general obligation bond that will be issued by the </span><a href="https://www.buycaliforniabonds.com/state-of-california-ca/bonds/bond-offering/i27?offeringId=42584"><span style="font-weight: 400;">California Infrastructure and Economic Development Bank</span></a><span style="font-weight: 400;"> in January for its Clean Water State Revolving Fund. The total offering amount will be $500 million. An example of a municipal bond exchange-traded fund, or ETF, is the </span><a href="https://www.benzinga.com/quote/MUB/key-statistics"><span style="font-weight: 400;">iShares National Muni Bond ETF (NYSEARCA: MUB)</span></a><span style="font-weight: 400;">, which holds roughly 5,500 different municipal bonds from various issuers. </span></p> </div></div></div><div class="sc-iaBcSP kOJuaF qa-container"><div class="qa-header"><div class="qa-letter-icon">Q</div><h3 class="font-bold question">What is the downside of municipal bonds? </h3></div><div class="qa-body"><div class="qa-letter-icon">A</div><div class="answer-container"><p>Municipal bonds offer tax-free income, but have lower returns than some investments. They’re also sensitive to rising interest rates and inflation, and there’s a slight risk of default by the issuer.</p> </div></div></div></div></div></div><div class="lazyload-wrapper "><div class="min-h-[300px] md:min-h-[186px] my-4"><div class="w-full min-h-[inherit]"><div class="w-full h-full min-h-[inherit] flex items-center justify-center mx-auto rounded-md border border-gray-300 p-4 shadow"><div class="flex flex-col md:flex-row animate-pulse w-full gap-4"><div class="icon-wrapper flex items-center justify-center mx-6"><svg aria-hidden="true" class="w-16 h-16 text-gray-400" fill="currentColor" viewBox="0 0 640 512" xmlns="http://www.w3.org/2000/svg"><path d="M480 80C480 35.82 515.8 0 560 0C604.2 0 640 35.82 640 80C640 124.2 604.2 160 560 160C515.8 160 480 124.2 480 80zM0 456.1C0 445.6 2.964 435.3 8.551 426.4L225.3 81.01C231.9 70.42 243.5 64 256 64C268.5 64 280.1 70.42 286.8 81.01L412.7 281.7L460.9 202.7C464.1 196.1 472.2 192 480 192C487.8 192 495 196.1 499.1 202.7L631.1 419.1C636.9 428.6 640 439.7 640 450.9C640 484.6 612.6 512 578.9 512H55.91C25.03 512 .0006 486.1 .0006 456.1L0 456.1z"></path></svg></div><div class="paragraphs-wrapper w-full"><div class="flex-1 space-y-6 py-1"><div class="h-3 rounded bg-gray-300"></div><div class="space-y-3"><div class="grid grid-cols-3 gap-4"><div class="col-span-2 h-2 rounded bg-gray-300"></div><div class="col-span-1 h-2 rounded bg-gray-300"></div></div><div class="h-2 rounded bg-gray-300"></div><div class="h-2 rounded bg-gray-300"></div><div class="h-2 rounded bg-gray-300"></div></div></div></div></div></div></div></div></div></div></div><div class="money-blocks-layout-wrapper"><div class="sc-jnYRvw fwTXIJ money-blocks-wrapper"><div class="sc-jYwpvU jUARnW mt-6 border rounded-md p-3"><div class="flex flex-nowrap gap-3"><div class="flex-col w-1/6"><a href="https://www.benzinga.com/money/author/tony-dong"><img alt="Tony Dong" class="rounded-full" height="96" src="https://secure.gravatar.com/avatar/067fc4808661b2bfc1f0f587d02d8504?s=96&d=mm&r=g" width="96"/></a></div><div class="flex-col w-5/6"><a href="https://www.benzinga.com/money/author/tony-dong"><h4>About Tony Dong</h4></a><div><p>Tony Dong, MSc, CETF®, is a seasoned investment writer and financial analyst with a wealth of expertise in ETF and mutual fund analysis. With a background in risk management, Tony graduated from Columbia University in 2023, showcasing his commitment to continuous learning and professional development. His insightful contributions have been featured in reputable publications such as U.S. News & World Report, USA Today, Benzinga, The Motley Fool, and TheStreet. Tony’s dedication to providing valuable insights into the world of investing has earned him recognition as a trusted source in the finance industry. Through his writing, he aims to empower investors with the knowledge and tools needed to make informed financial decisions.</p> </div></div></div></div></div></div></main></div><div class="layout-sidebar-sticky-box"><div class="sc-faxByu eGDKUC layout-sidebar flex-none justify-between"><div class="lazyload-wrapper "><div class="lazyload-placeholder"></div></div></div></div></div></div></div></div></div><div></div><div></div></div><div class="footer"><div class="footer-top-section"><div class="benzinga-links-section"><div class="logo-and-socials-wrapper"><span class="sc-jNksTS iceaTr benzinga-logo light presentation"><svg height="100%" role="img" viewBox="0 0 471.1 63.8" width="100%" xmlns="http://www.w3.org/2000/svg"><path d="M67.7 63.8h45.2V51.9H81.4V37.3h26.1V25.4H81.4V11.9h31.7V0H67.7zm99.6-23.6L137.7 0h-20.4l6.4 8.1V64h13.6V22.1l30.6 41.7H181V0h-13.7zM47.1 31c6-1.1 11-6.7 11-14.6C58.1 7.9 51.9 0 39.6 0H0l6.2 7.9v56H41c12.3 0 18.7-7.7 18.7-17.3-.3-7.9-5.7-14.7-12.6-15.6zM19.8 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Unlock tax advantages and support your community now!","dimensions":{"authorName":"Tony Dong","contentType":"evergreen"},"hrefLanguage":"en","image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2022/11/30121315/bnw9o5zoys4-768x512.jpg?width=1200\u0026height=800\u0026fit=crop","ogImage":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2022/11/30121315/bnw9o5zoys4-768x512.jpg?width=1200\u0026height=800\u0026fit=crop","ogType":"article","robots":"","structuredData":{"pageType":"Article"},"title":"What Are Municipal Bonds?: Tax-Free Income for Your Portfolio • Benzinga","vertical":["Investing","Bonds"]},"post":{"id":217943,"title":"What Are Municipal Bonds?","post_type":"post","robots":"","intro":null,"slug":"what-are-municipal-bonds","template":"money","canonical_link":"https://www.benzinga.com/money/what-are-municipal-bonds","image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2022/11/30121315/bnw9o5zoys4-768x512.jpg","taxonomies":[{"term_taxonomy_id":1,"term_id":1,"taxonomy":"category","description":"","parent":0,"count":7638,"term":{"term_id":1,"name":"Uncategorized","slug":"uncategorized"}},{"term_taxonomy_id":2,"term_id":2,"taxonomy":"verticals","description":"","parent":0,"count":3343,"term":{"term_id":2,"name":"Investing","slug":"investing"}},{"term_taxonomy_id":8,"term_id":8,"taxonomy":"page-type","description":"","parent":0,"count":3081,"term":{"term_id":8,"name":"Supporting Content","slug":"supporting-content"}},{"term_taxonomy_id":390,"term_id":390,"taxonomy":"verticals","description":"","parent":2,"count":34,"term":{"term_id":390,"name":"Bonds","slug":"bonds"}}],"parent":{"parent_id":12482,"parent_title":"What is a Bond?","parent_link":"/money/what-is-a-bond/","current_post_id":217943,"current_post_title":"What Are Municipal Bonds?","child_posts":[{"id":217962,"title":"Types of Bonds","link":"/money/types-of-bonds/"},{"id":22248,"title":"Stocks vs Bonds","link":"/money/stocks-vs-bonds/"},{"id":107525,"title":"Brokers for Bonds","link":"/money/best-online-brokers-for-bonds/"},{"id":211452,"title":"What are I Bonds?","link":"/money/i-bonds/"},{"id":22203,"title":"How to Buy Bonds","link":"/money/how-to-buy-bonds/"},{"id":317125,"title":"What is a Patriot Bond?","link":"/money/what-is-a-patriot-bond/"},{"id":264594,"title":"Invest in Bonds for Kids","link":"/money/how-to-buy-bonds-for-kids/"},{"id":280729,"title":"What is a Savings Bond?","link":"/money/what-is-a-savings-bond/"},{"id":217974,"title":"What are Green Bonds?","link":"/money/green-bonds/"},{"id":298265,"title":"What is a Mortgage Bond?","link":"/money/what-is-a-mortgage-bond/"},{"id":318388,"title":"What are Perpetual Bonds?","link":"/money/perpetual-bonds/"},{"id":217943,"title":"What are Municipal Bonds?","link":"/money/what-are-municipal-bonds/"},{"id":217966,"title":"What are Corporate Bonds?","link":"/money/corporate-bonds/"},{"id":217978,"title":"What are High Yield Bonds?","link":"/money/high-yield-bonds/"},{"id":263654,"title":"What are Convertible Bonds?","link":"/money/what-are-convertible-bonds/"},{"id":264574,"title":"What are Zero Coupon Bonds?","link":"/money/what-are-zero-coupon-bonds/"},{"id":61110,"title":"Are Bonds a Good Investment?","link":"/money/are-bonds-a-good-investment/"}]},"meta":{"title":"What Are Municipal Bonds?: Tax-Free Income for Your Portfolio • Benzinga","description":"Learn how municipal bonds work and if they're right for your investments. Unlock tax advantages and support your community now!","image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2022/11/30121315/bnw9o5zoys4-768x512.jpg","author":"Tony Dong","authorSlug":"tony-dong","postId":217943,"publishedDate":"2024-05-13T15:18:53.000000Z","modifiedDate":"2024-08-19T04:19:33.000000Z","verifiedUserSlug":null,"verifiedBy":null,"editedUserSlug":null,"editedBy":null,"hrefLanguage":"en"},"breadcrumbs":[{"id":2,"name":"Investing","href":"/money/investing"},{"id":217943,"href":"/money/what-are-municipal-bonds","name":"What Are Municipal Bonds?"}],"blocks":[{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003e\u003cstrong\u003eMunicipal bonds, also known as munis, are essentially loans you make to local governments.\u003c/strong\u003e Here's a quick rundown:\u003c/p\u003e\n","html":"\u003cstrong\u003eMunicipal bonds, also known as munis, are essentially loans you make to local governments.\u003c/strong\u003e Here's a quick rundown:","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIssued by:\u003c/strong\u003e States, cities, counties, and other government entities.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIssued by:\u003c/strong\u003e States, cities, counties, and other government entities.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003ePurpose:\u003c/strong\u003e Fund public projects like roads, schools, and hospitals.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003ePurpose:\u003c/strong\u003e Fund public projects like roads, schools, and hospitals.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHow it works:\u003c/strong\u003e You invest money and receive regular interest payments in return. You get your original investment back when the bond matures.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHow it works:\u003c/strong\u003e You invest money and receive regular interest payments in return. 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Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eTypes of Municipal Bonds\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"types-of-municipal-bonds","html":"\u003cstrong\u003eTypes of Municipal Bonds\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eThere are two main types of municipal bonds: general obligation (GO) bonds and revenue bonds.\u003c/p\u003e\n","html":"There are two main types of municipal bonds: general obligation (GO) bonds and revenue bonds.","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eGeneral Obligation Bonds:\u003c/strong\u003e These bonds are backed by the full faith and credit of the issuing government entity. They are typically used to fund projects that benefit the whole community, such as schools or parks. General obligation bonds are considered very safe, as the government has the authority to levy taxes to repay bondholders if necessary.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eGeneral Obligation Bonds:\u003c/strong\u003e These bonds are backed by the full faith and credit of the issuing government entity. They are typically used to fund projects that benefit the whole community, such as schools or parks. General obligation bonds are considered very safe, as the government has the authority to levy taxes to repay bondholders if necessary.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eRevenue Bonds:\u003c/strong\u003e Unlike general obligation bonds, revenue bonds are backed by the revenue generated by the project that the bond is issued to finance. These projects can include toll roads, airports, water and sewer systems, and electric utilities. The repayment of revenue bonds is dependent on the success of the project and its ability to generate sufficient revenue. Investors who are considering revenue bonds should carefully analyze the financial viability of the project before investing.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eRevenue Bonds:\u003c/strong\u003e Unlike general obligation bonds, revenue bonds are backed by the revenue generated by the project that the bond is issued to finance. These projects can include toll roads, airports, water and sewer systems, and electric utilities. The repayment of revenue bonds is dependent on the success of the project and its ability to generate sufficient revenue. Investors who are considering revenue bonds should carefully analyze the financial viability of the project before investing.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIndustrial Development Bonds:\u003c/strong\u003e This type of bond is issued by a government entity on behalf of a private company to finance the construction or expansion of industrial facilities. Industrial development bonds are often used to attract new businesses to an area, create jobs, and stimulate economic growth. These bonds are backed by the private company's assets and are typically repaid by the company through lease payments or loan repayments.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIndustrial Development Bonds:\u003c/strong\u003e This type of bond is issued by a government entity on behalf of a private company to finance the construction or expansion of industrial facilities. Industrial development bonds are often used to attract new businesses to an area, create jobs, and stimulate economic growth. These bonds are backed by the private company's assets and are typically repaid by the company through lease payments or loan repayments.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHousing Bonds:\u003c/strong\u003e As the name suggests, housing bonds are issued to fund affordable housing projects. These bonds help finance the construction, rehabilitation, or acquisition of housing facilities for low-income individuals or families. Housing bonds may also provide financing for mortgage loans or rental assistance programs. The repayment of housing bonds is usually secured by the rental income received from the housing projects.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHousing Bonds:\u003c/strong\u003e As the name suggests, housing bonds are issued to fund affordable housing projects. These bonds help finance the construction, rehabilitation, or acquisition of housing facilities for low-income individuals or families. Housing bonds may also provide financing for mortgage loans or rental assistance programs. The repayment of housing bonds is usually secured by the rental income received from the housing projects.\u003c/li\u003e\n"]},{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eSpecial Tax Bonds:\u003c/strong\u003e Special tax bonds are backed by a specific tax or revenue source Special tax bonds are a type of municipal bond that is backed by a specific tax or revenue source. This means that the repayment of these bonds is tied directly to the revenue generated from a particular tax or fee.\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eSpecial Tax Bonds:\u003c/strong\u003e Special tax bonds are backed by a specific tax or revenue source Special tax bonds are a type of municipal bond that is backed by a specific tax or revenue source. This means that the repayment of these bonds is tied directly to the revenue generated from a particular tax or fee.\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eGeneral Obligation Bonds:\u003c/strong\u003e These bonds are backed by the full faith and credit of the issuing government entity. They are typically used to fund projects that benefit the whole community, such as schools or parks. General obligation bonds are considered very safe, as the government has the authority to levy taxes to repay bondholders if necessary.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eRevenue Bonds:\u003c/strong\u003e Unlike general obligation bonds, revenue bonds are backed by the revenue generated by the project that the bond is issued to finance. These projects can include toll roads, airports, water and sewer systems, and electric utilities. The repayment of revenue bonds is dependent on the success of the project and its ability to generate sufficient revenue. Investors who are considering revenue bonds should carefully analyze the financial viability of the project before investing.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIndustrial Development Bonds:\u003c/strong\u003e This type of bond is issued by a government entity on behalf of a private company to finance the construction or expansion of industrial facilities. Industrial development bonds are often used to attract new businesses to an area, create jobs, and stimulate economic growth. These bonds are backed by the private company's assets and are typically repaid by the company through lease payments or loan repayments.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHousing Bonds:\u003c/strong\u003e As the name suggests, housing bonds are issued to fund affordable housing projects. These bonds help finance the construction, rehabilitation, or acquisition of housing facilities for low-income individuals or families. Housing bonds may also provide financing for mortgage loans or rental assistance programs. The repayment of housing bonds is usually secured by the rental income received from the housing projects.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eSpecial Tax Bonds:\u003c/strong\u003e Special tax bonds are backed by a specific tax or revenue source Special tax bonds are a type of municipal bond that is backed by a specific tax or revenue source. This means that the repayment of these bonds is tied directly to the revenue generated from a particular tax or fee.\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eGeneral Obligation Bonds:\u003c/strong\u003e These bonds are backed by the full faith and credit of the issuing government entity. They are typically used to fund projects that benefit the whole community, such as schools or parks. General obligation bonds are considered very safe, as the government has the authority to levy taxes to repay bondholders if necessary.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eRevenue Bonds:\u003c/strong\u003e Unlike general obligation bonds, revenue bonds are backed by the revenue generated by the project that the bond is issued to finance. These projects can include toll roads, airports, water and sewer systems, and electric utilities. The repayment of revenue bonds is dependent on the success of the project and its ability to generate sufficient revenue. Investors who are considering revenue bonds should carefully analyze the financial viability of the project before investing.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eIndustrial Development Bonds:\u003c/strong\u003e This type of bond is issued by a government entity on behalf of a private company to finance the construction or expansion of industrial facilities. Industrial development bonds are often used to attract new businesses to an area, create jobs, and stimulate economic growth. These bonds are backed by the private company's assets and are typically repaid by the company through lease payments or loan repayments.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eHousing Bonds:\u003c/strong\u003e As the name suggests, housing bonds are issued to fund affordable housing projects. These bonds help finance the construction, rehabilitation, or acquisition of housing facilities for low-income individuals or families. Housing bonds may also provide financing for mortgage loans or rental assistance programs. The repayment of housing bonds is usually secured by the rental income received from the housing projects.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003e\u003c/strong\u003e\u003cstrong\u003eSpecial Tax Bonds:\u003c/strong\u003e Special tax bonds are backed by a specific tax or revenue source Special tax bonds are a type of municipal bond that is backed by a specific tax or revenue source. This means that the repayment of these bonds is tied directly to the revenue generated from a particular tax or fee.\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eHow Do Municipal Bonds Work?\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"how-do-municipal-bonds-work","html":"\u003cstrong\u003eHow Do Municipal Bonds Work?\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eLike most bonds, municipal bonds make semi-annual interest payments, called a coupon. The coupon is paid until the municipal bond's maturity date. When a municipal bond matures, the investor receives their initial investment back.\u0026nbsp;\u003c/p\u003e\n","html":"Like most bonds, municipal bonds make semi-annual interest payments, called a coupon. The coupon is paid until the municipal bond's maturity date. When a municipal bond matures, the investor receives their initial investment back.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eThe main difference between municipal bonds and other \u003ca href=\"https://www.benzinga.com/moneybonds\" data-lasso-id=\"153242\"\u003ebonds\u003c/a\u003e is the tax treatment on this interest income. For most municipal bonds, interest income is exempt from federal taxes. But if an investor sells a bond before maturity for a profit, the capital gain is still taxable.\u0026nbsp;\u003c/p\u003e\n","html":"The main difference between municipal bonds and other \u003ca href=\"https://www.benzinga.com/moneybonds\" data-lasso-id=\"153242\"\u003ebonds\u003c/a\u003e is the tax treatment on this interest income. For most municipal bonds, interest income is exempt from federal taxes. But if an investor sells a bond before maturity for a profit, the capital gain is still taxable.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eIf an investor buys a municipal bond from the state they reside in, they may be exempt from state taxes as well. For example, an investor in California who buys a municipal bond issued by the California State Public Works Board can avoid paying state taxes on interest income.\u0026nbsp;\u003c/p\u003e\n","html":"If an investor buys a municipal bond from the state they reside in, they may be exempt from state taxes as well. For example, an investor in California who buys a municipal bond issued by the California State Public Works Board can avoid paying state taxes on interest income.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eMunicipal bonds come in two main types: general obligation and revenue bonds.\u0026nbsp;\u003c/p\u003e\n","html":"Municipal bonds come in two main types: general obligation and revenue bonds.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003eGeneral obligation bonds are unsecured. Their payments are not backed by revenue generated from a specific project. A good way to think of them is as a broad IOU an investor extends to a government for general purposes. These bonds have higher credit risk but can pay \u003ca href=\"https://www.benzinga.com/topic/municipal-bonds-with-high-yields\" data-lasso-id=\"153243\"\u003ehigher yields\u003c/a\u003e.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003eGeneral obligation bonds are unsecured. Their payments are not backed by revenue generated from a specific project. A good way to think of them is as a broad IOU an investor extends to a government for general purposes. These bonds have higher credit risk but can pay \u003ca href=\"https://www.benzinga.com/topic/municipal-bonds-with-high-yields\" data-lasso-id=\"153243\"\u003ehigher yields\u003c/a\u003e.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003eGeneral obligation bonds are unsecured. Their payments are not backed by revenue generated from a specific project. A good way to think of them is as a broad IOU an investor extends to a government for general purposes. These bonds have higher credit risk but can pay \u003ca href=\"https://www.benzinga.com/topic/municipal-bonds-with-high-yields\" data-lasso-id=\"153243\"\u003ehigher yields\u003c/a\u003e.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003eGeneral obligation bonds are unsecured. Their payments are not backed by revenue generated from a specific project. A good way to think of them is as a broad IOU an investor extends to a government for general purposes. These bonds have higher credit risk but can pay \u003ca href=\"https://www.benzinga.com/topic/municipal-bonds-with-high-yields\" data-lasso-id=\"153243\"\u003ehigher yields\u003c/a\u003e.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003eRevenue bonds are secured. That is, their payments are linked to revenues generated by a specific project, such as tolls from a bridge or taxes from utilities. These bonds have lower credit risk but generally pay smaller yields.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003eRevenue bonds are secured. That is, their payments are linked to revenues generated by a specific project, such as tolls from a bridge or taxes from utilities. These bonds have lower credit risk but generally pay smaller yields.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003eRevenue bonds are secured. That is, their payments are linked to revenues generated by a specific project, such as tolls from a bridge or taxes from utilities. These bonds have lower credit risk but generally pay smaller yields.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003eRevenue bonds are secured. That is, their payments are linked to revenues generated by a specific project, such as tolls from a bridge or taxes from utilities. These bonds have lower credit risk but generally pay smaller yields.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eLike all bonds, municipal bonds possess duration, a measure of sensitivity to interest rate changes. When interest rates rise, existing municipal bonds see their prices drop, as their yields must increase until they are competitive with new issues. The opposite happens when interest rates fall. In this case, municipal bond yields fall, and their price rises.\u0026nbsp;\u003c/p\u003e\n","html":"Like all bonds, municipal bonds possess duration, a measure of sensitivity to interest rate changes. When interest rates rise, existing municipal bonds see their prices drop, as their yields must increase until they are competitive with new issues. The opposite happens when interest rates fall. In this case, municipal bond yields fall, and their price rises.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eIn general, the longer a municipal bond has until maturity, the greater its duration and sensitivity to interest rates. For example, all else being equal, a municipal bond with a duration of eight years will see its price fall by 8% if interest rates rise by 1%, and vice versa if rates fall by 1%. Durations can change based on many factors, so this is just a rule of thumb.\u0026nbsp;\u003c/p\u003e\n","html":"In general, the longer a municipal bond has until maturity, the greater its duration and sensitivity to interest rates. For example, all else being equal, a municipal bond with a duration of eight years will see its price fall by 8% if interest rates rise by 1%, and vice versa if rates fall by 1%. Durations can change based on many factors, so this is just a rule of thumb.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eAn investor who sells a municipal bond before its maturity date could realize a loss or gain on its selling price depending on how interest rates trend. If the municipal bond is held until maturity, the full principal investment is returned, and the interest rate risk is mitigated. A good practice here is buying municipal bonds with maturities matching the date you need to use the money by.\u0026nbsp;\u003c/p\u003e\n","html":"An investor who sells a municipal bond before its maturity date could realize a loss or gain on its selling price depending on how interest rates trend. If the municipal bond is held until maturity, the full principal investment is returned, and the interest rate risk is mitigated. A good practice here is buying municipal bonds with maturities matching the date you need to use the money by.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eFinally, like all bonds, municipal bonds have default risk. This is the chance that the issuing entity fails to make either coupon or principal payments on time or in full. While federal government bonds like U.S. Treasurys are virtually risk-free in terms of default, state, county and municipal governments have defaulted in the past.\u0026nbsp;\u003c/p\u003e\n","html":"Finally, like all bonds, municipal bonds have default risk. This is the chance that the issuing entity fails to make either coupon or principal payments on time or in full. While federal government bonds like U.S. Treasurys are virtually risk-free in terms of default, state, county and municipal governments have defaulted in the past.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eFor example, Arkansas defaulted on its highway bonds in 1933. For municipal bond investors, a default can cause a sharp drop in the price of their holdings. So municipal bond investors should carefully assess a municipal bond's credit rating before buying. A general rule is that as yields increase, credit ratings decrease, so there is a trade-off.\u0026nbsp;\u003c/p\u003e\n","html":"For example, Arkansas defaulted on its highway bonds in 1933. For municipal bond investors, a default can cause a sharp drop in the price of their holdings. So municipal bond investors should carefully assess a municipal bond's credit rating before buying. A general rule is that as yields increase, credit ratings decrease, so there is a trade-off.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eWhy Invest in Municipal Bonds?\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"why-invest-in-municipal-bonds","html":"\u003cstrong\u003eWhy Invest in Municipal Bonds?\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eMunicipal bonds can be a great way of diversifying a fixed-income allocation beyond just Treasurys and corporate bonds. Here are some reasons an investor may choose to invest in municipal bonds:\u003c/p\u003e\n","html":"Municipal bonds can be a great way of diversifying a fixed-income allocation beyond just Treasurys and corporate bonds. Here are some reasons an investor may choose to invest in municipal bonds:","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003eTax efficiency: \u003c/strong\u003eAs noted earlier, interest income from municipal bonds is exempt from federal taxes and can be exempt from state taxation depending on the investor's residency.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003eTax efficiency: \u003c/strong\u003eAs noted earlier, interest income from municipal bonds is exempt from federal taxes and can be exempt from state taxation depending on the investor's residency.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003eTax efficiency: \u003c/strong\u003eAs noted earlier, interest income from municipal bonds is exempt from federal taxes and can be exempt from state taxation depending on the investor's residency.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003eTax efficiency: \u003c/strong\u003eAs noted earlier, interest income from municipal bonds is exempt from federal taxes and can be exempt from state taxation depending on the investor's residency.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003eLower risk: \u003c/strong\u003eCompared to corporate bonds, municipal bonds tend to have higher credit ratings, which generally range in the A, AA or AAA rating categories from Standard \u0026amp; Poors (S\u0026amp;P).\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003eLower risk: \u003c/strong\u003eCompared to corporate bonds, municipal bonds tend to have higher credit ratings, which generally range in the A, AA or AAA rating categories from Standard \u0026amp; Poors (S\u0026amp;P).\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003eLower risk: \u003c/strong\u003eCompared to corporate bonds, municipal bonds tend to have higher credit ratings, which generally range in the A, AA or AAA rating categories from Standard \u0026amp; Poors (S\u0026amp;P).\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003eLower risk: \u003c/strong\u003eCompared to corporate bonds, municipal bonds tend to have higher credit ratings, which generally range in the A, AA or AAA rating categories from Standard \u0026amp; Poors (S\u0026amp;P).\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003eAccessibility: \u003c/strong\u003eMunicipal bonds can be purchased individually or via a mutual fund / exchange-traded fund (ETF) using most online brokerages.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003eAccessibility: \u003c/strong\u003eMunicipal bonds can be purchased individually or via a mutual fund / exchange-traded fund (ETF) using most online brokerages.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003eAccessibility: \u003c/strong\u003eMunicipal bonds can be purchased individually or via a mutual fund / exchange-traded fund (ETF) using most online brokerages.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003eAccessibility: \u003c/strong\u003eMunicipal bonds can be purchased individually or via a mutual fund / exchange-traded fund (ETF) using most online brokerages.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eWho Should Invest in Municipal Bonds?\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"who-should-invest-in-municipal-bonds","html":"\u003cstrong\u003eWho Should Invest in Municipal Bonds?\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eVarious retail and institutional investors invest in municipal bonds. Generally, the profile of these investors is someone who has a long investment horizon, possesses a low- to medium-risk tolerance, has defined income needs and prioritizes tax efficiency. Examples could include:\u003c/p\u003e\n","html":"Various retail and institutional investors invest in municipal bonds. Generally, the profile of these investors is someone who has a long investment horizon, possesses a low- to medium-risk tolerance, has defined income needs and prioritizes tax efficiency. Examples could include:","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003eRetirees: \u003c/strong\u003eRetirees withdrawing from taxable accounts can use municipal bonds as their safer fixed-income allocation for lowered volatility and improved tax efficiency. For example, a retiree with a conservative 40/60 portfolio of \u003ca href=\"https://www.benzinga.com/money/stocks\" data-lasso-id=\"153244\"\u003estocks\u003c/a\u003e and bonds could have municipal bonds comprise the entirety of their bond allocation.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003eRetirees: \u003c/strong\u003eRetirees withdrawing from taxable accounts can use municipal bonds as their safer fixed-income allocation for lowered volatility and improved tax efficiency. For example, a retiree with a conservative 40/60 portfolio of \u003ca href=\"https://www.benzinga.com/money/stocks\" data-lasso-id=\"153244\"\u003estocks\u003c/a\u003e and bonds could have municipal bonds comprise the entirety of their bond allocation.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003eRetirees: \u003c/strong\u003eRetirees withdrawing from taxable accounts can use municipal bonds as their safer fixed-income allocation for lowered volatility and improved tax efficiency. For example, a retiree with a conservative 40/60 portfolio of \u003ca href=\"https://www.benzinga.com/money/stocks\" data-lasso-id=\"153244\"\u003estocks\u003c/a\u003e and bonds could have municipal bonds comprise the entirety of their bond allocation.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003eRetirees: \u003c/strong\u003eRetirees withdrawing from taxable accounts can use municipal bonds as their safer fixed-income allocation for lowered volatility and improved tax efficiency. For example, a retiree with a conservative 40/60 portfolio of \u003ca href=\"https://www.benzinga.com/money/stocks\" data-lasso-id=\"153244\"\u003estocks\u003c/a\u003e and bonds could have municipal bonds comprise the entirety of their bond allocation.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003ePension funds: \u003c/strong\u003ePension funds are often charged with \u003ca href=\"https://www.benzinga.com/money/investing\" data-lasso-id=\"153245\"\u003einvesting\u003c/a\u003e conservatively and with a goal of producing good risk-adjusted returns. The lower volatility and high credit quality of municipal bonds can help them meet these goals. Better tax efficiency can also help them improve net returns.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003ePension funds: \u003c/strong\u003ePension funds are often charged with \u003ca href=\"https://www.benzinga.com/money/investing\" data-lasso-id=\"153245\"\u003einvesting\u003c/a\u003e conservatively and with a goal of producing good risk-adjusted returns. The lower volatility and high credit quality of municipal bonds can help them meet these goals. Better tax efficiency can also help them improve net returns.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003ePension funds: \u003c/strong\u003ePension funds are often charged with \u003ca href=\"https://www.benzinga.com/money/investing\" data-lasso-id=\"153245\"\u003einvesting\u003c/a\u003e conservatively and with a goal of producing good risk-adjusted returns. The lower volatility and high credit quality of municipal bonds can help them meet these goals. Better tax efficiency can also help them improve net returns.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003ePension funds: \u003c/strong\u003ePension funds are often charged with \u003ca href=\"https://www.benzinga.com/money/investing\" data-lasso-id=\"153245\"\u003einvesting\u003c/a\u003e conservatively and with a goal of producing good risk-adjusted returns. The lower volatility and high credit quality of municipal bonds can help them meet these goals. Better tax efficiency can also help them improve net returns.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/list","attrs":{"data":[]},"innerBlocks":[{"blockName":"core/list-item","attrs":[],"innerBlocks":[],"innerHTML":"\n\u003cli\u003e\u003cstrong\u003eInsurance companies: \u003c/strong\u003eInsurance companies often hold large fixed-income reserves to meet payouts. The higher credit quality of municipal bonds can help them lower risk in their fixed-income allocations while still targeting attractive yields and tax efficiency.\u0026nbsp;\u003c/li\u003e\n","innerContent":["\n\u003cli\u003e\u003cstrong\u003eInsurance companies: \u003c/strong\u003eInsurance companies often hold large fixed-income reserves to meet payouts. The higher credit quality of municipal bonds can help them lower risk in their fixed-income allocations while still targeting attractive yields and tax efficiency.\u0026nbsp;\u003c/li\u003e\n"]}],"innerHTML":"\u003cul\u003e\u003cli\u003e\u003cstrong\u003eInsurance companies: \u003c/strong\u003eInsurance companies often hold large fixed-income reserves to meet payouts. The higher credit quality of municipal bonds can help them lower risk in their fixed-income allocations while still targeting attractive yields and tax efficiency.\u0026nbsp;\u003c/li\u003e\u003c/ul\u003e","tag":"ul","html":"\u003cli\u003e\u003cstrong\u003eInsurance companies: \u003c/strong\u003eInsurance companies often hold large fixed-income reserves to meet payouts. The higher credit quality of municipal bonds can help them lower risk in their fixed-income allocations while still targeting attractive yields and tax efficiency.\u0026nbsp;\u003c/li\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eCompare Municipal Bond Brokers\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"compare-municipal-bond-brokers","html":"\u003cstrong\u003eCompare Municipal Bond Brokers\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/paragraph","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003cp\u003eMunicipal bonds can be researched and compared via various platforms. Investors looking for further insights and reviews of bonds can use Benzinga to compare the available options to \u003ca data-lasso-id=\"153246\" href=\"https://www.benzinga.com/money/how-to-buy-municipal-bonds\"\u003ebuy municipal bonds\u003c/a\u003e.\u0026nbsp;Here is a list of brokers that support municipal bond purchases.\u0026nbsp;\u003c/p\u003e\n","html":"Municipal bonds can be researched and compared via various platforms. Investors looking for further insights and reviews of bonds can use Benzinga to compare the available options to \u003ca data-lasso-id=\"153246\" href=\"https://www.benzinga.com/money/how-to-buy-municipal-bonds\"\u003ebuy municipal bonds\u003c/a\u003e.\u0026nbsp;Here is a list of brokers that support municipal bond purchases.\u0026nbsp;","tag":"p","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"acf/cta-placeholder","attrs":{"name":"acf/cta-placeholder","data":{"cta_placeholder_type":"compare-products-placement","cta_data":null,"has_placements":false,"placeholder_type":null,"widget":{"ID":217049,"post_author":"60","post_date":"2022-11-23 12:56:31","post_date_gmt":"2022-11-23 17:56:31","post_content":"\u003c!-- wp:acf/compare-products {\"name\":\"acf/compare-products\",\"data\":{\"compare_products\":[\"101440\",\"63970\",\"106\",\"99\"],\"_compare_products\":\"block_compare_products\",\"show_product_names\":\"0\",\"_show_product_names\":\"show_product_names\",\"default_open_description\":\"0\",\"_default_open_description\":\"default_open_description\"},\"align\":\"\",\"mode\":\"edit\"} /--\u003e","post_title":"Compare Bond Brokers","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"compare-bond-brokers","to_ping":"","pinged":"","post_modified":"2024-01-23 10:56:45","post_modified_gmt":"2024-01-23 15:56:45","post_content_filtered":"","post_parent":0,"guid":"https://www.benzinga.com/?post_type=widget\u0026#038;p=217049","menu_order":0,"post_type":"widget","post_mime_type":"","comment_count":"0","filter":"raw","blocks":[{"blockName":"acf/compare-products","attrs":{"name":"acf/compare-products","data":{"b_id":"vJQmhW","compare_products":[101440,63970,106,99],"style":"","show_product_names":false,"opened":false},"align":"","mode":"edit"},"innerBlocks":[],"innerHTML":"","products":[{"id":101440,"image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2017/07/15102926/ib-logo-stacked-1200x627-1-768x401.png","square_image":null,"best_for":"Most Available Bonds","teaser":"","filters":[],"name":"IBKR Bonds","link":"https://www.benzinga.com/go/ibkr-bonds-hub","rating":5,"review":"https://www.benzinga.com/money/interactive-brokers-review","insurance_types_of_plans":"","hide_securely_through":false,"trust":"Securely through Interactive Brokers’ website","current_promotion":"","disclosure":"","button_text":"get started","sponsored_for":false,"product_badge_image":false,"go_link_id":193483,"company_id":107,"company_name":"Interactive Brokers","tune_offer_id":"","go_link_dofollow":0,"details":{"desc":"","pros":["Deepest universe of bonds","No markups or built in spreads","Full universe of US Government securities","26,098 corporate bonds","1 million+ municipal securities","21,403 CDs","Free Bond Search Tool to compare available yields against those of other brokers"],"cons":[],"best_for":["Advisors","Retirement programs"],"custom_sec":[]},"phone":"","data":{}},{"id":63970,"image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2023/06/01170410/public-logo.png","square_image":null,"best_for":"Trading Ideas","teaser":"","filters":[],"name":"public.com","link":"https://www.benzinga.com/go/public","rating":4.5,"review":"https://www.benzinga.com/money/public-com-review","insurance_types_of_plans":"","hide_securely_through":false,"trust":"securely through public.com's website","current_promotion":"","disclosure":"","button_text":"get started","sponsored_for":false,"product_badge_image":false,"go_link_id":64439,"company_id":63967,"company_name":"public.com","tune_offer_id":"","go_link_dofollow":0,"details":{"desc":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003ePublic is the only investing platform that lets you trade stocks, ETFs, crypto, bonds, options and alternative assets—like fine art and collectibles—all in one place. Public also provides access to custom company metrics, live shows about the markets, and insights from a community of millions of investors, creators, and analysts.\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eToday, Public provides more ways to create a diversified portfolio than nearly any other online broker. Members can engage in sophisticated investing strategies and access a wealth of investing insights—from company-specific analysis to live audio shows and town hall-style Q\u0026amp;As. In addition, Public offers a premium membership tier with unique company KPIs, detailed performance metrics, and institutional-grade research. \u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n","pros":["Commission-free stock and ETF trading","Fractional share investing","Advanced data, tools, and insights with Public Premium"],"cons":["You can't transfer crypto to another wallet","No mutual funds or precious metals","At this time, only offers individual brokerage accounts and not IRAs"],"best_for":["Stock and ETF investors","Crypto investors","Investors looking to diversify with alternative assets or bonds and options"],"custom_sec":[]},"phone":"","data":{}},{"id":106,"image":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2017/07/19203249/tradestation_logo_285x40-1.png","square_image":null,"best_for":"Futures Trading","teaser":"","filters":[],"name":"TradeStation","link":"https://www.benzinga.com/go/tradestation","rating":4.5,"review":"https://www.benzinga.com/money/tradestation-review","insurance_types_of_plans":"","hide_securely_through":false,"trust":"securely through TradeStation's website","current_promotion":"Get up to $2,500 cash bonus","disclosure":"","button_text":"get started","sponsored_for":false,"product_badge_image":false,"go_link_id":1399,"company_id":28,"company_name":"TradeStation","tune_offer_id":"","go_link_dofollow":0,"details":{"desc":"\u003cp\u003eTradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.\u003c/p\u003e\n","pros":["Comprehensive trading platform and professional-grade tools","Wide range of tradable securities","Fully-operational mobile app"],"cons":["Confusing pricing structure to leave new traders with a weak understanding of what they pay","Cluttered layout to make navigating TradeStation’s platform more difficult than it should be"],"best_for":["Advanced traders","Options and futures traders","Active stock traders"],"custom_sec":[]},"phone":"","data":{}},{"id":99,"image":"https://cdnwp-s3.benzinga.com/benzinga-gen-wordpress/wp-content/uploads/2017/07/29015613/charles-schwab-logo-768x104.png","square_image":null,"best_for":"Fund Investing","teaser":"","filters":[],"name":"Charles Schwab","link":"https://www.benzinga.com/go/schwab-direct-cpc-stocks","rating":4,"review":"https://www.benzinga.com/money/charles-schwab-review","insurance_types_of_plans":"","hide_securely_through":false,"trust":"securely through Charles Schwab's website","current_promotion":"$500 bonus when you get referred to Charles Schwab","disclosure":"","button_text":"get started","sponsored_for":false,"product_badge_image":false,"go_link_id":82170,"company_id":16,"company_name":"Charles Schwab","tune_offer_id":null,"go_link_dofollow":0,"details":{"desc":"\u003cp\u003eCharles Schwab is a solid choice for traders of all skill levels. It offers full access to the U.S. equity and options markets as well as 30 international markets. Traders can create a diverse portfolio with $0 commissions and no account minimums. Schwab’s margin trading is expensive but Schwab makes up for it with affordable futures and options trades, along with a comprehensive mobile offering.\u003c/p\u003e\n","pros":["Wide range of available assets to trade, including futures and 30 global markets","SmartStreet Edge platform is powerful enough for advanced traders, yet easy enough for new traders to utilize","Unique educational resources (like infographics and podcasts) make learning fun"],"cons":["Margin rates are more expensive than competitors","More limitations on available margin than competitors","Expensive mutual funds"],"best_for":["3 trading platforms perfectly in sync makes matching your platform to your skill level a snap","Excellent futures trading education for new traders","$0 account minimum means anyone can start trading"],"custom_sec":[]},"phone":"","data":{}}]}]}},"align":"","mode":"edit"},"innerBlocks":[],"innerHTML":"","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"core/heading","attrs":{"data":[]},"innerBlocks":[],"innerHTML":"\n\u003ch2\u003e\u003cstrong\u003eFrequently Asked Questions\u003c/strong\u003e\u003c/h2\u003e\n","tag":"h2","id":"frequently-asked-questions","html":"\u003cstrong\u003eFrequently Asked Questions\u003c/strong\u003e","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"acf/faq","attrs":{"name":"acf/faq","data":{"questions":[{"question_text":"Are municipal bonds a good investment?\r\n","answer_text":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eWhether municipal bonds are a good investment depends on the particular investor\u0026#8217;s objectives, risk tolerance and time horizon. Municipal bonds may be good investments for high-income-bracket investors using a taxable brokerage account. In this case, holding Treasury or corporate bonds can incur higher tax drags. By substituting a portion or all of their bond allocation with municipal bonds, these investors can realize higher after-tax returns without significantly increasing their risk. \u003c/span\u003e\u003c/p\u003e\n","answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default"},{"question_text":"What is an example of a municipal bond?\r\n","answer_text":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eA real-life example of a municipal bond is a general obligation bond that will be issued by the \u003c/span\u003e\u003ca href=\"https://www.buycaliforniabonds.com/state-of-california-ca/bonds/bond-offering/i27?offeringId=42584\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eCalifornia Infrastructure and Economic Development Bank\u003c/span\u003e\u003c/a\u003e\u003cspan style=\"font-weight: 400;\"\u003e in January for its Clean Water State Revolving Fund. The total offering amount will be $500 million. An example of a municipal bond exchange-traded fund, or ETF, is the \u003c/span\u003e\u003ca href=\"https://www.benzinga.com/quote/MUB/key-statistics\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eiShares National Muni Bond ETF (NYSEARCA: MUB)\u003c/span\u003e\u003c/a\u003e\u003cspan style=\"font-weight: 400;\"\u003e, which holds roughly 5,500 different municipal bonds from various issuers. \u003c/span\u003e\u003c/p\u003e\n","answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default"},{"question_text":"What is the downside of municipal bonds?\r\n","answer_text":"\u003cp\u003eMunicipal bonds offer tax-free income, but have lower returns than some investments. They\u0026#8217;re also sensitive to rising interest rates and inflation, and there\u0026#8217;s a slight risk of default by the issuer.\u003c/p\u003e\n","answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default"}],"tailwind_layout":false},"align":"","mode":"edit"},"innerBlocks":[],"innerHTML":"","faq":[{"answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default","question":"Are municipal bonds a good investment?\r\n","answer":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eWhether municipal bonds are a good investment depends on the particular investor\u0026#8217;s objectives, risk tolerance and time horizon. Municipal bonds may be good investments for high-income-bracket investors using a taxable brokerage account. In this case, holding Treasury or corporate bonds can incur higher tax drags. By substituting a portion or all of their bond allocation with municipal bonds, these investors can realize higher after-tax returns without significantly increasing their risk. \u003c/span\u003e\u003c/p\u003e\n"},{"answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default","question":"What is an example of a municipal bond?\r\n","answer":"\u003cp\u003e\u003cspan style=\"font-weight: 400;\"\u003eA real-life example of a municipal bond is a general obligation bond that will be issued by the \u003c/span\u003e\u003ca href=\"https://www.buycaliforniabonds.com/state-of-california-ca/bonds/bond-offering/i27?offeringId=42584\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eCalifornia Infrastructure and Economic Development Bank\u003c/span\u003e\u003c/a\u003e\u003cspan style=\"font-weight: 400;\"\u003e in January for its Clean Water State Revolving Fund. The total offering amount will be $500 million. An example of a municipal bond exchange-traded fund, or ETF, is the \u003c/span\u003e\u003ca href=\"https://www.benzinga.com/quote/MUB/key-statistics\"\u003e\u003cspan style=\"font-weight: 400;\"\u003eiShares National Muni Bond ETF (NYSEARCA: MUB)\u003c/span\u003e\u003c/a\u003e\u003cspan style=\"font-weight: 400;\"\u003e, which holds roughly 5,500 different municipal bonds from various issuers. \u003c/span\u003e\u003c/p\u003e\n"},{"answer_link":"https://www.benzinga.com/widgets/compare-bond-brokers","author":"","created_at":"2022-11-23","style":"default","question":"What is the downside of municipal bonds?\r\n","answer":"\u003cp\u003eMunicipal bonds offer tax-free income, but have lower returns than some investments. They\u0026#8217;re also sensitive to rising interest rates and inflation, and there\u0026#8217;s a slight risk of default by the issuer.\u003c/p\u003e\n"}],"deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"},{"blockName":"acf/cta-placeholder","attrs":{"name":"acf/cta-placeholder","data":{"cta_placeholder_type":"secondary","cta_data":null,"has_placements":true,"placeholder_type":"secondary","widget":null},"align":"","mode":"edit"},"innerBlocks":[],"innerHTML":"","deviceType":"desktop","userAgent":"Mozilla/5.0 (Macintosh; Intel Mac OS X 10_13_6) AppleWebKit/537.36 (KHTML, like Gecko) Brave Chrome/78.0.3904.108 Safari/537.36","type":"default"}],"campaigns":{"primary":{"has_targeting":true,"placements":[{"id":109255,"type":"campaign","devices":"all-devices","geo_target":"GLOBAL","multiplier":"2"},{"id":293466,"type":"campaign","devices":"all-devices","geo_target":"GLOBAL","multiplier":"3"}],"campaigns":{"109255":{"cta_title":"Lower Your Cost!","cta_description":"Optimize your trading speed and efficiency with Interactive Brokers’ powerful suite of trading platforms.","cta_text":"Get Started","cta_btn_type":"button","cta_btn_position":"below_image","impression_tag":"","customize_modal_popup":false,"customize_floating_popup":false,"disclosure":"","link_type":"internal","placement_slug":"ibkr-a","bzgo_link_id":109256,"bzpartner_id":0,"url":"https://www.benzinga.com/go/ibkr-a","go_link_dofollow":0,"utm_action":"::AdvancedCampaign:: `Bonds Advanced Campaign` ::Campaign:: `IBKR Low Cost B` ::Title:: `Lower Your Cost!`","href":"https://www.benzinga.com/go/ibkr-a","image_url":"https://cdnwp-s3.benzinga.com/wp-content/uploads/2021/09/15084546/ibkr-stacked.jpg","product_id":null},"293466":{"cta_title":"Lock in a 6.8% Yield on Bonds","cta_description":"Buy corporate, treasury, and municipal bonds and lock in a 6.8% yield with regular interest payments. 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