About two days into this project, I realized why no one has attempted to cover this particular area of the muni market before: This is an asset class that defies conventional treatment due to the sheer scope and diversity of the sectors that it encompasses. Much of the existing literature on the subject treats high yield municipals as just an extension of the regular tax-exempt market. Nothing could be more unfair. Just like its taxable counterpart, the high yield municipal asset class deserves recognition as a stand-alone global asset class, with its own internal dynamics, whose investment potential is made more topical by the current state and local government fiscal crisis. The challenge, clearly, is how to give it a fair and balanced treatment within the limitations of a 300-page book, and to make it comprehensive but still readable. I was fortunate that my endeavor was met with great support and interest, both from inside and outside the municipal bond community.
My first thanks go out to an outstanding group of contributors: Jon Barasch, Richard Daskin, Patrick Flanagan, Ed Krauss, Richard Larkin, Jim Lyman, Kenji Mochizuki, Keith Rochelli, Ken Rogozinski, the team at Sovereign Finance LLC (Jeff Lamb, Matt Eden, and Melissa Robertson), and Shannan Wilson.
I am also deeply grateful to the following industry professionals who went beyond the call of duty or friendship to provide valuable guidance and assistance: Scott Bradley, Cindy Brown, Daniel Carter, Andrew ...