Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income

CHAPTER 1

The Basics of High Yield Municipal Bonds

For most investors, the mere mention of high yield recalls the high-risk, speculative “junk bonds” of the Michael Milken era and its well-documented excesses. In the municipal arena, high yield also means higher risk, but the term encompasses a much broader class of securities with an astonishing variety of security structures and risk characteristics.