CHAPTER 11
Special Types of High Yield Municipal Bondsa
The two sectors discussed in this chapter, tobacco settlement bonds and land-secured bonds, are not considered part of the usual arsenal for the typical high yield tax-exempt investor. Rather, they have been used by more aggressive institutional investors with portfolios large enough to provide proper risk diversification. Tobacco settlement bonds could be quite volatile and their liquidity limited. Land-secured bonds are effectively illiquid real estate transactions, which require extremely sophisticated credit research and surveillance efforts, and even some of the largest mutual funds in the country have stumbled badly in this sector.
Get Investing in the High Yield Municipal Market: How to Profit from the Current Municipal Credit Crisis and Earn Attractive Tax-Exempt Interest Income now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
