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

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CHAPTER 12

Up-and-Coming High Yield Sectorsa

Jon Barasch

Edward Krauss

Interactive Data Corp.

Jeffrey Lamb

Matt Eden

Melissa Robertson

Sovereign Finance LLC

Even though charter schools and Native American tribal debt are not exactly new sectors, they are expected to become a more significant source of high yield supply going forward. Until now, they have come to market most often as taxable issues with limited appeal to tax-exempt bond investors. In the case of tribal bonds, the new Tribal Economic Development Bond program (TED), authorized as part of the American Recovery and Reinvestment Act of 2009, has the potential to unleash a new source of tax-exempt high yield paper over the next few years. Thus, it behooves us at this juncture to get a good grasp of their fundamental credit characteristics.

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