Review Topics
Practice Exams
Some of my friends recommend clenching and unclenching my buttocks during the exam. Personally, I prefer not to receive advice about my hindquarters during times of stress.

Municipal Syndicates

Dashboard > Chapter 19: Municipal Bonds > Municipal Syndicates

Municipal Syndicates

The Muni Syndicate

Much of the process of bringing a muni public works the same as bringing stocks and bonds in corporate America public. Like the underwriting secular America, Syndicates make a spread, that is, they buy this $100 million of par value bonds for $987,250,000. Using fancy math, the spread then is $12,750,000. Sounds like a lot of money but it has to feed a lot of mouths. In fact, municipal underwriting is one of the lower margin businesses on Wall Street. For every win like...

Looking for more? Why is this annoying box in the way? It's because you haven't paid for the course yet!

Next: Progressive and Regressive Tax Logic  
  Prev: Lifecycle of a Municipal Bond